Annual Budget Request Expands
Ministries of Japanese national government submitted request for FY2026 budget by the end of August. The estimation of total amount of spending will be over 122 trillion yen, making new record of annual budget request. Following the policy for increasing defense budget and due to interest hike by Bank of Japan (BOJ), defense budget and spending for redemption of governmental bond marked the highest. Annual national budget is a power resource for the prime minister, reflecting preference of the administration. The Ministry of Finance (MOF) wraps up all the requests from the ministries by the end of August every year. The MOF makes a draft of national budget with assessment in late December. The draft is submitted to ordinary session of the Diet, which is regularly convoked in January. The government aims at passing the budget bill by the end of March, before next fiscal year begins in April. The total amount of budget reques t at the end of August, 2024, was 117...