The naval parade in Sagami Bay near Tokyo involved 38 vessels, 18 from friendly countries such as the United States, South Korea, Britain, Australia, Singapore, India and Thailand.
Kishida's Liberal Democratic Party has pledged to double Japan's defence budget to around 2% of gross domestic product within five years.
Japan refused to join South Korea's fleet review in 2018 after Seoul asked it not to fly its rising sun ensign, which South Korea views as a symbol of Japanese wartime aggression.
Tokyo declined to invite South Korea to a planned 2019 review.
China, which has criticised Japan's defence spending plans, declined an invitation to join the review.