Japan enacts into law bill aimed at bolstering economic security

File photo shows that Yoshihide Suga, Japan’s new prime minister, speaks during a press conference in Tokyo, Japan .(Carl Court/Pool via Xinhua/IANS)

Tokyo, May 11 (IANS) Japan’s upper house of Parliament on Wednesday enacted into law a bill purported to help bolster the country’s economic security.

The new bill comprises four pillars that span fortifying supply chains so that semiconductors, along with other vital products, can be regularly imported amid a global chip crunch, reports Xinhua news agency

In addition, the bill references the development of artificial intelligence in twine with public entities as well as forwarding other next-generation technologies, they added.

Patents related to sensitive technologies will be made non-public under the new law, sources close to the matter said.

In addition, equipment used in sensitive areas such as telecommunication and transportation will be screened by the government in a bid to combat cyber and other security threats, and the measures will be launched next spring.

Some goods such as chips, pharmaceutical products and rare minerals will be categorized as “critical items” and will be closely monitored.

Suppliers who can offer Japan a stable supply of said goods will be fiscally supported, local accounts said.

Those who leak protected patents will be subjected to a prison sentence of up to two years or face a maximum fine of 1 million yen ($7,670), they said.

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