Japan prepares $4.9bn in funds for TSMC's 2nd Kumamoto chip plant

TOKYO -- Japan intends to provide about 730 billion yen ($4.85 billion) in subsidies for Taiwan Semiconductor Manufacturing Co.'s second Kumamoto plant, aiming to boost the country's competitiveness with domestic production of cutting-edge chips.

TSMC, the world's largest contract chipmaker, holds an opening ceremony Saturday for its first plant in Kumamoto, on Japan's southernmost main island of Kyushu. The Ministry of Economy, Trade and Industry is expected to announce the subsidies for the second plant during the ceremony.