Japan Plans $13B Subsidies, Approves $87.2B Extra Budget; Tokyo Electron Raises Targets on China Demand

Japan's Economy Ministry is preparing a total of $13 billion in subsidies to drive investment in its chip industry in a bid to regain its status as a major semiconductor power. The Japanese government has also approved an $87.2 billion extra budget to support Prime Minister Fumio Kishida's latest economic package amid an ongoing decline in support for his administration. Additionally, Tokyo Electron has raised its full-year earnings and revenue targets after experiencing increased demand from China for its chipmaking equipment in the September quarter.