Japanese chipmaker Rapidus to build advanced chip plant in Hokkaido

State-backed chipmaker Rapidus Corp. said Tuesday it will build a plant in Hokkaido, northern Japan, as it seeks to begin mass-production of chips with state-of-the-art 2-nanometer technology in five years.

The new plant will be a chip-production hub in Japan, as the country aims to rejuvenate its semiconductor sector through government initiatives.

Rapidus President Atsuyoshi Koike said in a meeting with Hokkaido Gov. Naomichi Suzuki that his company decided to set up a plant in Chitose, southwestern Hokkaido, citing ample water supply and availability of renewable energy as the reasons. Semi...