The central government will give Micron Technology a subsidy of up to ¥46.5 billion ($320 million), the trade and industry ministry said on Friday, to help build advanced memory chips at its Hiroshima plant, as the U.S. chipmaker trims capital investment elsewhere.

The announcement, which follows the visit to Japan by U.S. Vice President Kamala Harris, is the latest example of growing cooperation between Washington and Tokyo in chip manufacturing amid increasing tension and an intensifying technology rivalry with China.

"Micron appreciates the support of the Japanese government, and are proud to be a global partner in Japan's effort to expand semiconductor production and advance innovation," Micron's executive vice president of global operations, Manish Bhatia, said in a press release. The Hiroshima plant will build its new 1-Beta dynamic random-access memory (DRAM) chips there, the company added.