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Japan to spend US $42 Billion Military Budget

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Jan 14,Tokyo: Japanese Prime Minister Shinzo Abe's government approved a record $42 billion military budget on Wednesday, with outlays rising for a third year to counter China's rising military might.

The draft budget for the fiscal year from April includes a 2.8 percent rise in defence spending to 4.98 trillion yen, for items such as planes, naval vessels and fighting vehicles to guard waters bordering China, which has a long-running dispute with Tokyo over Japanese-held islands in the East China Sea.