The Cabinet of Prime Minister Shinzo Abe approved a bill Tuesday to urge companies to promote realignment and capital investment during a five-year period from the current fiscal year.
The bill to enhance industrial competitiveness, aimed at facilitating the growth strategies of the Abe administration, also eases regulations to help companies pursue new strategies as long as they can ensure safety.
Under the new legislation, for example, a company can use unapproved new steel for the hydrogen tank of a fuel-cell vehicle to promote use of the car.