Japan's PM seeks to up defence budget to 2% of GDP in fiscal 2027

Tokyo, Nov 29 Japanese Prime Minister Fumio Kishida has required cabinet Ministers to increase Japan's defence budget to around 2 per cent of GDP in the fiscal year of 2027.

As Japan moves to expand its defence budget in the year starting April 2027, Kishida gave those instructions to Defence Minister Yasukazu Hamada and Finance Minister Shunichi Suzuki on Monday.

This is the first time that the Prime Minister has stated the specific level of defence costs, local media reported.

Japan's initial budget for fiscal 2022 accounted for 1 per cent of GDP at 5.4 trillion yen (nearly $39.3 billion), Xinhua news agency reported.

The government will determine the budget size and secure funding over the following five years by the end of December, seeking a change in Japan's post-World War II security strategy, according to Nikkei Asia.