Japan looking to beef up chip, storage battery sectors as part of stimulus plan


FILE PHOTO: Japan's new Economy, Trade and Industry Minister Koichi Hagiuda wearing a protective mask amid the coronavirus disease (COVID-19) outbreak, speaks at a news conference in Tokyo, Japan, October 5, 2021. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) - Japan's economic stimulus package will feature a plan to urgently strengthen the chip industry while the government will also formulate a strategy for storage batteries, trade minister Koichi Hagiuda said on Monday.

Hagiuda unveiled the plan days before Prime Minister Fumio Kishida is set to announce a stimulus package worth several tens of trillion yen to ease the pain of the COVID-19 pandemic and revive the economy.

Hagiuda said the government was considering steps to encourage the establishment of large-scale production sites for storage batteries, which he said held the key to achieving green and digital targets.

(Reporting by Tetsushi Kajimoto; Editing by Chang-Ran Kim)

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