Account Budget: Budget and Spending Plan

account budget: The government will widen the scope of free education, according to The Japan Times. At a news conference after the Cabinet approved the budget, Chief Cabinet Secretary Yoshihide Suga sought public understanding of the budget size, saying it is a result of more government spending on steps to deal with a graying Japan. It is the eighth straight year that the world's third-largest economy has compiled a record initial general account budget, also reflecting a rise in defense outlays as Tokyo aims to enhance capabilities in new areas such as space and cyberspace. ; The spending plan for the year starting next April topped 100 trillion for the second consecutive year on ballooning medical, public pension and other social security costs. Additional revenue from the consumption tax increase will be utilized for social security measures, while the aging society has necessitated related expenditures, Suga explained. To mitigate the negative impact of the consumption tax hike in October, the first in five years, and to safeguard growth, the government will set aside 1.78 trillion for stimulus steps such as shopping reward point programs and infrastructure building. RELATED STORIESJapan's Cabinet approves 4.47 trillion extra budget focused on post-disaster reconstruction Japan approves reduced post-3/11 reconstruction budget, citing progress Japanese defense budget hits new high with focus on space and cyberspace The budget is aimed at achieving both economic recovery and fiscal consolidation, by improving social security through the use of increased revenue from the consumption tax hike from 8 percent to 10 percent implemented in October, Finance Minister Taro Aso told a separate news conference. (news.financializer.com). As reported in the news.