TOKYO -- Japan will allocate 896.8 billion yen ($6.7 billion) for defense-related research and development in fiscal 2023, triple the amount spent this fiscal year, as it seeks to develop homegrown standoff missiles, according to the draft budget approved Friday.
The ramped-up spending reflects Japan's updated security strategy in the three policy documents finalized last week. The aim is to develop homegrown standoff missiles to acquire counterstrike capabilities.
