Japan's Historic Military Spending Plan Shrinks Due to Weak Yen

Japan is scaling back its historic five-year, 43.5-trillion-yen defense build-up due to a 10% decline in the value of the yen against the dollar. The weakening currency has forced Tokyo to reduce its ambitious defense procurement plan, which was initially calculated to cost $320 billion. Japan will begin cutting back on aircraft purchases in 2024, the second year of the build-up, due to the weak yen. The depreciation of the yen could undermine Japan's military build-up and impact its ability to deter a Chinese invasion of Taiwan.