Sales by Japan’s top defense firms rose 40% year-on-year in 2024, new research has shown, as Tokyo looks to eliminate some of the remaining barriers on the export of lethal defense equipment as it builds up its defense industrial base.
The research published Sunday by the Stockholm International Peace Research Institute (SIPRI) offered a snapshot of a booming global weapons industry, with revenue by the world’s 100 largest companies in the sector reaching a record $679 billion in 2024, an increase of 5.9% compared with 2023, as nations across the globe ramp up defense spending.
Five Japan-based companies in the ranking — Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Fujitsu, Mitsubishi Electric and NEC — saw their combined revenue from arms sales rise to $13.3 billion.
AloJapan.com