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Japan’s prime minister seeks to increase defense budget to 2% of GDP in fiscal year 2027-

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Japanese Prime Minister Fumio Kishida on Monday demanded that cabinet ministers increase Japan’s defense budget to around 2 percent of gross domestic product (GDP) in the fiscal year of 2027.

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As Japan moves to expand its defense budget in the year beginning April 2027, Kishida gave those instructions to Defense Minister Yasukazu Hamada and Finance Minister Shunichi Suzuki on Monday.

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This is the first time that Kishida has declared the specific level of defense costs, local media reported.

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Japan’s initial budget for fiscal year 2022 accounted for 1 percent of GDP at 5.4 trillion yen (about US$39.3 billion).

The government will determine the size of the budget and guarantee funding for the next five years at the end of December, seeking a change in Japan’s post-World War II security strategy, according to Nikkei Asia. ■

(Xinhua)

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