Japan acknowledges extra investment amid concerns over China’s rising power
The Japanese government has signed $ 6.8bn in security spending as new Prime Minister Fumio Kishida expresses concern over China’s rise to power.
In the event of a crisis that causes security costs to remain high for many years as part of the national budget, Japan will bring in purchases of guard and landing planes from next year’s budget.
The ruling reflects Tokyo’s growing concern over the crisis across the Taiwan Strait and Kishida’s desire to send a clear statement on security spending to the Biden government in Washington.
“With the threat to national security in our country is growing more than ever.
It also said the spending would strengthen the country’s defense against missiles, from which the threat comes North Korea’s nuclear weapons, and around the islands of southwestern Japan.
Although Japan often spends extra money on economic development, it does not often include capital expenditures. The Kishida package will cover the total defenses this year to 1.13 percent of all household items – across the unstructured 1 percent range and make war spending the highest since the 1950s.
In his manifesto last month’s election, the ruling Liberal Democratic Party Kishida has promised to increase defense spending by up to 2 percent of GDP, in response to law enforcement requirements.
That goal may not be achieved anytime soon, given the cost of the elderly population in Japan and its huge debt, but the money spent will allow Kishida to show that he is trying to keep his promise.
In 2022, the defense ministry is asking for a 7 percent increase in funding compared to the original 2021 budget, although that amount could be reduced to reflect what has been bought in the supplementary budget.
Among the items Japan will buy early are the Patriot missile launchers, which provide a last resort to defend themselves against any North Korean invasion, and land-based missiles to protect weapons from the southwest islands.
It will also purchase three P-1 aircraft – which allow Tokyo to follow Chinese navigation in the waters around Japan – as well as high-speed torpedoes and anti-submarines.
However, a large portion of the funds are set aside for pre-payment to Japanese security contractors, to help them deal with the epidemic. This reflects Tokyo’s desire to support its industrial base, as well as the progress of the expansion budget, which is outside the regular defense plans of the Ministry of Defense.
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