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 chief cabinet secretary, one of the candidates vying for leadership of the main ruling party, says the consumption tax rate will need to be raised as the country's population is shrinking.

Suga Yoshihide made the remark in a commercial TV program on Thursday. He is one of three candidates seeking to win the leadership election of the Liberal Democratic Party on Monday. The winner is almost certain to become the next prime minister, replacing Abe Shinzo, who is stepping down for health reasons.

The speed limit on expressways in Japan will be raised from the current 100 kilometers per hour to 120 kilometers per hour on certain sections.

The current limit has been in place since the country's first expressway opened in 1963.

Nissan has secured $7.8 billion in financing from its creditors since April in a bid to shore up its cash position in the midst of the coronavirus pandemic.