Japan parliament enacts record 114 tril. yen budget for FY 2023

Japan's parliament on Tuesday enacted a record 114.38 trillion yen ($870 billion) budget for the new fiscal year from April to beef up defense capabilities in the face of security threats from its neighbors and to support the economy, which has been struggling with inflation.The defense budget will reach 6.82 trillion yen, the largest on record. Fiscal 2023 marks the start of a five-year period intended to fundamentally revamp the country's defense posture by spending a combined 43 trillion yen to cope with an increasingly assertive China, alongside a nuclear-armed North Korea and a volatil…READ FULL ARTICLE