Budget requests by Japanese ministries and agencies for fiscal 2024, which starts in April, total a record ¥114.39 trillion, after higher bond yields pushed up debt-servicing costs on top of increased defense and social security spending, the Finance Ministry said Tuesday.

The amount surpassed the ¥111.66 trillion sought for fiscal 2022 — previously the largest on record — with the Finance Ministry planning to scrutinize requests to trim total spending before it unveils a budget by the end of the year.

Japan could see its general-account budget for the next fiscal year hit a record, as spending on priority areas such as child care support are set to increase. The initial budget for fiscal 2023 came to a record ¥114.38 trillion.