Japanese Prime Minister Fumio Kishida instructed ministers to double defence spending to about 2 per cent of gross domestic product in five years, the defence minister said on Monday. A panel of experts advising Kishida this month recommended broad tax measures to pay for the hike and cautioned against raising debt that could expose US ally Japan to international market changes.
Kishida’s administration has pledged to “substantially” increase defence spending to counter growing threats. “Given the present security situation, we need to strengthen defence spending urgently in five years,” Defence Minister Yasukazu Hamada told reporters.
