Micron said Thursday it will invest ¥500 billion to produce next-generation semiconductors in Japan, after Prime Minister Fumio Kishida held talks with some of the world's biggest chipmakers.

Kishida is trying to boost the domestic chip industry, after the weaknesses in global semiconductor supply chains were exposed by developments including the pandemic and the ongoing U.S.-China tussle over advanced tech.

Attendees at the Kishida meeting on Thursday included senior executives from Taiwan's TSMC, South Korean giant Samsung, and U.S. titans Intel, Micron and IBM.