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

TOKYO — Budget requests for fiscal 2025 by Japanese government agencies have clocked 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.

The Ministry of Finance will examine these proposals to draw up a draft budget, due out by year-end. Items related to pushing up wages and mitigating inflation could push the total higher, as many were submitted without a specific monetary figure.