Economy & Business

    Japan’s Defence Ministry Seeks Record 7.7 Trillion Yen Budget For FY 2024

    Inam Ansari
    September1/ 2023
    Last Updated:


    Tokyo: Japan's Defence Ministry on Thursday requested a record 7.7 trillion yen (USD 53 billion) budget for fiscal year 2024 as the government aims to deploy arms to realize newly authorized capabilities to strike enemy targets for stronger deterrence in the wake of the worsening regional security environment, Kyodo News reported.
    Kyodo News is a non-profit cooperative news agency based in Minato, Tokyo.
    The budget exceeds the 6.8 trillion yen initial budget for the current fiscal 2023 that started in April after Japanese Prime Minister Fumio Kishida updated a key security document late last year and pledged to boost defence spending.
    The requested amount does not include costs linked to hosting US military bases, which have been about 200 billion yen annually. The initial defence budget, expected to be fixed by the year-end, will likely rise for the 12th straight year.
    As per Kyodo News, among the planned outlays, 755.1 billion yen will be allocated for enhancing its "standoff" defence capacity, the main pillar of so-called counterstrike capabilities, by developing and procuring missiles capable of being launched from beyond the range of enemy fire.
    The government through the National Security Strategy, vowed to obtain counterstrike capabilities and almost double its annual defense expenditure over five years through fiscal 2027.
    Facing security challenges posed by China, North Korea and Russia, the move by the Kishida administration was a significant shift from Japan's exclusively defence-oriented policy under its war-renouncing Constitution, according to Kyodo News.
    To make better preparations for a contingency near the country's remote southwestern islands, 595.1 billion yen will be appropriated for improving capabilities to swiftly deploy personnel and transport equipment, such as purchasing transport helicopters. —ANI