Japan's defense spending likely to exceed 1% of GDP

TOKYO -- Japan's defense budget is expected to exceed 6 trillion yen ($43 billion), more than 1% of gross domestic product, for fiscal 2023 as the country hastens to improve its defense capabilities in the face of growing geopolitical risks.

The Ministry of Defense finalized its budget request on Wednesday. It asks for 5.59 trillion yen, the highest figure ever.