Japan won't raise taxes to fund US$65 billion chips aid: Industry minister

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Japan won't raise taxes to fund US$65 billion chips aid: Industry minister - Channel News Asia

Quick Summary:

TOKYO: Japan's government is not planning any tax hike to finance its 10 trillion yen (US$65 billion) plan to support domestic semiconductor and artificial intelligence projects, industry minister Yoji Muto said on Tuesday (Nov 12).

Muto's remarks came a day after Prime Minister Shigeru Ishiba unveiled the aid to boost the country's technology sector but said the government will not issue deficit-covering bonds to fund the plan.

FILE PHOTO: Japan's Minister of Economy, Trade and Industry (METI) Yoji Muto arrives at Prime Minister Shigeru Ishiba's official residence in Tokyo, Japan October 1, 2024.