TOKYO, Dec. 22 ― Japan’s cabinet has approved a draft budget of record 101.5 billion yen, or about 900 billion dollars, for fiscal 2019, partly due to economic stimulus measures in response to a planned hike in the consumption tax in October 2019.
The next fiscal year’s budget would mark the seventh consecutive year that the Japanese government spending sets a record high.
The budget plan, approved at a Dec. 21 cabinet meeting, includes agriculture spending of 2.43 trillion yen, up 5.6% from fiscal 2018. This is an increase in the agriculture sector for the first time in three years.
“The agriculture budget was important to implement key measures to support growers,” said Agriculture Minister Takamori Yoshikawa at a Dec. 21 press conference.
The Shinzo Abe administration will soon submit the draft budget to the parliament for approval.