• Kyodo

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The government has decided to earmark a record ¥102.66 trillion ($938 billion) in the initial draft budget for fiscal 2020, to fund swelling social security and defense outlays, government sources said Wednesday.

The spending plan, which Prime Minister Shinzo Abe’s Cabinet will approve Friday, will top ¥100 trillion for the second consecutive year. The draft budget includes funds for free preschool education as well as record defense spending, partly due to the North Korean nuclear and missile threat.

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