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.
The bill aims to create a trillion-yen endowment over the next 10 years that the Japan Aerospace Exploration Agency would dip into to provide long-term support to startups, other private-sector companies and universities.