Posted: 22.08.2023 09:57:00

Media: Japan’s Defence Ministry plans to ask for record budget of $49bn for 2024 fiscal year

Kyodo News Agency cited sources to inform that the Japanese Defence Ministry plans to request a record budget of $49bn for the 2024 fiscal year (from April 1st, 2024 to March 31st, 2025), TASS reports


According to the source, the request will be formed in August, and the application will take into account the funds needed for the purchase of Japanese-made long-range missiles as part of Tokyo's policy of obtaining the potential to launch a counterattack on a possible enemy. In addition, the application will take into account the funds for construction of two special air defence ships with Aegis systems.

It is reported that, in 2022, the Japanese Government approved an updated national security strategy, which assumes an increase in defence spending to 2 percent of GDP by 2027 based on the NATO model.