Bill enacted to bolster industrial competitiveness

Japanese lawmakers have passed legislation to try and bolster the country's industrial competitiveness.

They want to encourage companies to adopt trends including reducing their carbon footprints and digitalizing operations.

The government will offer tax cuts to firms that install production facilities that produce less greenhouse gases.

Companies that make their operations more efficient with cloud services and other digital technologies will also get tax breaks.

The legislation will also allow listed firms to hold fully virtual shareholder meetings.

The tax benefits will be available in the current fiscal year.