Japan's Ministry of Economy, Trade, and Industry announced on Friday that it will offer subsidies amounting to 117.8 billion yen ($830 million) to Toyota Motor Corp. This financial support aims to encourage the company's investment in state-of-the-art electric vehicle (EV) batteries within Japan. This move is part of the government's broader strategy to ensure economic security by promoting domestic production of crucial technologies, including batteries and semiconductors. In total, the ministry plans to provide 127.6 billion yen ($900 million) in funding for seven projects that focus on the development and investment in battery parts and materials. These projects involve various battery manufacturers alongside Toyota. This initiative follows a previous decision made in April, where the government granted a subsidy of approximately 160 billion yen ($1.1billion) for an EV battery manufacturing project led by Honda Motor Co. and GS Yuasa Corp. During a press conference, ...

Japan Sets Ambitious Target to Attract $750 Billion in Foreign Investment by 2030 Japan has unveiled a new action plan to attract more foreign investment and talent in an effort to boost economic growth and enhance its global competitiveness. The government aims to attract 100 trillion yen (approximately $750 billion) worth of foreign direct investment by 2030, which is more than double the 46.6 trillion yen of foreign investment recorded at the end of 2022.   The plan, which aims to capitalize on the country's weak yen to attract foreign investment, also seeks to attract more foreign workers and entrepreneurs, including remote workers commonly referred to as "digital nomads." The move comes as the COVID-19 pandemic and Russia's war in Ukraine highlight the need to strengthen supply chains and ensure national security.   The action plan outlines strategic areas for investment, including semiconductors, digitalization, green technology, and healthcare. To ach...