Japan Boosts its Defence: $53B Budget Request

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Japan Boosts its Defence: $53B Budget Request
Japan boosts its defence as the ministry requested a record budget worth $53 billion for the fiscal year 2024 to be presented to the Parliament in January.

Japan has gradually increased its investment in defence for the last ten years. This year is not an exception. By 2027, the technological island aims to raise defence spending to two per cent of GDP. As a result, the defence ministry asked for 7.74 trillion yen ($53 billion) for the 2024-25 fiscal year.

The ministry will allocate 380 billion yen to build two new warships rigged with the Aegis missile defence system. Another 755 billion yen will be assigned to “stand-off” missile capacity, while 75 billion yen will be spent on developing hypersonic missile interceptors in partnership with the U.S.

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