Japan’s cabinet approved Friday a record 114.5 trillion yen (around $862 billion) budget for the 2023 fiscal year, with a large portion earmarked for welfare and defense spending amid rising regional security challenges from China.
The budget includes 36.9 trillion yen ($277.6 billion) for social security and 6.8 trillion yen ($51 billion) for defense, a 26.3 percent increase from 5.4 trillion yen ($40.6 billion) in the current defense budget, Kyodo News reported.
The defense budget includes expenditures for the improvement and mass production of the Ground Self-Defense Force’s surface-to-ship guided missiles, which are expected to be a key component of Japan’s counterstrike capabilities.
Other items on Japan’s military spending list over the next five years include high-speed glide weapons, hypersonic missiles, surveillance drones, and U.S.-made Tomahawk missiles….