Japan looks to enhance defense spending
Date
12/30/2024 6:45:27 AM
(MENAFN) Japan’s government has approved a record draft budget for the upcoming fiscal year, totaling 115.5 trillion yen ($730 billion), which includes a rise in defense spending. The budget represents a 2.6% increase from the previous year, with defense allocations accounting for 7.5% of the total, or approximately $55 billion. This marks the 13th consecutive year of defense budget increases, with a 0.5% rise from the current year. The funds will support the mass production of long-range missiles with standoff defense capabilities.
Japan has committed to increasing defense spending to 2% of its GDP by fiscal 2027, in line with NATO standards. Based on Japan's 2023 GDP of $4.213 trillion, this would result in military spending of over $84 billion. The Defense Ministry cited growing strategic and nuclear threats as a key reason for the increase. Prime Minister Shigeru Ishiba, a proponent of stronger defense measures, has also called for an Asian equivalent of NATO to address threats from China and North Korea.
In recent developments, Japan and the US have been working on joint defense plans, including a contingency strategy for a potential military conflict between Taiwan and China. The US may establish temporary missile bases on Japan's southwestern islands as part of this arrangement, a move that has raised concerns in Russia, which views such missile deployments as a threat to its security.
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