Japan to allocate $54 billion for defense in 2024

By Alperen Aktas

ISTANBUL (AA) - 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.

The record-breaking budget will facilitate expenditures for the national production of long-range missiles capable of striking enemy bases.

The focus of the budget includes the production of land-to-sea guided missiles, the design of a new fighter jet and research of innovative defense equipment.