Japan's fiscal 2020 budget to hit record

Japan's initial budget for fiscal 2020 is expected to hit a record high with increasing social security and defense costs, local media reported.

The initial general account budget for the fiscal year 2019 ending March stood at 101.46 trillion yen ($933.4 billion), according to government officials.

The budget for the next fiscal year is expected to increase as the government will earmark funds to implement free preschool education program extension as well as a rebate program for cashless purchases which is aimed at boosting consumer spending following the consumption tax hike in October.