TOKYO (Reuters) – The Japanese government is in final talks to prepare a record public account budget of more than 115 trillion yen ($732 billion) for the fiscal year starting in April, Jiji News reported on Wednesday.
The initial budget is likely to exceed 110 trillion yen for the third year in a row, surpassing last year's and 2023 amounts to set a record high, according to public broadcaster NHK.
The government in September submitted a record budget request as the Bank of Japan pivoted away from its decade-long stimulus programme.
The Finance Ministry said the assumed interest rate will rise to 2.1% for the year starting in April from 1.9% for the current year, boosting debt service costs for interest payments and debt repayments.
($1 = 157.1100 yen)
