According to reports by the Japanese media, Japanese Prime Minister Fumio Kishida requested that the ministers of finance and defense raise defense spending by more than 50% over the next five years to a level of around 43 trillion Yen ($316 billion USD) or about 8.6 trillion Yen ($63.3 billion USD) per year, Jakub Wozniak reports in Overt Defense. The current five-year plan, which ends in April 2023, saw about 25.5 trillion Yen ($188 billion USD) spent on defense over the five-year period leading up to April 2023; the 2022 annual budget stands at 5.4 trillion Yen ($39.6 billion USD).
If enacted, Jakub Wozniak comments, this increase would put Japanese defense spending just under the NATO 2% GDP spending standard. The new 43 trillion Yen figure comes as a compromise between the Ministry of Defense and Ministry of Finance. Defense sought to obtain 48 trillion Yen ($353 billion USD) while the Ministry of Finance pushed for a much more modest increase to around 35 trillion Yen ($256 billion USD). Prime Minister Kishida made headlines early this year by announcing Japan has the right to carry out a preemptive strike on enemy bases as a last resort and, just earlier this month, information emerged regarding plans to significantly strengthen Japanese ground forces in the Ryukyu and Nansei islands.