Japan’s Defense Ministry is seeking a record budget for the next fiscal year as the pacifist country is set to have some of the highest military spending in the world, with questions remaining as to how the government will finance the surge.
The ministry said Thursday it’s seeking ¥7.7 trillion ($52.6 billion) for the fiscal year beginning in April 2024, up 13% from the previous year. The amount would be nearly on par with military spending in France and Germany, based on 2022 figures provided by the Stockholm International Peace Research Institute.
Japan’s military spending could eventually leapfrog all of its Group of Seven peers except the US after Prime Minister Fumio Kishida pledged last year to increase defense spending by about 60% over the next five years.
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Japanese Ministry of Defense Seeks Record Budget
Japan requests largest defense budget ever — Naval News