Japan's Defense Ministry Seeks A Record $49 Bln Defense Budget For FY2024

© AP Photo / Gemunu Amarasinghe  

Japan Today: Japan's Defense Ministry to seek record ¥7 tril budget for FY2024 

TOKYO: The Defense Ministry will seek a record-high budget of over 7 trillion yen for the next fiscal year, a source familiar with the matter said Tuesday, a move in line with Japan's new security strategy to eventually double its annual defense outlays. 

The defense spending plan for the year starting April could surpass the current fiscal year's record 6.8 trillion yen budget if the request is accepted. This increase reflects Japan's intensifying efforts to address severe security challenges posed by China, North Korea, and Russia. 

The upcoming budget request, to be made later in the month, will include funds to accelerate the introduction of homemade, long-range missiles, as the country has vowed to acquire the ability to strike enemy territory, called "counterstrike capabilities".

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Update #1: Japan Defense Ministry to seek record 7 tril. yen budget for FY 2024 (KYODO News)  

Update #2: Japanese Military May Request Record $49 Bln Defense Budget for Fiscal 2024 (Sputnik)  

WNU Editor: Here is an easy prediction. For the foreseeable future the Japanese are going to significantly increase their defense budgets for each year.