Japan industry ministry gets $423 million extra budget to strengthen resource policy [Reuters]
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Source: Reuters
Japan industry ministry gets $423 million extra budget to strengthen resource policy TOKYO (Reuters) - Japan’s industry ministry has secured 45.9 billion yen ($423 million) in the country’s supplementary budget for the current financial year as it looks to strengthen its resource policy and secure supplies of key commodities. The move comes as resource-poor Japan faces an increasing risk of supply disruption. It buys 90% of its oil from the Middle East where geopolitical tensions are on the rise, while it is also competing with other countries to secure liquefied natural gas and critical metals used in batteries and other high-tech products amid rising global demand. Japanese cabinet approved its supplementary budget last Friday, featuring additional fiscal spending worth about 4.5 trillion yen, for the fiscal year to March. The Ministry of International Trade and Industry plans to use 20.9 billion yen of the extra budget to diversify sources for rare earths and cobalt, which are used
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