TOKYO -- Japan's Ministry of Economy, Trade and Industry will provide another 590 billion yen ($3.89 billion) in support for chipmaker Rapidus in fiscal 2024 as it looks to foster domestic manufacturing of advanced semiconductors.

The announcement is expected soon.  Japan already has extended 330 billion yen in subsidies to the company's efforts to start mass production of cutting-edge 2-nanometer chips in the late 2020s.