Japan’s Parliament enacts record $900 billion yen budget for FY 2022

Japan’s Parliament enacts record $900 billion yen budget for FY 2022

Japan’s Diet enacted Tuesday a record 107.60 trillion yen ($900 billion) budget for fiscal 2022 to finance measures against the coronavirus as well as rising social security and national defense costs, Kyodo News Agency reported.

The House of Councillors passed the budget for the year starting on April 1, following its approval by the House of Representatives in late February. It is the third-earliest enactment of an initial budget in Japan’s postwar era.

But the focus is already shifting to a possible economic stimulus and how to finance it in the face of rising fuel costs and commodity prices.