Japan approves US$1.11 trillion budget

Japan’s Cabinet approved a record US$1.11 trillion draft budget aimed at creating jobs and injecting life into the economy. The budget for next fiscal year, which starts in April, includes measures to provide more education for new job seekers and drive innovation in green energy. The budget reflects the ruling party’s promise to limit new debt, keeping new bond issuance below the level for the current year. It also includes a 7.4% cut to foreign assistance and large cuts in funding for public works projects. (December 25, 2010)