The government plans to defer the full implementation of any tax hikes to cover defense spending until at least 2027 because of economic uncertainties stemming from rising prices, according to informed sources.
There is strong opposition from members of the ruling Liberal Democratic Party to corporate and other tax hikes.
Finance Minister Shunichi Suzuki has been instructed by prime minister Fumio Kishida to earmark 43 trillion for defense spending over the five years through fiscal 2027, according to prime minister Fumio Kishida. The amount is more than 50% higher than the 27.47 trillion set under the current medium-term defense capability development program.
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