警惕！日本提出122.4万亿日元创纪录防务预算，“加快军备扩张”

Core Viewpoint - Japan's fiscal budget application for the fiscal year 2025 has reached a record high of 122.4 trillion yen, driven by rising prices, increased defense spending, and higher debt financing costs [1][2]. Group 1: Budget Overview - The budget application amount has increased significantly for the third consecutive year [1]. - The Ministry of Finance, Ministry of Health, Labour and Welfare, and Ministry of Defense are the three departments with the most notable budget increases [1]. - The Ministry of Health, Labour and Welfare has requested the largest budget of 34.8 trillion yen due to rising medical and pension costs associated with an aging population [1]. Group 2: Defense Spending - The Ministry of Defense's budget application is 8.84 trillion yen, surpassing the current fiscal year's 8.7 trillion yen, marking the largest defense budget request in Japan's history [2]. - Japan is increasing its military spending to 2% of GDP and is focusing on enhancing its "counterattack" capabilities [2]. - The defense budget will fund the development of the "SHIELD" defense system, which includes deploying drones and producing hard-to-detect hypersonic missiles [2]. Group 3: Economic Context - Japan's debt level is currently twice its economic output, ranking among the highest in developed economies [3]. - Concerns about the government's ability to manage fiscal spending are heightened due to the fragile political position of Prime Minister Kishida [3]. - The rise in government spending and global long-term bond yields has led to a record high in Japan's 30-year government bond yields [3].