Japan’s defense budget increased by 19.3% from 2020 to 2024

Despite economic challenges, Japan’s defense budget grew at a compound annual growth rate (CAGR) of 19.3% from 2020 to 2024, News.Az reports citing Airforce Technology.

A new “Japan Defense Market 2024-2029” report from GlobalData highlights Japan’s response to regional threats through military modernisation and international collaboration.

In the face of rising geopolitical tensions and a weakening Yen, Japan’s defence strategy remains unchanged. Its Ministry of Defense has requested a 17.2% increase in the 2024 budget.

According to a report from GlobalData titled “Japan Defense Market 2024-2029”, Japan’s defence spending has gone from $9.2bn (Y1.3trn) in 2020 to a projected $18.6bn in 2024. This growth shows the country’s need to modernise its military assets in response to threats from neighbouring nations such as North Korea and China.

News.Az