TOKYO: Japan's defence ministry on Thursday (Aug 31) asked for a record 7.7 trillion yen (US$52.67 billion) in spending for the 2024 fiscal year, the latest step of Prime Minister Fumio Kishida's plan to boost military spending by 43 trillion yen over five years. The plan, announced last year, seeks to dou
The fiscal 2024 request, submitted to the Ministry of Finance, adds almost a trillion yen to the previous year's budget of 6.8 trillion yen, an increase of about 13 per cent. If approved, the budget will have increased spending by about a trillion yen from the previous year for an unprecedented two consecutive years.
Some 600 billion yen will be used to strengthen logistics capabilities to deploy weapons and resources to southwest island chains during an emergency. Japan will also put 75 billion yen towards jointly developing interceptor missiles with the United States to counter hypersonic warheads, and 64 billion yen for building next-generation fighter jets with Britain and Italy.
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