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Japan approved record defense budget for the year 2024

Japan approved record defense budget for the year 2024 Japan has approved a record defense budget for the year 2024 (photo: Getty Images)

Japan has significantly increased its military budget for the year 2024 in response to a growing threat from China and Russia, according to Kyodo News.

In 2024, Japan will allocate a record-breaking $56 billion for defense, marking a 16.5% increase compared to 2023. The decision was made as part of a five-year plan to modernize the country's defense posture. Japan expresses concerns that China and Russia are enhancing their military capabilities, posing a threat to its security.

The budget for 2024 includes funds for the development of new capabilities to strike targets within enemy territory. This reflects Japan's commitment to improving its military capabilities and defense technology.

What does Japan plan to do

  • the development of an upgraded version of the Type-12 land-to-ship guided missile with an extended range of up to 1000 kilometers;

  • allocating over 80 billion yen (56 million dollars) for the research and production of hypersonic missiles;

  • approximately 32.3 billion yen (224 million dollars) will be spent on developing new high-precision land-to-ship and land-to-land missiles;

  • the modernization of destroyers of the Maritime Self-Defense Force to enable them to carry Tomahawk cruise missiles. For this purpose, around 200 million yen will be allocated;

  • procuring 400 Tomahawk missiles from the United States with a range of approximately 1600 km in the fiscal year 2025;

  • allocating 373.1 billion yen for the construction of two additional Aegis destroyers, expected to be commissioned in the fiscal years 2027 and 2028;

  • allocating 75.7 billion yen for the development of planning interceptors of a new type of missile capable of intercepting hypersonic weapons.

  • allocating 565.3 billion yen for expanding rapid deployment capabilities of personnel and transport equipment, including the purchase of three amphibious assault ships;

  • spending 174 billion yen in the next fiscal year for the construction of two new-type frigates equipped with long-range missiles, improved anti-submarine capabilities, and other features;

  • allocating 64 billion yen for the joint development plan of next-generation destroyers with the United Kingdom and Italy by the year 2035;

  • investing 822.5 billion yen in research on breakthrough defense technologies. These funds will be used to establish a new research institute dedicated to developing new technologies for the Japanese armed forces.

Aid from Japan to Ukraine

Earlier, we reported that Japan lifted its arms export ban and decided to send Patriot anti-missile system missiles to the United States.

By the way, Japan has provided Ukraine with nearly 1 billion dollars, and it is already known how the funds will be allocated.

Japanese Prime Minister Fumio Kishida stated that the country is ready to allocate additional funds to support Ukraine in the amount of 4.5 billion dollars.

For the year 2023, Ukraine has already received 39 billion dollars in external financing. It is expected that by the end of the year, this amount will reach 42.3 billion dollars.