Japan's FY 2024 budget requests hit record 114.39 trillion yen

Budget requests by Japanese ministries and agencies for fiscal 2024 totaled a record 114.39 trillion yen ($779 billion), after higher bond yields pushed up debt-servicing costs on top of increased defense and social security spending, the Finance Ministry said Tuesday.The amount surpassed the 111.66 trillion yen sought for fiscal 2022, previously the largest on record, with the Finance Ministry planning to scrutinize requests to trim total spending before it unveils a budget before the end of the year.Japan could see its general-account budget for the next fiscal year hit a record as spendi…READ FULL ARTICLE