Japan to compile record 115.5 trillion yen initial budget for FY 2025

The government will compile a record 115.5 trillion yen ($734 billion) initial budget for fiscal 2025 as defense and social security spending continue to rise while debt-servicing costs also weigh on Japan's public finances, sources close to the matter said Wednesday.The draft general-account budget for the year starting in April will surpass the previous record of 114.38 trillion yen for fiscal 2023. Tax revenues for the new fiscal year are estimated at around 78.4 trillion yen, a record high for the sixth consecutive year, the sources said.Despite possible record revenues, the government …READ FULL ARTICLE