Briefly

JAPAN

Lower house approves record $836b budget

Japan's lower house of parliament on Tuesday approved a record 114.38 trillion yen ($836 billion) budget for the fiscal year 2023, with record allocations for social security costs while controversial defense spending has been factored in despite the country's grim fiscal health. The government's budget includes 6.82 trillion yen in defense spending. This is part of the government's plans to bolster its defensive capabilities, with the broader five-year plan drawing staunch criticism from the public, opposition parties and scholars. After passing the lower house, the budget will automatically come into effect 30 days after deliberations begin in the upper chamber of parliament.