Nikkei: Japan considers raising defense budget to record $49-B

JAPAN is looking to raise defense spending to a record ¥5.3 trillion ($49 billion) for the year starting April 1, partly to develop a next-generation fighter jet, the Nikkei reported, without saying where it obtained the information.

The amount compares with ¥5.26 trillion earmarked for defense for this fiscal year and includes more than ¥10 billion for developing a military jet to replace Japan’s F-2 fighter in the future, the report said. The plan will be part of the government’s overall annual budget to be finalized by the end of the month.

An increase in defense expenditure would mark the eighth consecutive year of expansion. Japan’s medium-term defense program announced a year ago outlined spending of ¥27.5 trillion for the 20192023 period, up nearly ¥3 trillion from the previous five years. The country has been under pressure to step up military imports from the US amid President Donald J. Trump’s criticism over trade imbalances.