Japan interest rates, defense buildup push budget requests above $800bn

Record spending could go even higher on wage, inflation measures

The offices of Japan's ministries in Tokyo. Budget requests submitted to the Finance Ministry for fiscal 2025 were the largest on record. (Photo by Hirofumi Yamamoto)

YOHEI HIROSE, Nikkei staff writer

August 30, 2024 01:57 JST

TOKYO -- Budget requests for fiscal 2025 by Japanese government agencies will clock in at an all-time high of more than 117 trillion yen ($807 billion), a Nikkei tally shows, as debt-servicing costs and defense spending soar.