Japan’s defense spending to grow over 10% in 2024

The Japanese government is ready to approve the Ministry of Defense’s request to increase the budget in 2024 to about 7.7 trillion yen ($54.1 billion) at current rates, which is about 13.2% more than the same expenditure item this year, Report informs referring to Kyodo News.

The funds are planned to be spent on the acquisition of long-range missiles made in Japan as part of previously set goals to strengthen counterattack capabilities. In addition, the budget includes the cost of developing a next-generation fighter jet jointly with the UK and Italy.

The government will also allocate money for the development of a hypersonic missile with a flight range of 3,000 km. In addition, it is planned to provide funds for the construction of two ships equipped with the Aegis missile defense system and for strengthening the defensive capabilities of outlying islands.