TOKYO, Nov 29 (NNN-NHK) – Japanese Prime Minister, Fumio Kishida, required cabinet ministers, to increase Japan’s defence budget to around two percent of gross domestic product (GDP), in the fiscal year of 2027.
As Japan moves to expand its defence budget in the year, starting Apr, 2027, Kishida gave those instructions to Defence Minister, Yasukazu Hamada, and Finance Minister, Shunichi Suzuki, yesterday.
This is the first time Kishida stated the specific level of defence costs, local media reported.
Japan’s initial budget for fiscal 2022 accounted for one 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 Dec, seeking a change in Japan’s post-World War II security strategy, according to Nikkei Asia.– NNN-NHK
