A long-established factory from 1957; its photoresist is among the very best globally. JIC originally planned to integrate the materials industry, but it ended up as a financial investor. And again, the narrative of Japan’s semiconductor independence and self-controllability is missing a piece of the puzzle.

Japan Industrial Innovation Investment Corporation (JIC) is considering selling chip materials supplier JSR, which was previously taken private for about $6 billion. JIC is regulated by METI, was established in 2018, and aims to improve Japan’s competitiveness through investments. Insiders say that Fujifilm and Mitsubishi Chemical are interested in acquiring it. The AI boom has boosted valuations; JIC initially intended to drive consolidation in the materials industry via JSR, but has now shifted to selling under favorable market conditions. JSR was founded in 1957 and is a leader in photoresists. This fiscal year, its net profit was ¥60,700,000,000, and revenue was ¥400,700,000,000.