Tokyo: Japan has decided to increase the defense budget by fifty percent.
According to Japanese media, Prime Minister Kishida Fumio and his finance and defense ministers have agreed on the level of the next five-year defense budget, with a 50 percent increase over the current five-year budget.
They agreed to work to secure 430 trillion yen, or about $3.19 billion, in defense spending between fiscal 2023 and fiscal 2027, compared with the Defense Ministry’s request for 480 trillion yen.
Last week, Prime Minister Kishida directed ministers to increase the annual defense and other related budget to two percent of the country’s gross domestic product, or GDP, in fiscal year 2027.
Japanese officials will try to develop a comprehensive plan through talks with all stakeholders, while government officials say ways to fund the budget increase should take into account tax revenue and other expenses. will be searched.
