Japan's government on Friday approved a record budget for the next fiscal year, ramping up spending on social welfare as the population ages, and defense to tackle regional threats. The $730 billion budget for the year from April 2025, approved by the Cabinet, includes $55 billion in defense spending.

The Japanese Cabinet has approved a record 8.7 trillion yen ($55 billion) defense budget plan for 2025 as Japan accelerates building up its strike-back capability with long-range cruise missiles and starts deploying Tomahawks to further fortify the country against growing threat from China,

By Makiko Yamazaki TOKYO (Reuters) -Japanese Prime Minister Shigeru Ishiba's cabinet on Friday approved a record $730 billion budget for the next fiscal year, while limiting new bond issuance to the lowest in 17 years on the back of record tax revenue.