Japanese lawmakers back bump in defense spending

ISTANBUL

Japanese lawmakers on Tuesday passed a bill to raise defense spending in the country.

The bill was approved by the lower house of the parliament, locally known as the Diet, before it goes to the upper house for final stamp.

However, Japan’s opposition parties have opposed the move.

“If enacted, the law will allow the government to set aside non-tax revenue derived from selling government assets or transferring money from its special accounts in the state budget, specifically for use in defense spending over multiple years,” Tokyo-based Kyodo News reported.

Prime Minister Fumio Kishida-led government adopted a new “National Security Strategy” in December last year.

His policies have resulted in a record increase in Japan's defense spending of 6.82 trillion yen (about $51.7 billion), a 26.3% rise from the previous year.

Under the new policy, Japan is expected to see defense spending rise to 43 trillion yen ($310 billion) over the next five years.

Meanwhile, Tokyo has decided to “enforce stricter anti-money laundering measures from June 1.”

Kishida-led Cabinet on Tuesday gave the green signal to the move which aims to “trace cryptocurrency asset transactions, bringing its legal framework in line with global standards.”

It comes after Tokyo revised its anti-money laundering laws last December.