Japanese Prime Minister Kishida Fumio is ordering a significant increase in defense spending in five years. It comes as the ruling coalition has been raising concerns about security around Japan.
Kishida met with the defense and finance ministers on Monday. He told them he wants defense spending to rise to 2 percent of Japan's GDP in fiscal 2027.
Japan's Prime Minister Kishida Fumio has instructed ministers to raise the annual defense and other related budgets to 2 percent of the country's gross domestic product in fiscal 2027.
Kishida met with Defense Minister Hamada Yasukazu and Finance Minister Suzuki Shunichi on Monday evening. He told them he will decide how to ensure an increase in defense spending after reviewing both revenue and expenditures by yearend. He urged the two to discuss the matter with the ruling coalition parties.
Japan's GDP for the April to June quarter has been revised downward, confirming that the economy shrank at a record pace as the coronavirus impact was bigger than initially estimated.
The Cabinet Office now says the economy shrank at an annualized rate of minus 28.1 percent in real terms. That's a bit worse than preliminary figure of minus 27.8 percent announced in August, which was already a record.
Analysts have updated their projections for Japan's GDP as the impact of the pandemic becomes clearer. They're expecting a return to growth in fiscal 2021, but not before some significant economic pain.
Eight private research firms revised their projections for Japan's economy. The changes come after the country's GDP shrank at an annualized 27.8 percent in real terms in the April-to-June period.
Economic analysts are expecting Japan to post growth for its gross domestic product in the July-September period despite a historic downturn in the previous quarter.
Japan's Cabinet Office announced on Monday that GDP shrank at an annualized 27.8 percent in real terms in the April-June period compared with the previous quarter.
Japan's Cabinet Office says the country's economy saw a historic downturn in the April-June quarter. GDP contracted by the most in 40 years as the pandemic upended the economy.
The Cabinet Office says GDP shrank at an annualized 27.8 percent from the previous quarter in real terms. It's the worst result since comparable data became available in 1980.
Japan's Cabinet Office will announce preliminary data on gross domestic product in the April-to-June quarter shortly before 9 a.m. on Monday.
Many surveys conducted by private-sector research companies attribute a record shrinkage in the second quarter to the coronavirus.
The Japanese government has released revised figures for the January-to-March GDP. They show the country's economy shrinking at an annualized rate of minus 2.2 percent in real terms.
The number released by the Cabinet Office is the same as the previous figure. The latest revision includes economic data that was delayed due to the coronavirus pandemic.
The Japanese government has released revised figures for the January-to-March GDP. They show the country's economy shrinking at an annualized rate of minus 2.2 percent in real terms.
The number released by the Cabinet Office is the same as the previous figure of minus 2.2 percent.