Members of Japan's main governing Liberal Democratic Party have been discussing a divisive plan to raise taxes to cover an increase in the nation's defense budget.

Senior members of the party's tax research panel met on Tuesday morning. Chair Miyazawa Yoichi said that the panel could have spent more time on debate, if the government had decided on the size of the five-year defense budget earlier.

Finance Minister Suzuki Shunichi and Defense Minister Hamada Yasukazu took part in the meeting. The ministers asked the participants to understand that the country's defense capabilities need to be fundamentally reinforced. They also asked them to secure the necessary funds for the defense budget.

Prime Minister Kishida Fumio wants the new five-year defense budget to total 43 trillion yen, or about 312 billion dollars. He also wants to raise defense and related spending to 2 percent of Japan's GDP in fiscal 2027.

The government would need to secure more than 1 trillion yen, or about 7.2 billion dollars, in extra annual revenue to finance the bigger defense budget.

Kishida wants part of the funding shortfall to be covered by tax hikes. But opposition remains strong within the LDP over plans, floated by senior officials, to raise corporate and other taxes.

The government is hoping to make a decision about the issue by the end of the week.