Japan’s record US$782 billion budget to boost military firepower, tame inflation

The Japanese government on Friday approved a record budget for the coming financial year to pay for everything from bigger defence spending to ballooning social security costs as inflation persists. The 122.3 trillion yen (US$782 billion) budget for the financial year from April 2026 will include some 9 trillion yen for defence spending, as Prime Minister Sanae Takaichi aims to accelerate Tokyo’s sweeping upgrade of its military in the face of worsening relations with China. The defence ministry...