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Japan Will Monitor China, New Economic Security Minister Says

  • Category:Event
 
  • Takaichi says will keep close eye on nations including China
  • Also says strengthening supply chains is extremely important
Japan’s new Economic Security Minister Sanae Takaichi pledged to keep a close eye on nations including China to protect Japan from danger.

“We don’t have a specific nation to watch in mind,” Takaichi said in a group interview Monday. “However, we must keep a close eye on countries that could impact our economic security, including China.”

Takaichi, who’s known for her hawkish stance toward Japan’s powerful neighbor, took her post this month amid increasing government awareness of economic security. Relations between the US and China remain tense, while the war in Ukraine continues to cast a shadow over the global economy. 

Prime Minister Fumio Kishida said economic security is “a fundamental requirement” for achieving sustainable economic growth in his key economic policy plan published in June.   Japan’s economic recovery from the pandemic has been sluggish compared to other advanced economies. It’s been hampered by a lack of semiconductors, and a series of cyberattacks have also disrupted economic activities in the nation. 

In March, Toyota Motor Corp.’s Japanese factories suspended output after a key parts supplier shut down its computer systems due to a cyberattack. That was a blow to the carmaker’s efforts to make up for lost production earlier this year. 

Speaking about supply chains, Takaichi said it’s “extremely” important to strengthen those for semiconductors. Improving collaboration with allies including the US will be key, she added.

Still, the new economic security minister refrained from commenting on specific additional support measures for now. Last year Japan succeeded in getting Taiwan Semiconductor Manufacturing Co., one of the largest chipmakers in the world, to build a manufacturing plant in the country. 

 “We’re beginning to see firms relocate their production bases back to Japan,” said Takaichi. “It’s a welcome development from an economic security perspective, but we’ll also have to make sure there’s sufficient domestic support.”
 

 

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