Japan Raises Military Spending to Record Levels as China Threat Looms

Members of the Japan Ground Self-Defense Force stand in formation during the opening ceremony of Exercise Southern Jackaroo 21 at 1st Brigade Headquarters, at Robertson Barracks in the Northern Territory on June 15, 2021. PTE Jacob Joseph/ADF

Japan’s cabinet approved Friday a record 114.5 trillion yen (around $862 billion) budget for the 2023 fiscal year, with a large portion earmarked for welfare and defense spending amid rising regional security challenges from China.

The budget includes 36.9 trillion yen ($277.6 billion) for social security and 6.8 trillion yen ($51 billion) for defense, a 26.3 percent increase from 5.4 trillion yen ($40.6 billion) in the current defense budget, Kyodo News reported.