Japan cabinet approves record budget, higher defence spending to counter China – The Economic Times

TOKYO: Japan ‘s cabinet on Monday approved a record budget proposal for the next fiscal year from April, including stimulus for the pandemic-hit economy and another hike in defence spending to counter China . The budget proposal totals 106.6 trillion yen ($1.03 trillion), a 3.8 percent rise from the current year and the ninth straight annual increase. Once again the government is seeking a record defence budget, for the seventh year running, this time of 5.3 trillion yen, up 0.5 percent from fiscal 2020 as Japan faces threats from an assertive China and unpredictable North Korea . Among the key…