Aug. 29, 2002 — A Japanese government official proposed cutting existing research and development spending to focus on nanotechnology, life sciences and other emerging fields, according to Kyodo News.
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On Wednesday, Economy, Trade and Industry Minister Takeo Hiranuma said he would seek nearly $470 million for 30 new projects in the two fields, as well as environment and information technology. The projects were selected pending their prospects for short-term commercialization and private sector support.
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The ministry plans to cut 40 percent of current R&D projects deemed unlikely to be commercialized, according to the report.
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Japan identified the new areas earlier this year as part of a plan to improve that nation’s fragile economy.