Japan plans to establish a new 1 trillion yen ($6.6 billion) fund to develop the country's outer space industry. "We believe it is a necessary fund to speed up our country's space development so we don't lag behind the increasingly intensifying international competition," Sanae Takaichi, minister in charge of space development, said in a news conference last week. The Japan Times reports:

The fund will be allocated over a 10-year period for the Japan Aerospace Exploration Agency (JAXA), an Education, Culture, Sports, Science and Technology Ministry spokesperson said. Some 300 billion yen has been set aside for the fund in the latest supplementary budget approved by the Cabinet on Friday. The funding, which will support JAXA and the development of Japan's space industry, was a response to increased public and private sector focus on space activities.

Back in June, Tokyo unveiled a Space Basic Plan, detailing budgetary support for innovation in the private sector as an area of business growth. At the same time, it also unveiled a Space Security Initiative, which labeled space "a major arena for geopolitical competition for national power over diplomacy, defense, economic, and intelligence, as well as the science and technology and innovation that support these national powers."