Japan’s cabinet approved a record $55.9 billion (7.95 trillion yen) defense budget on Friday, allocating funds to strengthen air and missile defenses and acquire counterstrike capabilities in response to North Korean military threats.

The draft budget for fiscal year 2024 represents a 16.5 percent rise from the previous year and sets a new high-water mark for the 10th consecutive year amid an increasingly severe security situation in East Asia. 

The Ministry of Defense notably earmarked $8.8 billion for “integrated air and missile defense capabilities” to respond to airborne threats, including $2.6 billion for two Aegis System Equipped Vessels (ASEV).

These