Japan approves record $1.11 trillion budget for 2011

18:16, December 24, 2010      

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The Japanese government on Friday approved a draft budget which hit a record 92.41 trillion yen ( about 1.11 trillion U.S. dollars) for the coming fiscal year.

The Cabinet of Prime Minister Naoto Kan agreed on the draft budget as the government worked to increase key policy spending amid swelling social welfare costs.

The size of the initial budget for the year starting April topped the previous high of 92.30 trillion yen for fiscal 2010, Kyodo News reported.

The swelling budget is believed to be contradictory to Kan's earlier pledge to prioritize restoring the country's fiscal health, which is already the worst among major developed economies.

Source: Xinhua
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