Japan's Maritime Self Defense Forces helicopter carrier Izumo sails out its Yokosuka Base in Kanagawa prefecture on May 1, 2017. (PHOTO / JIJI PRESS / AFP)
TOKYO – Japan's government is working to increase the country's five-year defense spending to 30 trillion yen ($263.85 billion) in a plan to be announced in 2022, the daily Nikkei said on Wednesday.
Japan has been bolstering its military spending in recent months amid security concerns. The 30 trillion figure marks a 3 trillion yen increase from its current plan and indicates the government plans to spend some 6 trillion yen annually on defense, according to the report.
The spike in military spending aligns with election pledges made by the ruling Liberal Democratic Party in October to double defense spending to 2 percent of gross domestic product (GDP) – a break from previous policy to keep it within 1 percent of GDP.
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