TOKYO—Japan’s Cabinet approved a record 5.4 trillion yen ($47 billion) defense budget for fiscal 2022 on Friday that includes funding for research and development of a new fighter jet and other “game-changing” weapons as Japan bolsters its defense capabilities in response to China’s growing military might and its tensions with Taiwan.
The 1.1 percent budget increase for the year beginning in April is the 10th consecutive defense spending increase and is in line with Japan’s pledge to the United States to strengthen its own defense capabilities to tackle increasingly challenging security issues in the region.
