Tokyo, Nov 12 (IANS)

Japanese Prime Minister Shigeru Ishiba has unveiled a plan to introduce a new framework for providing over 10 trillion yen (about $65 billion) in public support over the coming years to bolster AI and semiconductor industries through 2030, local media reported.

The initiative seeks to stimulate private sector investment, aiming to spur over 50 trillion yen in public and private investment combined over the next decade, reports Xinhua, quoting the public broadcaster NHK.

To support the initiative, the government was considering issuing bonds backed by shares in NTT and other government-owned assets, local media reports, citing Ishiba at a press conference on Monday.

In recent years, Japan's semiconductor industry has received close to 4 trillion yen in government funding. However, further support has been deemed necessary, with companies like Rapidus, which focused on domestic production of advanced semiconductors, projected to need an additional 4 trillion yen.

The new strategy highlighted the government's long-term commitment to strengthening AI and semiconductor sectors, but the substantial and sustained support for specific industries has raised questions about its viability and effectiveness. (1 yen equals 0.0065 U.S. dollars)

--IANS