Representative image. AFP
Japanese Prime Minister Fumio Kishida has asked key ministers on Monday to secure enough funds to raise defence spending to two per cent of gross domestic product in five years.
During a meeting, PM Kishida asked Finance Minister Shunichi Suzuki and Defence Minister Yasukazu Hamada that the island country needs to urgently raise its defence budget by fiscal 2027.
The recent increase would add about $287 billion over the next five years, in comparison to its budget for the fiscal year that ends in March 2023 is $39.66 billion.
Why is Japan increasing its defence budget?
Japan is committing to increasing its defence budget for the long term due to its proximity to the Russian aggression, China’s increasing military activity in the region and North Korea’s nuclear ambitions.
Earlier, while speaking in parliament on 29 November, Kishida hinted that building up the capability, in addition to improving missile defences, would send a message to those that threaten Japan. He said, “The basic idea (behind acquiring a counterstrike capability) is to enhance deterrence and further reduce the possibility of missile attacks.”
Japan has maintained a low profile on defence spending for decades, and has heavily remained dependent on the US. According to the local media, the country is seeking up to 500 Tomahawk cruise missiles from the US.
Additionally, amid threats to the homeland, the government plans to revise its national security strategy by the end of this year. The administration has also pledged to update the island country’s two other security documents that will cement its defence policy in the coming years.
The defence minister has said that the recent step comes considering the aspirations of NATO members. The island country typically used to spend nearly one per cent of its GDP on defence.
The declaration of increased defence spending also arises after many other military-related developments, such as authorising the export of military equipment and purchasing longer-ranged armaments.
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