Japan Economic Security Law to Take Effect in Stages from Aug.

Politics

Tokyo, July 19 (Jiji Press)--Japan plans to put into force its new law for promoting economic security in stages from early August amid the rapidly changing global security landscape.

The schedule is included in the government's draft policy for the implementation of the law, for which the government obtained approval at a meeting of the ruling Liberal Democratic Party's task force on economic security Tuesday.

Under the law, enacted in May, the government will work to ensure supplies of strategically important goods such as semiconductors and support the development of key technologies in an integrated manner.

The government hopes to enhance economic security amid intensifying competition for advanced technologies between the United States and China and Russia's invasion of Ukraine.

In the basic policy, the government chose 20 priority technology fields for which it will preferentially allocate money to support development. The fields include biotechnology, artificial intelligence and quantum information science.

[Copyright The Jiji Press, Ltd.]

Jiji Press