Japan to Spend 39 B. Yen to Diversify Rare Earth Supplies

Tokyo, Jan. 20 (Jiji Press)--The Japanese government said Tuesday that it will spend 39 billion yen to support efforts to diversify sources of rare earth supplies.

The move came after China recently strengthened restrictions on exports to Japan of dual-use goods, possibly including rare earths.

The Japanese government will spend the money out of reserves earmarked in its fiscal 2025 budget to strengthen the finances of the Japan Organization for Metals and Energy Security, or JOGMEC.

JOGMEC will use the money to jointly invest with Japanese companies in the development of rare earth mines and smelting projects overseas.

The government will also tap the reserves to spend about 2 billion yen on support for the fishing industry, which struggles with China's suspension of imports of Japanese fishery products.

[Copyright The Jiji Press, Ltd.]