TOKYO (Reuters) - The Japanese government is set to compile an annual budget plan featuring a record amount of spending for the fiscal year starting on April 1, according to a draft obtained by Reuters on Wednesday.
The general-account budget for fiscal 2020 is set to hit 102.66 trillion yen ($945 billion), above this year’s 101.5 trillion yen, the draft showed.
The government is set to estimate 63.51 trillion yen in tax revenue for the next fiscal year. It will trim new bond issuance to 32.56 trillion yen, versus this year’s 32.7 trillion yen and marking declines for the 10th straight year.
The draft budget will be approved by the cabinet on Friday.
Reporting by Takaya Yamaguchi; Writing by Tetsushi Kajimoto; Editing by Chris Gallagher