Japanese Prime Minister Fumio Kishida on Monday instructed finance and defense ministers to boost the country's defense budget to about 43 trillion yen ($318 billion) in 2023-2027 fiscal years, the Kyodo news agency reported
TOKYO (Pakistan Point News / Sputnik - 05th December, 2022) Japanese Prime Minister Fumio Kishida on Monday instructed finance and defense ministers to boost the country's defense budget to about 43 trillion Yen ($318 billion) in 2023-2027 fiscal years, the Kyodo news agency reported.
The amount will be more than 1.5 times larger than the current five-year spending plan of 27.5 trillion yen ($203.5 billion).
"This is a level at which we can achieve the goal of strengthening our defence capability and enable the Ministry of Defense and the Self-Defense Forces to properly fulfill their mission," Defense Minister Yasukazu Hamada said.
Japan has steadily stepped up its international defense role and military spending over the past decade. Last Monday, Kishida held a meeting with the defense and finance ministers and instructed them to work on a plan to lift defense spending to an amount equivalent to 2% of GDP per year by 2027, in comparison to 1% now, as threats from North Korea and China's territorial assertiveness increase.
