The following is the gist of Japan’s 112.07 trillion yen ($787 billion) draft budget for fiscal 2024 approved by Prime Minister Fumio Kishida’s Cabinet on Friday. The government: — allocates record 37.72 trillion yen for social security costs. — earmarks record 7.95 trillion yen in defense spending. — sets aside record 27.01 trillion yen for debt servicing based on higher interest rates. — estimates record tax revenue of 69.61 trillion yen. — plans to issue 34.95 trillion yen worth of government bonds.