Japan's initial budget for fiscal 2020 will hit a record high and top ¥100 trillion ($920 billion) for the second straight year due to swelling social security and defense costs, government sources said Monday.
The initial general account budget for the current fiscal year ending March stood at ¥101.46 trillion.
Prime Minister Shinzo Abe's Cabinet plans to approve a draft of next fiscal year's budget on Dec. 20 and submit it to a regular Diet session to be convened in January.