Japan plans record $732 billion budget

The Japanese government is in the final stages of talks on a record general budget of more than 115 trillion yen ($732 billion) for the fiscal year starting in April, Jiji News Agency reported on Wednesday.

The preliminary budget is likely to exceed 110 trillion yen for the third straight year, according to public broadcaster NHK. In September, the government submitted a record budget request as the Bank of Japan shifts away from a decade-long stimulus program.

The finance ministry said the assumed interest rate would rise to 2.1 percent for the year starting in April from 1.9 percent this year, which would increase debt servicing costs for interest payments.