The Cabinet of Japanese Prime Minister Fumio Kishida approved Friday a defense budget of 5.40 trillion yen ($47 billion) for fiscal 2022, setting a record high for the eighth consecutive year, to advance the development of new technologies in the face of a militarily expanding China. The draft budget, including outlays for hosting U.S. military bases, rose 1.1 percent from the current fiscal year ending in March as Japan ramps up its defense capabilities also against North Korea’s nuclear and missile threat. The increase for a 10th year in a row is largely attributable to a sharp rise in resea…

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