At its May 24 meeting, the Liberal Democratic Party’s strategic headquarters for the creation of a new international order (chaired by Amari Akira, who also chairs the LDP Research Commission on the Tax System) drafted a proposal. The draft proposal calls for the establishment of an “economic security fund (tentative)” to reinforce research and development of cutting-edge technology. The proposal will soon be submitted to the Japanese government.

The draft proposal touches on the intensifying competition over dominance in cutting-edge technology, such as next-generation telecommunications and artificial intelligence (AI), and points out that “[Japan]’s lagging behind [in these areas] may have a direct impact on the future of the nation’s survival and prosperity.” The draft further requests that the government focus on the acquisition of core technology and states in conclusion that a fund is necessary to sustain support to industry and academia.