Japan announced a cut in overall spending for the first time in 12 years in its fiscal 2024/25 budget, amid speculation the central bank may soon shift away from more than two decades of ultra-easy monetary policy. The budget for the coming fiscal year that starts in April is estimated at 112.07 trillion yen ($787 billion), down 2 per cent from the current year's initial amount of 114.4 trillion yen. Still, the size of the budget hovers above 110 trillion yen for two straight years amid spending pressures on military outlay to deal with threats from China and North Korea and welfare costs for Japan's fast-ageing ... (full story)