Japan's Defense Budget to Reach Record 5.1 T. Yen in FY 2017 (News)
Tokyo, Dec. 22 (Jiji Press)--Japan's defense spending is set to reach a record high of 5,125.1 billion yen in fiscal 2017 reflecting the nation's efforts to fully deal with changes in the regional security situation, such as a rise of China and North Korea's repeated provocations, according to the government's draft budget for the year starting next April, which was adopted at a cabinet meeting on Thursday.
The planned defense budget, up 1.4 pct from the level set aside under the initial budget for fiscal 2016, will increase for the fifth straight year.
In particular, Japan will beef up its missile defense system in response to North Korea's ballistic missile development program.
The government plans to spend 14.7 billion yen to purchase the Standard Missile-3 Block 2A high-altitude missile interception system, which is mounted on Aegis destroyers.
About 60 million yen will be earmarked as research spending for possible procurement of new defense equipment, such as the Terminal High Altitude Area Defense, or THAAD, missile defense system.[Copyright The Jiji Press, Ltd.]