The Cabinet on Tuesday approved a revised ¥112.57 trillion ($774 billion) draft budget for the next fiscal year starting in April, allocating an additional ¥500 billion in emergency funds to tackle the fallout from a New Year's Day earthquake that ravaged central Japan.

Prime Minister Fumio Kishida has ordered a rare revision of an already finalized budget plan, valued at ¥112.07 trillion, to ensure sufficient funds are allocated for the relief and reconstruction of the affected areas.

The budget will be the second largest after the record ¥114.38 trillion for the current fiscal year. The plan needs parliamentary approval before the start of fiscal 2024.