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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.

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