LDP OKs Bill to Nationalize Defense Equipment Factories
9:30 JST, February 5, 2023
TOKYO (Jiji Press) — The ruling Liberal Democratic Party on Friday gave the go-ahead for a bill to allow the government to temporarily acquire defense equipment production facilities of companies having difficulty staying in the business.
Following the approval at a joint meeting of the party’s National Defense Division and Security Research Commission, the government will introduce the bill by the end of this month, at a time when an increasing number of defense equipment manufacturers are pulling the plug on the business due to low profitability.
The revised three national security policy guidelines underscore the need for supporting the country’s defense industry.
With the envisaged legislation, the government aims to maintain the domestic supply chain for equipment used by the Self-Defense Forces, by temporarily nationalizing output facilities of non-viable suppliers and letting peers operate the facilities until their buyers are found.
"Politics" POPULAR ARTICLE
-
“High Probability” 2 MSDF Patrol Helicopters Collided near Torishima Island; 1 Dead, 7 Others Onboard Missing (Update 2)
-
Japan, U.S., S. Korea Coast Guards Sign Pledge to Strengthen Cooperation
-
China Firm ‘Developed System to Manipulate Public Opinion’; Leaked Information Describes Hijacking Social Media Accounts (UPDATE 1)
-
Japan’s Opposition Party CDPJ Sweeps 3 By-Elections in Lower House (UPDATE 1)
-
Japan’s LDP Battles to Avoid ‘Total Defeat’ in By-Elections; Opposition Party Guards against Overconfidence
JN ACCESS RANKING
- Weakening Yen Adds Complexity to BOJ’s Rate Hike Decisions; Rising Commodity Prices may Impact ‘Virtuous Cycle’ Efforts
- Japanese Seafood Exports to China Sink 57% in FY23; U.S. Becomes Largest Seafood Export Destination
- 70% of Japan Companies to Raise Pay Scales in FY 2024
- 48.6% of Global Patent Applications Related to All-Solid-State Batteries Came from Japanese Firms; Panasonic Tops List
- UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’