Japan launches $6bn-plus space fund to bolster private ventures

TOKYO -- Japan has launched a 1 trillion yen ($6.43 billion) fund for private space development, planning to subsidize as much as 100% of R&D costs by startups and universities in order to bolster domestic technological innovation in the field.

"This fund is necessary to accelerate Japan's space development and utilization to prevent the country from lagging as international competition to develop space intensifies," Sanae Takaichi, the minister for science and technology policy, said at a press conference on Friday.