Press Conference by Minister Nishimura (Excerpt)

*Note: This is a provisional translation for reference purposes only.

13:02-13:17 p.m.
Friday, September 30, 2022
Press Conference Room, METI Main Building

Opening Remarks

Sanctions against Russia

First, with regard to banning exports to Russia of goods related to chemical weapons and similar uses, in light of the Cabinet's approval on September 26, a Cabinet decision was made today on revision of the Export Trade Control Order. It will be promulgated today, and come into effect on October 7.
The administrative staff will explain the details later.
We will continue to take strict measures in cooperation with the G7 and the rest of the international community, while monitoring the situation regarding Ukraine.

Advanced Semiconductors

Second, based on the 5G Promotion Act, we approved a plan today for production of advanced memory semiconductors in Hiroshima by Micron Memory Japan and Micron Technology. The maximum amount of subsidization will be around 46.5 billion yen.
Micron is one of the largest semiconductor manufacturers in the US and conducts development and production both there and in Japan. The plan will expand its production in Japan. We believe that this will contribute to the further strengthening of Japan-US cooperation in the semiconductor field.
The administrative staff will brief you on the details.

Question-and-Answer Session

Economic Measures

Q: Prime Minister Kishida gave instructions yesterday on economic measures. To combat rising prices, measures were indicated such as lowering electricity charges. What specific methods and frameworks is METI considering in this regard?
Also, regarding gasoline subsidies that have been extended until December, please tell us what you are planning to do in and after January next year.

A: Prime Minister Kishida issued a statement yesterday, and at the Cabinet meeting today, he instructed me to devise a new set of comprehensive economic measures with four items as its pillars.
The first is to address soaring commodity prices and realize wage increases; the second is to restore and strengthen regional earning power by taking advantage of the depreciation of the yen; the third is to spur on the new form of capitalism; and the fourth is to ensure the safety and security of the citizens.
I believe documentation has also been released on the subject, but to summarize, based on the Prime Minister's instructions, we will firmly address the current situation, including combating the soaring prices of energy, securing its stable supply, and strengthening support to help SMEs adapt to changes in the business environment. In addition, we will expand exports and promote domestic investment by taking advantage of the depreciation of the yen. Regarding the third item, we will support startups, promote innovation and strengthen investment in human resources to spur on the new form of capitalism. We will also accelerate concrete deliberations toward achieving GX and DX.
With regard to electricity charges, based on the Prime Minister's instructions, we will urgently deliberate on concrete measures, taking into account various views on the electricity charges in light of future international fuel prices.
With regard to measures to mitigate sudden fluctuations in fuel oil prices, we have announced the policy for up to the end of December. While we have yet to finalize a policy for the next year onward, we will carefully monitor the situation and consider how we should proceed, taking into account the principle of the current system and future trends in crude oil prices.