Japan vies for last chance as major global chip producer

News Summary

  • An eighth company, MUFG Bank, is investing 300 million yen ($2 million) in Rapidus.Next-generation chips are expected to be crucial for artificial intelligence and automated driving systems.
  • Japan has long prided itself on being a technological powerhouse, including in chips production, but the ministry acknowledged Friday that Japan had fallen 10 years behind the global competition, including the U.S., South Korea, Taiwan and some European nations.
  • The 70-billion-yen ($490-million) effort will involve working closely with major Japan ally the U.S. to bring together “the best and the brightest” from both nations, the ministry said in a statement.
  • The recent lockdowns in China related to the coronavirus pandemic have brought to light Japan’s dependence on other nations for computer chips and other key components.
  • Investing in such technology will lead to jobs and growth, the Japanese government said.
  • These advanced chips will allow for smart gadgets and smart cities with high-speed sensors and transmission.
By YURI KAGEYAMA AP Business WriterTOKYO (AP) Japan is investing almost half a billion dollars to beef up semiconductor development and production in a last chance attempt to keep its position as [+2268 chars]