Japan considers raising defence budget to record US$49b: Nikkei
[TOKYO] Japan is looking to raise defence spending to a record 5.3 trillion yen (S$66.4 billion) for the year starting April 1, partly to develop a next-generation fighter jet, the Nikkei reported, without saying where it obtained the information.
The amount compares with 5.26 trillion yen earmarked for defence for this fiscal year and includes more than 10 billion yen for developing a military jet to replace Japan's F-2 fighter in the future, the report said.
The plan will be part of the government's overall annual budget to be finalised by the end of the month.
An increase in defence expenditure would mark the eighth consecutive year of expansion.
Japan's medium-term defence programme announced a year ago outlined spending of 27.5 trillion yen for the 2019-2023 period, up nearly 3 trillion yen from the previous five years.
The country has been under pressure to step up military imports from the US amid President Donald Trump's criticism over trade imbalances.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
China says Hamas and Fatah express will for reconciliation
US consumer confidence at lowest level since 2022
Record gold prices boost recycling: WGC
Malaysian fast food operator QSR shelves IPO plans amid boycott campaign: sources
WHO warns of bird flu risk spreading to cows outside US
Sri Lanka’s key inflation rate rises to 1.5% in April