Japan approved a record 7.95 trillion yen or $55.9 billion defense budget for Fiscal Year 2024, which begins on April 1 next year. This is a 16.5 percent increase from FY2023’s budget of 6.8 trillion yen or $47.7 billon. The plan is to increase until it reaches 8.9 trillion yen or $62.5 billion in FY2027.
Japan plans to spend 43 trillion yen or $302 billion on defense in the timeframe of 2023-2027.
In 2024, there is $8.78 billion for integrated air and missile defense capabilities. Missile defense is to counter North Korean missiles. They will add two Aegis System Equipped Vessels (ASEV) destroyers for $2.6 billion which will cover construction of the first vessel in FY2024 and preliminary costs for the second ship which will begin construction in FY2025.
The plans include gaining counterstrike capability by deploying long-range cruise missiles as early as 2026.
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