Japan has allocated a substantial budget to address the challenges posed by its aging population and security concerns, marking a significant step in the country’s financial planning for the upcoming fiscal year. The government’s new budget prioritizes managing the elderly population, social welfare, and regional security threats.
For the fiscal year starting from April 2025, Japan has approved a budget of 115.5 trillion yen, which amounts to 730 billion US dollars, with a significant portion of 8.7 trillion yen allocated towards defense expenditure. Additionally, social security spending has been increased to 38.3 trillion yen, surpassing the previous year’s allocation.
Prime Minister Shigeru Ishiba has emphasized the complex security environment Japan faces post the Second World War, highlighting the need for robust defense capabilities within the country’s pacifist constitution. The government aims to double its defense expenditure by 2027 to meet evolving security challenges, especially in light of China’s assertive posture since the revision of Japan’s major security and defense policies in 2022.
The approved budget of 8.7 trillion yen will also support recruitment efforts in Japan’s self-defense forces, enhance cooperation with the US military, and improve relations with local communities in Okinawa. Furthermore, Japan plans to enhance its satellite system to monitor activities in its maritime territories, including areas of contention with China and ballistic missile threats from North Korea.
In a recent event, PM Ishiba stressed the importance of strengthening Japan’s defense capabilities and addressing the shortage of the new military personnel, emphasizing the country’s commitment to fulfill its defense obligations effectively.
Japan faces another long-standing challenge due to its declining birth rates and cautious immigration policies contributing to its aging population. The proportion of individuals aged 65 years and above has reached 29.3%, making Japan one of the oldest societies globally.
The budget proposal will require approval from the parliament, necessitating support from opposition parties like the Liberal Democratic Party and its coalition partner Komeito. Despite facing electoral setbacks, Ishiba remains committed to maintaining stability in his role as Prime Minister, with upcoming parliamentary elections scheduled for summer 2025.
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Author: MAYA | HARUTO
Posted at: December 27, 2024 7:02 pm
