Japan's defence ministry on Thursday requested a record budget worth $53 billion for the next fiscal year as tensions rise with China and North Korea.
Prime Minister Fumio Kishida last year unveiled a major security overhaul including a pledge to raise defence spending to two percent of GDP by 2027.
The defence ministry asked Thursday for 7.74 trillion yen ($53 billion) for the 2024-25 fiscal year, up from 6.8 billion yen for the current year, according to the request seen by AFP.
The ministry wants 380 billion yen to build two new warships rigged with the US-developed Aegis missile defence system.
Some 755 billion yen will go toward shoring up the nation's "stand-off" defence capacity such as purchases of missiles.
Japan also plans to spend 75 billion yen for a joint development of interceptors to shoot down hypersonic missiles.
Japan has been alarmed by China's expanding military ambitions including the possibility of a violent takeover of Taiwan.
North Korea's missile launches and the possibility of future nuclear tests have also pushed Japan to boost its defence spending.
Tokyo has also been rattled by Russia's invasion of Ukraine.
"It is essential for Japan to possess the necessary and adequate capability to intercept and eliminate vessels and landing forces no matter where an invasion of our country may occur," the defence budget request said.
Japan is also moving to buy more ammunition to deal with prolonged battles, to improve its cyber defence and space operations, and to explore more use of drones and other unmanned technologies.
The ministry also pledged to boost its spending plans for maintenance of existing equipment, as Japanese troops have routinely had to gut broken jets and vehicles for parts.
The defence ministry request will be sent to the finance ministry to prepare the 2024-25 budget which will be presented to parliament in January.
Artificial Intelligence Analysis
Defense Industry Analyst:
9/10
Stock Market Analyst:
7/10
General Industry Analyst:
8/10
Analyst Summary
:
The Japanese Ministry of Defence has requested a record budget of $53 billion for the 2024-25 fiscal year, an increase from the current years budget of $6.8 billion. The funds are intended to be used to build two new warships fitted with the US-developed Aegis missile defence system, bolster air defence capabilities, and improve cyber defence and space operations. Japans increased defence expenditure is driven by rising tensions with China and North Korea, as well as the Russian invasion of Ukraine. This request is part of a major security overhaul announced by Prime Minister Fumio Kishida in 2020, which included a pledge to increase defence spending to two percent of GDP by 2027. This development reflects a longer-term trend in the space and defence industry over the past 25 years, with increased investment in defence technology and capabilities to counter growing security threats.
Investigative
Question:
- 1. How is the increased defence budget expected to impact Japans military capabilities?
- 2. What are the implications for regional security?
- 3.
How is this budget request expected to affect the economies of Japan and its neighbours?4. What measures is Japan taking to ensure that defence spending is used effectively and efficiently?
5. What is the long-term strategy for the Japanese defence budget?
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