The Japanese cabinet, led by Prime Minister Kishida Fumio, has given its approval for a record-breaking defense budget of $55.9 billion (7.95 trillion yen) for the fiscal year 2024. This significant increase of 16.5 percent, equivalent to $7.93 billion (1.13 trillion yen), marks the tenth consecutive year of growth in Japan's national defense budget.

The decision to allocate such a substantial budget comes as Japan faces escalating security challenges in the Indo-Pacific region. Heightened military threats from countries like China, North Korea, and Russia have compelled the Japanese government to bolster its defenses and strengthen its integrated air and missile defense system.

The approved budget emphasizes the need to develop stand-off defense capabilities and enhance the nation's ability to counter potential missile attacks. Despite the depreciation of the yen and rising prices, officials at the Japanese Ministry of Defense have assured that there will be no compromise in the procurement of major weapons and equipment for the fiscal year 2024.

Within the maritime domain, the Ministry of Defense has secured $2.6 billion (373.1 billion yen) to build two Aegis System Equipped Vessels (ASEV) as an alternative to the cancelled land-based Aegis Ashore ballistic missile defense system. An additional $572 million (81.5 billion yen) has been earmarked for expenses related to the ASEVs, bringing the total budget associated with these vessels for fiscal year 2024 to $3.2 billion (454.6 billion yen).

Furthermore, the defense ministry plans to construct 12 new FFMs (Frigates Missile) as successors to the Mogami-class FFM, allocating $1.2 billion (174 billion yen) in the upcoming budget for the construction of the initial two vessels, set to be deployed in fiscal year 2028. The new-class FFMs will boast longer-range missiles, enhanced anti-submarine capabilities, and improved performance in various maritime operations.

Efforts to transform the Izumo-class helicopter carriers JS Izumo and JS Kaga into aircraft carriers capable of operating Lockheed Martin F-35B fighter aircraft have received a budget allocation of $298 million (42.4 billion yen). The modifications include transforming the flight deck shape and equipping the carriers with a landing navigation system. These upgrades are expected to be completed by fiscal year 2027.

To address the increasingly complex electronic warfare landscape, a budget of $99 million (14.1 billion yen) has been set aside for the development of an electronic warfare aircraft. Based on the Kawasaki P-1 maritime patrol aircraft, this new aircraft aims to reinforce Japan's capabilities in the electromagnetic domain.

The budget for fiscal year 2024 also includes provisions for the joint development of the Glide Phase Interceptor (GPI) between Japan and the United States. This project, targeting completion in the early 2030s, will involve developing a rocket motor and propulsion system for the kill vehicle.

Additionally, the Japanese Ministry of Defense plans to develop a new surface-to-ship/surface-to-surface precision guided missile by fiscal year 2030, with a longer range than existing missiles.

In order to enhance its island defense capabilities, the Ministry of Defense will procure three maneuverable boats measuring 35 meters in length. A new "Self-Defense Force Maritime Transport Flotilla" will also be established in March 2025 at the JMSDF Kure Base, with approximately 100 members from the army, navy, and air force.

The budget allocation also includes the construction of a 14,500-tonne replenishment ship, costing $583 million (83 billion yen), to enhance logistical support capabilities for other JMSDF vessels. This new vessel will succeed the JS Towada (AOE-422) and is expected to be delivered in fiscal year 2028.

Furthermore, the budget prioritizes the procurement of unmanned surface vessels (USVs) for research and testing purposes in support of the development of domestically produced USVs.

The approved defense budget for fiscal year 2024 reflects Japan's commitment to bolstering its defense capabilities in response to the evolving security environment in the Indo-Pacific region. The allocation of funds for the development of advanced military assets and the enhancement of maritime and electronic warfare capabilities demonstrates Japan's determination to ensure its national security and contribute to regional stability.