The Japan Government has recently approved a landmark defence budget of 5.34 trillion yen (the US 51.7 billion) for the next financial year. This is the 9<sup>th</sup> consecutive time that the country has increased its military spending.</p> <p><strong>Key Points</strong></p> <ul> <li>The defence budget for the next financial year is 1.1% up from the present year’s budget.</li> <li>The newly approved record defence budget includes the funding for developing longer-range anti-ship missiles and an advanced stealth fighter for countering the growing military power of China.</li> <li>Japan will buy longer-range missiles and will train its military for striking targets in North Korea, China, etc.</li> <li>A jet fighter, which will be ready by the 2030s, will approximately cost around40 billion. This jet fighter project has got 706 million in the new budget. The project is led by Mitsubishi Heavy Industries Ltd.</li> <li>Japan has decided to spend323 million on the development of a long-range anti-ship missile.
China has planned to increase its military budget by 6.6% for the next financial year. This is the lowest increase in the military budget of the country in three decades.
Last Modified: February 9, 2024