Japan OKs FY 2024 budget, defense spending reaches new high

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Japan OKs FY 2024 budget, defense spending reaches new high

STORY: Japan OKs FY 2024 budget, defense spending reaches new high SHOOTING TIME: Earlier footage DATELINE: Dec. 24, 2023 LENGTH: 0:01:48 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of cities in Japan 2. various of Japanese military exercises 3. various of Okinawa Self-Defense Force Military Base (taken on November 27 and 28, 2023) STORYLINE: The Japanese government on Friday adopted a draft budget of 112.07 trillion yen (about 787 billion U.S. dollars) for fiscal year 2024, with defense spending hitting an all-time high for the 10th straight year. The figure approved by the cabinet for the fiscal period from April 2024 to March 2025 marked the first drop in 12 years amid shrinking emergency funding related to COVID-19. The budget, although smaller than the record 114.38 trillion yen allocated for the current business year to March, is still the second-largest, underscoring the urgency for debt-ridden Japan to rein in spending and restore its fiscal health, national news agency Kyodo reported

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