Japan’s Record $940 Billion Budget Set for Parliament Approval in March

Japan's Prime Minister Fumio Kishida attends a news conference on the coronavirus (COVID-19) measures, in Tokyo, Japan, on Feb. 17, 2022. David Mareuil/Pool via Reuters

TOKYO—A key Japanese parliamentary committee on Monday approved the government’s record $940 billion initial spending plan for the next fiscal year, setting the stage for the budget’s full passage through the legislature in March.

Prime Minister Fumio Kishida is counting on the budget to pull the world’s third-largest economy out of the COVID-19-induced doldrums with the economy set to slow to a crawl this quarter.