Japan Lower House OKs Bill to Finance Higher Defense Spending

Tokyo, May 23 (Jiji Press)--Japan's House of Representatives on Tuesday approved a defense financing bill that features a plan to set aside nontax revenues to partially finance defense spending in fiscal 2024 and beyond.

The bill won a majority vote at a plenary meeting of the lower chamber of the Diet, supported mainly by the ruling Liberal Democratic Party and its coalition partner, Komeito. It was then sent to the House of Councillors, the upper chamber.

The government hopes to get the bill enacted during the ongoing Diet session, set to end on June 21.

The government plans to secure a total of 43 trillion yen for defense spending in the five years from fiscal 2023, which started in April.

It aims to raise more than 1 trillion yen by increasing taxes in fiscal 2027, while using surplus funds in the foreign exchange special account.

[Copyright The Jiji Press, Ltd.]