A portion of the massive budget would be used to develop new weapons systems, including a hypersonic missile

The Japanese Defense Ministry has requested more than 5.5 trillion yen ($40.4 billion) for its 2023 budget, the biggest in the country’s history. The move comes after Prime Minister Fumio Kishida vowed to “substantially increase” military spending over the next five years.

The ministry unveiled the budget proposal on Wednesday, asking the government to approve 5.59 trillion yen for the next fiscal year. If authorized, the figure would top last year’s record military budget of 5.4 trillion yen ($38.6 billion).

According to the Japan Times, the budget could ultimately rise even further, as funding for as many as 100 different projects has not been specified by the military.

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In its request, the Defense Ministry sounded alarms about alleged threats posed by China and North Korea, claiming that Beijing “continues to threaten to use force to unilaterally change the status quo and is deepening its alliance with Russia.”

The budget increase would go toward the mass-production of ground-launched cruise missiles, as well as improving the range of its Type 12 missile, the ministry said, adding that it would also seek to develop a hypersonic projectile. Though officials did not offer any planned specifications for the new weapon, they said it would likely be able to reach mainland China if it were stationed on Japan’s Okinawa island chain.

Earlier this year, Prime Minister Kishida pledged a major boost in military expenditures in order to prepare Japan for potential conflict, having warned that the security situation in East Asia is “fragile,” citing actions by both China and Russia.