Japan unveils record budget and defence spend

Japan's government yesterday unveiled its biggest ever full-year budget, including record defence spending to counter intensifying regional security threats. Cabinet ministers approved a draft national budget of a whopping 107.6 trillion yen ($940 billion) for the 2022-23 fiscal year, including 5.4 trillion yen for defence. The defence ministry said the regional security situation was becoming "increasingly severe at an unprecedented speed", noting challenges posed by China and North Korea. Its draft budget includes 127.8 billion yen for the purchase of 12 F-35 fighter jets, and aims to boost "capability in new areas such as space, cyberspace and electromagnetic waves".