Japan's Defense Budget is typically a bit less then 1% of GDP but the Prime Minister wants to increase it to 2% of GDP or about $36 billion and to do so within the next five years.
Kyodo News said:Japan has long capped its annual defense spending at about 1 percent of GDP, or over 5 trillion yen ($36 billion). The Defense Ministry has said 48 trillion yen will be required for the next five years to improve the country's defense capabilities amid China's growing military strength and North Korea's missile development.
"The defense budget needs to be urgently increased within five years," Kishida was quoted by Defense Minister Yasukazu Hamada as saying at their meeting. "We need to secure necessary funds swiftly...instead of saying we could not do so due to the lack of financial resources."
Kishida orders funds to raise Japan's defense budget to 2% of GDP
Prime Minister Fumio Kishida on Nov. 28 instructed his defense and finance ministers to secure funds to increase Japan's defense budget to 2 percent of gross domestic product in fiscal 2027.
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