Japan's financial year 2024 budget is expected to exceed 110 trillion yen ($765.5 billion), Kyodo news agency reported on Tuesday.

However, it is projected to be less than the last financial year's record high budget of 114 trillion, a reduction in expenditure for the first time in 12 years, Kyodo reported, without citing sources.

($1 = 143.7000 yen) (Reporting by Satoshi Sugiyama; Editing by Jacqueline Wong)