Japan seeks to increase defense spending to 2% of GDP
MELBOURNE, Australia — Japan’s prime minister has asked his Cabinet to secure enough funds to raise defense spending to 2% of gross domestic product in five years,
of increasing the defense budget, according to the country’s defense minister.
Fumio Kishida told Finance Minister Shunichi Suzuki and Defense Minister Yasukazu Hamada during a meeting that Japan needs to urgently increase its defense budget by fiscal 2027, Hamada said.
Kishida also said his administration needs to review government expenditures and revenue streams, as well as decide how it can secure extra funding to increase the defense budget, Hamada added.
Japan typically spends no more than 1% of its GDP on defense; the increase to 2% would bring it in line with the aspirations of NATO members, of which Japan is not a signatory.
The proposed increase would total about $287 billion over the next five years. In comparison, Japan’s defense budget for the fiscal year that ends in March 2023 is $39.66 billion.
Japan considers North Korea’s nuclear ambitions and China’s military activity in the region as threats to the homeland. To that end, the government plans to revise its national security strategy by the end of this year. That document provides Japan with long-term diplomacy and security policy guidelines.
The defense spending announcement follows several other military-related changes, such as allowing the export of military equipment and the acquisition of longer-ranged weapons.
Japanese media has reported the country is seeking up to 500
This comes after word the Asian nation is getting standoff, air-launched missiles for its F-35 fighter jets and is increasing the range of its indigenous land-based anti-ship missile.
US aircraft manufacturer Boeing also recently announced Japan awarded it a contract for two further KC-46A tankers, bringing its fleet to six.
, the first in October 2021 and another in February 2022.
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Japan seeks to boost defense budget to nearly $320 billion in 5 years: media
This Friday (2), Japanese media reported that the government of Japan intends to increase the country's five-year defense budget to up to US$ 318 billion (R$ 1.6 trillion).
As published by the Japanese agency Kyodo, the Japanese government is considering allocating at least US$ 297 billion (about R$ 1.5 trillion) to the defense sector. The value can reach the equivalent of US$ 318 billion (R$ 1.6 trillion), according to the agency.
Initially, the Japanese Ministry of Defense insisted on higher values, but accepted the reduction. The Japanese Ministry of Finance wanted the amount to be reduced to the equivalent of US$ 260 billion (about R$ 1.3 trillion), but also agreed to negotiate the increase.