Japan enacts record high defense budget for fiscal 2024

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(VOVWORLD) - Japan has included a record high defense spending in its budget enacted for the fiscal year 2024 starting April. 

The defense budget reached a historical high of 7.95 trillion yen (about 52.53 billion U.S. dollars), according to the national budget approved by the Japanese parliament on Thursday for fiscal 2024, which totaled 112.57 trillion yen.

In terms of specific allocations, the 2024 fiscal year defense budget focuses on enhancing the country's counterstrike capabilities and strengthening missile defense systems.

The budget earmarks a hefty 734 billion yen for the research and deployment of long-range missiles.

The Japanese government in late 2022 formally adopted the new three security and defense-related documents including the National Security Strategy, outlining plans to increase Japan's defense spending to approximately 43 trillion yen over five years from 2023 to 2027.