Japan: Towards a record annual budget, military spending continues to increase-Zimo News

In the context of intense geopolitics, the Japanese government announced a record-breaking annual budget for the 2022/23 fiscal year on Friday, equivalent to 830 billion euros, including an unprecedented amount for the defense of the country.

As tensions with China and the risks posed by North Korea are worrying, Japan’s defense budget has increased for the tenth consecutive year.

In the face of the “increasingly severe” regional security situation and the deterioration of “unprecedented speed”, the Ministry of Defense of Japan reiterated its concerns and therefore requested that the budget for the next fiscal year starting from April 1, 2022 reach a record 5.4 trillion days. Yuan (41.7 billion euros).

The budget is higher than the 5.3 trillion yen originally requested this fiscal year, including 127.8 billion yen for the purchase of 12 F-35 fighter jets.

The Ministry of Defense of Japan also stated that it hopes to improve Japan’s defense capabilities in space and cyber security. He also announced at the end of November that he intends to seek an additional budget of 773.8 billion yen for the current fiscal year.

In addition to these military expenditures, the government’s total budget of 107.6 trillion yen (830 billion euros) announced on Friday must also be reviewed by parliament early next year and must be able to provide part of the funding for the plan. Prime Minister Fumio Kishida’s massive stimulus .

The Japanese leader came to power in early October and intends to use this plan to boost the world’s third largest economy while the Covid-19 pandemic continues. One of its flagship measures is to distribute 100,000 yen (772 euros) to all 18-year-olds, except for high-income families.

Although the Japanese government hopes to promote economic growth through the plan, some analysts have issued warnings about the expansion of Japan’s debt. According to data from the International Monetary Fund, Japan’s debt has exceeded 250% of its GDP.

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