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Japan's Kishida seeks $7bn in tax hikes for defense buildup

PM stresses avoiding burden on households, promises no increase next year

Japan's defense buildup will include missile development and munitions stockpiles. (Photo by Masato Kasahara)

TOKYO -- Japanese Prime Minister Fumio Kishida aims to bring in over 1 trillion yen ($7.3 billion) a year through tax hikes by fiscal 2027 to help fund a major increase in defense spending.

At a policy roundtable held Thursday, Kishida asked the ruling parties' respective tax policy commissions to look into which levies to raise and when. The government will "consider a phased implementation over multiple years up to fiscal 2027," he said, with the starting time frame to be determined based on the state of the economy.

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