. World News – AU – Japan approves record military budget of nearly 52 billion. USD to counter China’s military might

Japanese Prime Minister Yoshihide Suga’s cabinet approved on Jan.. December hit a record high of $ 51. 7 billion or 5 yen. 34 trillion draft budget for fiscal 2021 amid COVID-19 pandemic and security challenges. The surge in military spending would supposedly be directed towards the development of an advanced stealth fighter and long-range anti-ship missile to counter China’s growing military might. This year’s military budget is reportedly leading this year by 1. 1%.

Meanwhile, according to the Japan Times report, the Cabinet approved the fiscal year 2021 budget of $ 1. 03 trillion, or 106 yen. $ 61 trillion for the year beginning April, which will also overshoot the original 2020 budget by a huge margin, and this has further dispelled concerns about a more severe deterioration in household health in Japan, which is reportedly one of the major economies. This is also the ninth year in a row that the Japanese cabinet has approved the record-high funding approval, topping 100 trillion yen for the third year in a row.

Amid political enemies, China is also reportedly planning to increase its military spending 6. 6% in 2020, the smallest in almost 30 years. Japan is buying long-range missiles and is reportedly even considering arming and training its military to hit distant land targets, including China, North Korea and other nations.

To fund the record high budget, new bond issuance is reported to rise 11 yen. 04 trillion from the current year’s original plan to nearly 43 yen. 60 trillion, which is also the first increase in 11 years compared to the previous year. This will almost impact the already soaring tax revenue, which is reportedly valued at 57 yen. 45 trillion, more than the downwardly revised estimate of 55 yen. 13 trillion this year.

In addition to increasing tax revenue according to reports 40. 9% of the Japanese budget is financed with debt, which in turn is higher than the 31st. 7% in the current year. Additionally, the ratio could be even bigger if Japanese Prime Minister Suga takes additional measures against the COVID-19 pandemic through the supplementary budgets. The record draft budget for the military will be presented to an ordinary state assembly to be convened in January, including 23 yen. 76 trillion debt servicing costs.

Military budget, stealth planes, Yoshihide Suga, Japan