Japan Cabinet approves $47 billion defence budget

Japan's Cabinet has approved a record 5.26 trillion yen (USD 47 billion) defence budget as the country seeks to bolster its arms capability by increasingly buying advanced U.S. weapons. The budget plan endorsed Friday rises 1.3 per cent from the previous year, a seventh annual increase since Prime Minister Shinzo Abe took office in 2012.

The defence spending is part of the 101 trillion yen (USD 910 billion) national budget for 2019. It's also the first of Japan's 27.5 trillion yen (USD 250 billion) five-year midterm plan released Tuesday under defence guidelines designed to bolster Japan's defences amid potential regional threats. The budget plan covers the costs of refitting a helicopter carrier into Japan's first aircraft carrier, which could carry F-35B stealth fighters and purchases of other expensive U.S.-made weapons.