The Japanese government has unveiled a record annual budget of $940 billion for the next fiscal year.
This raises the estimated budget for the tenth year in a row, especially as it includes an unprecedented amount of defense, with the rise in tensions with China and the geopolitical risks with North Korea.
The Ministry of Defense has requested more than $46 billion, including increasing Japan’s defense capabilities, as well as purchasing F-35 fighters.
The budget also includes a plan to distribute more than $770 to all people over the age of eighteen in order to support citizens to confront the pandemic.
The Nikkei newspaper had reported that Japan would compensate companies to keep patents with potential military applications confidential under a proposed law.
Japanese Prime Minister Fumio Kishida pledged last month to put the country’s economic security among his policy priorities.