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Government Looks To Boost Defence Spending In FY2023

JAPAN

The Ministry of Defence's budget request for FY2023 will reach a record high of Y5.5tn, on top of "item requests" which will boost the final amount, Yomiuri reports citing the latest meeting of the ruling Liberal Democratic Party's Security Research Commission.

  • This fiscal year's defence spending was already largest on record (~5.4tn), but regional geopolitical challenges pressure the government to keep investing in defence and counterattack capabilities.
  • Proposals to drastically strengthen military capabilities got some traction on the back of Russia's war on Ukraine, intensified North Korean missile tests, and China's increasingly assertive posturing.
  • Beijing is currently holding its military drills around Taiwan. Japan said five Chinese missiles landed in its exclusive economic zone for the first time ever, with Foreign Minister Hayashi urging China to "immediately stop" the live-fire exercises.
HomepageBank of Japan (BOJ) Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
HomepageBank of Japan (BOJ) Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

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