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Japan passes record $1 Trillion-dollar budget

Japan’s lower house on Tuesday passed a record trillion-dollar budget that will add to an already bulging public debt mountain as Tokyo tries to stimulate a recovery in the world’s second biggest economy.

The 92.3 trillion yen (1.0 trillion dollar) budget includes new child-care allowances, free public high school tuition and other measures promised by the centre-left government that took power in September.

To finance it, the government will issue a record 44.3 trillion yen in new bonds.

Read the rest of the story: Japan passes record $1 trillion budget

Photo: (AFP/Kazuhiro Nogi)