Debt-riddled Japan Tuesday relaxed its self-imposed decades-old ban on military equipment exports in a move that will open new markets to its defense contractors and help the nation squeeze more out of its defense budget.
The government's security council agreed to the relaxing of the ban to allow Japan to take part in the joint development and production of arms with other countries and to supply military equipment for humanitarian missions, Chief Cabinet Secretary Osamu Fujimura said at a news conference.
"The new standards (on weapons exports) are a result of the government considering measures that required attention amid recent changes to the environment surrounding international defense equipment," Fujimura said, referring to rising arms costs that could put strain on the government, with public debt twice the size of its economy. (Reuters)
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