December 21, 2020 | Investopaper
Japan’s cabinet on Monday approved a budget of $ 1 trillion (106 trillion yen) for 2021. This is the largest budget in nine years. The government has set aside 5 trillion yen, citing coronavirus infections and challenges to the health care system.
Japanese Finance Minister Taro Aso said there were challenges in preventing coronavirus infection, reviving the economy, and improving the country’s economic health. Japan’s proposed budget includes 33 billion yen for defense. Japan has not yet reached an agreement with the United States on a state-of-the-art missile system. The Ministry of Defense is also working to further equip Japanese warships.