Japanese PM Shigeru Ishiba announced plans to allocate over US$65 billion to support the country’s semiconductor and AI industries over the next decade.

The aim is to drive both public and private investments worth more than 50 trillion yen (US$335 billion) by 2030.

The announcement came shortly after Ishiba secured a parliamentary vote to extend his tenure.

He cited TSMC’s chip plant in Kumamoto, Japan, as a model for regional growth he aims to replicate nationwide.