The trade ministry plans to streamline a mining law for the first time since 1950 to develop seabed resources that could be worth ¥300 trillion and fend off competition from China, South Korea and Russia.
The move to strengthen control of natural resources in the seabed within Japan's exclusive economic zone comes after legislation was revised last year to allow government-owned Japan Oil, Gas and Metals National Corp. to help domestic companies acquire mining rights overseas.
"The current mining law is outdated. It's an issue of the nation's interest as China, Russia and South Korea are conducting their own exploration in parts of our exclusive economic zone," said Yoshio Akiyama, executive councilor at Mitsubishi Materials Techno Corp.