Japan to boost semiconductor revenue to 13 trillion yen

Japan to boost semiconductor revenue to 13 trillion yen

The Japanese government said it would push to help domestic semiconductor companies expand globally, with a goal of increasing their annual revenue to more than 13 trillion yen $114 billion by 2030.

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The 4.5 billion yen goal, roughly three times 2020, was presented to a group of industry experts summoned by the Ministry of Economy, Trade and Industry METI at a meeting to map out the national strategy in semiconductors and digital transformation. METI plans to use input from regular meetings to determine budgets and legislative proposals in the spring s Diet session.

Japanese officials believe that the global chip market will double to 100 trillion yen by the year 2020 due to the adoption of technologies like 5 G wireless networking and autonomous driving. The shortage of capacity over the past few months has caused chipmakers around the world to spend heavily on expansion, because of each of the applications that increase demand for silicon.

This month, Taiwan Semiconductor Manufacturing Co. and Sony Group Corp. announced plans to build a new chip factory in Japan's Kumamoto prefecture, with METI support. Economy Minister Koichi Hagiuda has said that the government wants to see more such initiatives, and Economy Minister Koichi Hagiuda has said that it will work with local industries and materials suppliers to install a broad environment for semiconductor chips. At the most recent meeting, SoftBank Corp. Chief Executive Officer Junichi Miyakawa and Kioxia Holdings Corp. CEO Nobuo Hayasaka were joined by METI spokesman Hagiuda. The executives reiterated the need for government support for the industry to keep pace with overseas competition.

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