Cabinet Approves 2025 Supplemental Budget
Sanae Takaichi Cabinet approved 2025 supplemental budget on November 28 th , which spendings in general account of national budget amounted to 18.3 trillion yen. The defense budget is expected to reach its target of 2 percent of GDP as a sum with main budget activated in the spring 2025. The supplemental budget still relies on 11.6 trillion yen of issuance of new governmental bonds, which covers six-tenths of the spendings. The supplemental budget bill is expected to submit to the Diet and will pass it by the end of the session on December 17 th . The leading coalition by the Liberal Democratic Party (LDP) and Japan Innovation Party (JIP) recently achieved a simple majority in the House of Representatives, as the LDP included three independent lawmakers within its parliamentary group. Even though the coalition still does not have a majority in the Upper House, the budget will pass the Diet with constitutional superiority of the Lower House. Among the spendings, 1.1 ...