The Japanese Defense Ministry is likely to request a record high budget of over 7 trillion yen ($49 billion) for 2024 fiscal year later this month, Japanese news agency Kyodo reported on Tuesday, citing sources
MOSCOW (Pakistan Point News / Sputnik - 08th August, 2023) The Japanese Defense Ministry is likely to request a record high budget of over 7 trillion Yen ($49 billion) for 2024 fiscal year later this month, Japanese news agency Kyodo reported on Tuesday, citing sources.
The defense spending plan for the next fiscal year starting April, if accepted, may surpass the current fiscal year's record 6.8 trillion yen budget to address security challenges allegedly posed by China, North Korea and Russia, the news agency reported.
The upcoming budget request will reportedly include funds to expedite the introduction of homegrown long-range missiles after Japan announced its plans to acquire the "counterstrike capabilities," the report said.
The Asian nation is planning to extend the range of the Ground Self-Defense Force's Type-12 surface-to-ship guided missiles to 1,000 kilometers (621 miles) from the current 100-kilometer range and develop high-speed glide weapons to defend Japan's southwestern remote islands, according to the report.
It added that the country's defense ministry would allocate funds for a plan to build two destroyers equipped with the US-made Aegis missile interceptor system.
In December 2022, the Japanese government approved three key defense documents, confirming its plans to increase military spending to 2% of GDP by 2027 and to allow retaliatory strikes on enemy bases.
