Japan on Tuesday designated 11 key fields including semiconductors, batteries and rare earths as critical materials that need to be secured stably even in times of emergency.
The issue of supply chain resiliency for strategic resources that are directly linked to economic security but heavily dependent on overseas sources has been under the spotlight amid China’s growing influence and Russia’s invasion of Ukraine.
Photo taken in Tokyo on July 1, 2019, shows a semiconductor product made by a South Korean company. (Kyodo)
The designation by Japan’s Cabinet was based on the economic security promotion law enacted in May. Suppliers of such critical materials will be eligible for financial aid for capital investment and stockpiling plans with ministerial approval.
Other designated crucial materials include natural gas and fertilizers, whose prices have surged since…