Shinzo Abe’s cabinet has signed off on a record budget for 2015 that will boost economic growth in Japan’s economy but leaves tough choices on spending for the future.
The overall budget will rise by 0.5 per cent to Y96.3tn ($814bn) as the ageing population drives up welfare costs, defence spending increases and interest costs rise on the growing public debt.
High spending will help Abenomics towards its goals of higher inflation and growth but it highlights how fast-growing welfare costs will rapidly absorb the benefits of last year’s consumption tax rise.
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