Japan is gearing up to strengthen its national defense by allocating 7.7 trillion Yen ($54 billion) to the defense budget for fiscal year 2024, according to media reports.
The country aims to bolster its national defense amid increasing security concerns in the Asia-Pacific region and regional threats.
Japan is considering the budget that will be in effect from April 2024 to March 2025, said Tokyo-based Kyodo news.
Prime Minister Fumio Kishida’s Cabinet is expected to approve the allocation later this week.
If the budget is formally approved, it will be recorded as the highest-volume defense budget allocation to date.
