Japan’s defense ministry is requesting a nearly 12% budget increase that includes two warships with advanced radar and long-range cruise missiles as it further fortifies the nation’s military in the face of North Korean threats and Chinese military advancement.
The record 7.7 trillion yen ($52.5 billion) request for the 2024 fiscal year marks the second year of a rapid five-year military buildup under a new security strategy Prime Minister Fumio Kishida’s government adopted in December. It focuses on reinforcing strike capability in a break from Japan’s postwar principle of having a military only for self-defense.
Under the five-year plan, Japan plans to spend 43 trillion yen ($315 billion) through 2027 to nearly double its annual spending to around 10 trillion yen ($68 billion), making Japan the world’s third-biggest spender after the United States and China. How to finance and justify the growing military spending is uncertain in a country with steeply declining births and increasing costs of caring for its aged population.
The budget request was approved at the defense ministry meeting yesterday and submitted to the finance ministry for negotiations.
