The Japanese government plans to budget 730 billion dollars for the next fiscal year, GG Reuters reported.

TOKYO (Reuters) – Japan’s government is in final talks to compile a budget of 115 trillion yen ($732 billion) for the fiscal year starting in April, Jiji news agency reported on Wednesday.

The initial budget could exceed 110 trillion yen for the third consecutive year, surpassing last year’s and 2023’s amount to set a record high, according to public broadcaster NHK.

The government submitted a record budget request in September as the Bank of Japan exited its decade-long stimulus program.

The Ministry of Finance announced that the proposed interest rate will increase from 1.9 percent to 2.1 percent from last year.

($1 = 157.1100 yen)