This research service analyzes Japan's FY 2024 national defense budget request and the Defense Buildup Program (FY 2023 FY 2027) to briefly discuss Japan's indigenous defense manufacturing prowess and growth outlook. The study examines Japan's national policies, international defense, and security relationships, and the regional geopolitical climate to: 1. Identify industry drivers, restraints, and emerging growth opportunities 2. Explore the competitive landscape and highlight leading foreign and domestic industry participants 3. Discuss the spending trends for major arms through FY 2027 and determine leading technology/ projects for each segmentation 4. Assess Japan's defense trade activities and elucidate emerging trade opportunities with allied nations in North America, Indo-Pacific, Europe, and the Middle East To re-establish its local defense manufacturing capabilities, the Japan Self-defense Forces will prioritize adopting commercial/civilian technologies for military operations. The various government incentives introduced by Japan could support an increased participation of nontraditional companies in the defense industry. Collaborations with allied nations for the co-development and co-production of cutting-edge defense solutions, such as artificial intelligence, quantum computing, robotics, and autonomy, could enhance interdisciplinary partnerships among academia, government, defense and commercial sectors, small and medium enterprises, and start-ups.