Japan Defense Ministry to seek record 7 tril. yen budget for FY 2024

The Defense Ministry will seek a record-high budget of over 7 trillion yen ($49 billion) for the next fiscal year, a source familiar with the matter said Tuesday, a move in line with Japan's new security strategy to eventually double its annual defense outlays.The defense spending plan for the year starting April could surpass the current fiscal year's record 6.8 trillion yen budget if the request is accepted. This increase reflects Japan's intensifying efforts to address severe security challenges posed by China, North Korea, and Russia.The upcoming budget request, to be made later in the …READ FULL ARTICLE