Landmark Defence Budget of Japan

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.

Key Points

  • 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.