Japan's Cabinet OKs record $56 billion defense budget for 2024 to accelerate strike capability

Japan’s defense spending will surge more than 16% next year as it accelerates deployment of long-range cruise missiles that can hit targets in China or North Korea

TOKYO -- Japan’s defense spending will surge more than 16% next year under a record military budget approved Friday by the Cabinet that will accelerate deployment of long-range cruise missiles that can hit targets in China or North Korea.

It also will further fortify the military with F-35 stealth combat jets and other American weapons as Japanese troops increasingly work with allies and take on more offensive roles.

The 7.95 trillion-yen ($56 billion) budget plan for the 2024 fiscal year beginning March marks the second year of a five-year military buildup program under a new security strategy Prime Minister Fumio Kishida’s government adopted a year ago. The reinforcement of strike capability under the strategy is a major break from Japan’s postwar principle of limiting use of force to self-defense.

Japan plans to spend 43 trillion yen ($300 billion) through 2027 to bolster military power and nearly double its annual spending to around 10 trillion yen ($68 billion), making Japan the world’s third-biggest military spender after the United States and China.

The move further boosts Japan's continuous arms spending growth for a 12th year. The previous record was last year's 6.8 trillion yen budget.