Japan to allocate $13 billion for chip industry support in extra budget

Japan's government will allocate 1.99 trillion yen ($13 billion) to support efforts to boost its chip industry in a supplementary budget for the current fiscal year. Japan is a leading provider of chipmaking tools and materials that lost its edge in manufacturing in recent decades and is providing subsidies to chipmakers to build capacity. Some of the funds are expected to be used to support Taiwanese chipmaker TSMC and chip foundry venture Rapidus, local media have reported.