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Economy

Japan lags behind U.S., U.K. in curbing pandemic deficits

Rising interest rates pose risk for Tokyo as it struggles to scale back stimulus

Japan's massive debt burden could grow heavier as interest rates rise.   © Reuters

TOKYO -- Japan's parliament on Tuesday approved a record high budget for the 11th year in a row, falling behind other advanced economies in reducing deficits racked up at the height of the coronavirus pandemic.

The fiscal 2023 budget totals 114 trillion yen ($872 billion) in spending, 6.7 trillion yen more than the initial budget for fiscal 2022, which ends Friday.

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