The government aims to set up an official clearance system for accessing classified information related to economic security as it seeks to strengthen cooperation with allies including the U.S. and help private businesses win contracts abroad.

Economic Security Minister Sanae Takaichi said she wants to submit a security clearance bill by next year’s parliamentary session at the latest. Without a law in place, Japanese companies risk missing out on highly sensitive contracts including those with overseas allies in areas like cutting-edge chip technology and cybersecurity.

"We must get legislation for this,” Takaichi said in an interview on Tuesday in Tokyo. "This is going to be a major law and will have an impact on business opportunities. Without this, Japanese companies can’t make major inroads in these areas,” she said without naming companies that could benefit.