Japan Govt Cites Risk of Import Dependency on Particular Nations

Economy

Tokyo, July 9 (Jiji Press)--Japan's dependency on particular countries for imports of semiconductors and rare metals is high compared with other Group of Seven major powers, the Japanese government said in a white paper released Tuesday.

Excessive dependence is a risk to supply networks, the 2024 White Paper on International Economy and Trade said, stressing the importance of import source diversification.

Japanese industry minister Ken Saito reported on the white paper at a cabinet meeting Tuesday.

China puts in enormous subsidies to overproduce electric vehicles and other products, overwhelming rivals in markets in and outside the country. The United States and the European Union are trying to tackle the situation by imposing additional tariffs to protect their domestic industries.

The white paper emphasized that promoting international collaboration further is essential to prevent the spread of protectionism and decrease the level of import dependency on particular countries.

[Copyright The Jiji Press, Ltd.]

Jiji Press