Aug. 30 (UPI) -- Japan's defense ministry is requesting a budget of $50.3 billion for the next fiscal year, starting April 2020, according to Kyodo news agency and local press reports.
The amount, which is to be reviewed by Japan's finance ministry and Tokyo's parliament, will be a record high for the world's third-largest economy as it has increased military spending since Prime Minister Shinzo Abe assumed office in 2012.