Japan Approves Record Military Budget, China Warns of 'Space Arms Race'

Japan's cabinet has approved its largest-ever defense budget. The move comes amid rising tensions with neighboring China. The draft budget for the next fiscal year is over 9 trillion yen ($58 billion). This is a 9.4% increase from the current year's spending. The funding will strengthen Japan's ability to strike back against attacks and bolster its coastal defenses. This is the fourth year of a five-year plan to double Japan's annual military spending to 2% of its GDP. This week, China accused Japan of "fuelling a space arms race." Beijing's statement highlights the growing friction between the two major Asian powers.