Japan to set up $6.7bn JAXA fund to develop space industry

Kishida bets 10-year strategic endowment will elevate rocket and satellite tech

An H2A rocket blasts off in September. The Japanese government intends to start an endowment to help the country's private sector compete against Elon Musk's SpaceX and other private sector space outfits. (Photo by Satoshi Kawahara)

Nikkei staff writers

November 20, 2023 14:33 JST

TOKYO -- Japan's cabinet on Monday approved a bill to set up a 1 trillion yen ($6.7 billion) fund for JAXA, the country's space agency, as a way to catapult the country's private sector into the global race for new rocket and satellite technologies.