TOKYO - Japan’s industry ministry is set to nearly quadruple its budgeted support for cutting-edge semiconductors and artificial intelligence development to about 1.23 trillion yen (S$10.1 billion) for the fiscal year starting in April. 

Overall the Ministry of Economy, Trade and Industry’s budget rose by about 50 per cent from the previous year to 3.07 trillion yen, largely due to the jump in chips and AI spending. After Prime Minister Sanae Takaichi’s cabinet signed off on it Dec 26, the government’s initial budget plan will be debated in parliament in the new year.