Japan to boost defense spending to 6.5 tril. yen in FY 2023

Japan will likely boost its defense spending to around 6.5 trillion yen ($47 billion) in fiscal 2023 from the current 5.2 trillion yen, sources close to the matter said Monday, in a five-year effort to double the expenditure to better respond to the changing security environment surrounding the nation.The government is seeking to spend a total of 43 trillion yen over the next five years until fiscal 2027, when it aims to increase the annual defense budget to around 9 trillion yen, or about a level equivalent to 2 percent of gross domestic product.The ruling coalition of the Liberal Democrat…READ FULL ARTICLE