Key Market Indicators
Japan's defense expenditure is projected to climb to approximately $47.9 billion by 2028, up from about $46.3 billion in 2023. This reflects an average annual growth rate of 0.5%. However, since 1965, Japan's defense spending has seen a year-on-year decline of 0.9%. In 2023, Japan ranked 10th in global defense spending. South Korea surpassed Japan with an identical expenditure of $46.3 billion. Leading the rankings were China, Russia, and India, occupying the second, third, and fourth spots respectively.
