Japan puts off tax hikes for defense until '2024 or later'

Ruling bloc adopts PM Kishida's plan to generate $7.3bn a year

The Japanese government plans to spend over $300 billion on defense over a five-year period through fiscal 2027. (Pool photo)

YOHEI HIROSE, Nikkei staff writer

December 17, 2022 04:26 JST

TOKYO -- Japan's ruling coalition on Friday decided that tax increases to fund higher defense spending will not take place before 2024, effectively putting off a debate on when and by how much the taxpayer burden should rise for a major defense buildup.