The Diet passed special legislation Friday aimed at reviving Japan’s industrial competitiveness by helping industries dispose of excess capacity and rebuild their operations through tax breaks.

The three-pronged legislation to resuscitate industry includes preferential treatment for companies restructuring their operations and spinning off affiliates, state support for small and venture startups, and the so-called Bayh-Dole scheme to transfer state-owned intellectual property rights to the private sector to make better use of research and development.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.