TOKYO — Japan's government is set to compile a record $735 billion budget for the fiscal year from April due to larger social security and debt-servicing costs, adding to the industrial world's heaviest debt, a draft seen by Reuters showed.The 115.5 trillion yen draft budget is being compiled as the Bank of Japan shifts away from its decadelong stimulus program, putting more burden on the government to stimulate the economy.
Governor Kazuo Ueda signaled on Wednesday that the next rate hike is nearing, saying wage and price developments indicate the economy will move closer to sustainably achieving the central bank's 2-percent inflation target next year.The draft budget, up from this fiscal year's 112.6 trillion yen, is expected to be approved by Prime Minister Shigeru Ishiba's Cabinet on Friday for submission to parliament for deliberation early next year.Tax revenue is projected to rise 8.
Budget To Hit Record $735 Billion
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