Politics

Japan’s cabinet approves record $56 billion defense budget for 2024

Tokyo, Dec 22 (EFE).- The Japanese government on Friday approved a record defense budget of 7.9 trillion yen ($56 billion) for the next fiscal year as the country strives to improve its military capabilities amid growing tensions with China and North Korea.

The draft budget, which still awaits ratification by the national parliament, represents a 16 percent increase compared to the defense spending of the current fiscal year (April 2023 to March 2024).

Japan’s ambition is to align its defense budget with the NATO standard of two percent of gross domestic products by 2027, and this fiscal allocation is a stride toward achieving that goal.

The budget includes funds for the domestic production of long-range missiles with a range of up to 3,000 kilometers, as well as for the development of hypersonic projectiles and the production of enhanced versions of Japanese anti-ship missiles.

It also includes an additional 64 billion yen ($450 million) for the joint development of next-generation fighter jets with the United Kingdom and Italy, a project planned to be completed by 2035.

On Friday, the government also gave the green light to a new relaxation of regulations restricting the exchange of military equipment and technology with other countries.

The measure enables Japan to engage in joint and cooperative military projects with allied nations, aimed at bolstering the country’s military capabilities.

Japan, whose postwar constitution limits the use of military force to defensive situations, still lacks projectiles with a striking range surpassing 1,000 kilometers.

The envisioned long-range striking capabilities aim to enhance Japan’s deterrent capacity in response to the mounting regional tensions, particularly concerning China and North Korea, both of whom have made significant strides in long-range missile technology in recent years.

However, the Japanese government has yet to decide how to finance the substantial increase in the budget, a matter expected to involve progressive tax increases in the coming years, already sparking extensive political debate in the country.

Last year, Japan committed to allocating a combined budget of 43 trillion yen ($302 billion) over the next five years to bolster its military sector, emphasizing its dedication to long-term military capabilities. EFE

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