The Cabinet approved a defense budget Friday of ¥5.40 trillion ($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 China's growing military might and the North Korean nuclear threat.

The draft budget, including outlays for hosting U.S. military bases, rose 1.1% from the current fiscal year ending in March as Japan ramps up its defense capabilities.

The increase for a 10th year in a row is largely attributable to a sharp rise in research and development spending, for which the Defense Ministry has earmarked ¥291.1 billion, up ¥79.6 billion, or 37.6%, from a year earlier.