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 9th consecutive time that the country has increased its military spending.
The defence budget for the next financial year is 1.1% up from the present year’s budget.
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.
Japan will buy longer-range missiles and will train its military for striking targets in North Korea, China, etc.
A jet fighter, which will be ready by the 2030s, will approximately cost around $40 billion. This jet fighter project has got $706 million in the new budget. The project is led by Mitsubishi Heavy Industries Ltd.
Japan has decided to spend $323 million on the development of a long-range anti-ship missile.
Some other purchases include six Lockheed F-35 stealth fighters for $628 million.
$912 million will be provided for building two compact warships capable of operating with fewer sailors than conventional destroyers.
Japan also wants the two new warships to carry powerful new Aegis air and ballistic missile defence radars having a range 3 times that of older models. The cost of the plan has not been estimated yet.
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.