Japan’s slowly growing defense industry appears to be making strides in showcasing its capabilities, new research has shown, with sales by top firms rising 35% year-on-year in 2023 amid Tokyo's efforts to build up its defense production and technology bases.
The research published Sunday by the Stockholm International Peace Research Institute (SIRPI) offered a snapshot of a booming global weapons industry, with revenues by the world’s 100 largest companies in the sector reaching $632 billion in 2023, a real-terms increase of 4.2% compared with 2022, amid the wars in Ukraine and the Middle East and rising tensions in Asia.
Among companies in Asia and Oceania, Japanese and South Korean firms led the way in revenues from the sales of arms and military services last year.
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