Finance Minister Shunichi Suzuki said on Friday that Japan will maintain its fiscal health by fiscal 2025 despite a significant increase in defense spending in the coming years to respond to growing security threats.
Suzuki rejected calls by some ruling party lawmakers to issue new government bonds for the planned 43 trillion $315 billion in defense spending, saying at a news conference that other stable funding sources are necessary.
Japan is planning to boost defense spending to around 2% of gross domestic product in fiscal 2027, likely earmarking a total of 43 trillion over the next five years.
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