Japan's FY 2024 defense budget expands to record $56B

The Japanese government approved a record-high 7.9 trillion yen ($56 billion) defense budget for fiscal 2024, as the nation continues to invest in longer-range strike capabilities under a five-year plan to fundamentally revamp its defense posture, Report informs, citing Kyodo News.

The draft initial budget for the next fiscal year that begins in April jumped 16.5% from the previous record-high of 6.8 trillion yen in the current fiscal 2023 and marked an increase for the 12th consecutive year.

The spending plan is in line with a government decision late last year to pour in a combined 43 trillion yen to defense outlays from fiscal 2023 through 2027 amid increasing security challenges from China and Russia, as well as North Korea's nuclear and missile development.

Japan also aims to double its annual security budget to around 2% of the country's gross domestic product after long keeping the spending at around 1% - or roughly 5 trillion yen - in light of its exclusively defense-oriented posture under the postwar pacifist Constitution.