Japan's PM seeks to up defense budget to 2 pct of GDP in fiscal 2027
Nov 29, 2022
Tokyo (Japan), November 29: Japanese Prime Minister Fumio Kishida on Monday required cabinet ministers to increase Japan's defense budget to around 2 percent of gross domestic product (GDP) in the fiscal year of 2027.
As Japan moves to expand its defense budget in the year starting April 2027, Kishida gave those instructions to Defense Minister Yasukazu Hamada and Finance Minister Shunichi Suzuki on Monday.
This is the first time that Kishida has stated the specific level of defense costs, local media reported.
Japan's initial budget for fiscal 2022 accounted for 1 percent of GDP at 5.4 trillion yen (about 39.3 billion U.S. dollars).
The government will determine the budget size and secure funding over the following five years by the end of December, seeking a change in Japan's post-World War II security strategy, according to Nikkei Asia.
Source: Xinhua
