Japan's cabinet approves record budget of JPY 102.7 trillion

The Japanese government has approved a record budget for JPY 102.70 trillion for the fiscal year 2020. 

The government was expected to boost budget and raise spending to counter the negative effect of the October sales tax hike. 

Japan's factory output suffered its largest fall in two years in October. Meanwhile, big manufacturers’ business sentiment tanked to seven-year lows in the fourth quarter.