Friday, August 5, 2022

Japan’s new annual defense budget hits a record high of nearly $41 billion

JapanThe Ministry of Defense (Ministry of Defense) said yesterday at a meeting of the ruling Liberal Democrats that by 2023budgetAs per estimates, defense expenditure (defense expenditure) is about 5.5 trillion yen (about US$41 billion), a record high, which is about 1% of gross domestic product (GDP).

Japan’s Mainichi Shimbun reported that Japan’s initial defense spending in 2022 was 5,368.7 billion yen, a record high. After the revised budget (additional budget) in fiscal year 2021, the total amount has exceeded 6 trillion yen.

In the wake of increasingly serious environmental security protections around Japan, there is opinion within the Liberal Democratic Party that defense spending should be set between 6.5 trillion yen and 7 trillion yen in 2023 when the initial budget was drawn up. The late former prime minister Shinzo Abe once called on the Japanese government to increase defense spending to 2 percent of GDP.

The Defense Ministry said at the meeting that this year’s defense budget would initially include 5.5 trillion yen.For the Prime Minister of Japankishida fumioThe proposed “fully strengthen national defense capabilities within five years” would be responded with “item requirements” if necessary.

It is expected that at the budget estimation stage, “item requirements” will include the deployment of long-range missiles with attack capabilities and the procurement cost of drones. The exact amount is yet to be negotiated and will be determined by the end of this year. By the end of this year, Japan will revise three national defense documents, including the National Security Strategy.

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