The Lower House on Tuesday approved a bill creating a special pool of funds to substantially increase defense spending, despite resistance from opposition lawmakers.

If enacted, the law will allow the government to set aside revenue from selling government assets or transferring money from special accounts in the state budget, specifically for use in defense spending over multiple years.

For fiscal 2023, the first of a five-year period that will see Japan's defense spending reach a combined ¥43 trillion ($310 billion), the government has allocated over ¥3.38 trillion for defense funds.