Japan is about to become the second-largest operator of the Lockheed Martin F-35 stealth fighter after the United States. It is also developing a sixth generation fighter jet. With all this, Japan is developing into a formidable air power in Asia, possibly surpassing even China. According to a report by the Stockholm International Peace Research Institute (SIPRI), Japan is one of the largest military spenders in the Indo-Pacific region, and ranks ninth in global military spending ($49.1 billion).