The correct answer is option 4, France. Garuda-V is a joint exercise between the Air Forces of India and France. This exercise was recently concluded, which means it has just finished. Joint exercises like Garuda-V are conducted to enhance cooperation, coordination, and interoperability between the participating countries. In this exercise, the Air Forces of India and France would have trained together, exchanging knowledge and tactics, and conducting various drills and simulations.

It is important to note that the other options do not correctly represent the country involved in the joint exercise. Option 1, Japan, is incorrect as Garuda-V is not a joint exercise between India and Japan. Option 2, Canada, is also incorrect as there is no mention of Canada`s Air Force involvement in Garuda-V. Option 3, Russia, is likewise incorrect as it does not align with the correct answer of France.

Therefore, the correct answer is option 4, France.