TOKYO, Jun 16 (Kyodo) - Japan's parliament on Friday enacted a law to create a pool of funds to cover part of a substantial increase in defense spending to protect the country against security threats from its neighbors.
The bill cleared the House of Councillors despite attempts by major opposition parties to block it, enabling the government to set aside nontax revenues for multiyear use. The legislation is an integral part of Prime Minister Fumio Kishida's plan to spend a combined 43 trillion yen ($305 billion) through fiscal 2027 to bolster defense capabilities.
Under the current plan, the government will secure the necessary funding by selling government assets or tapping surplus funds in some special accounts of the state budget. ...continue reading
Source: Kyodo