Japan Approves ¥106.61 trillion budget for 2021

The Cabinet has approved a record-high ¥106.61 trillion draft budget for fiscal 2021 as the country deals with the COVID-19 pandemic.

The Cabinet has approved a record-high ¥106.61 trillion draft budget for fiscal 2021 as the country deals with the COVID-19 pandemic.

This marks a record high for the ninth consecutive year and increasing ¥100 trillion for the third year in a row.

The budget for the year will be beginning in April and will exceed fiscal 2020’s initial budget of ¥102.66 trillion, which increases the concern over the further deterioration of the country’s fiscal health.

Under the administration of Shinzo Abe, who recently stepped down in September, the fiscal year’s spending has reached an unprecedented ¥160.26 trillion, which pushed up by two extra budgets totaling ¥57.60 trillion to provide for programs in order to design and stimulate the virus-battered economy.

The total scale of the fiscal 2020 budget is planned to further expand to ¥175.69 trillion, as the Cabinet of Suga, who has followed his predecessor Abe’s policy in prioritizing the economic growth in order to achieve fiscal consolidation, which was approved last week for the third extra budget.

This will also be submitted to the upcoming regular Diet session.


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