Japan will provide 213.1 billion yen in subsidies to five shipbuilding companies, Nikkei Asia reported Friday, citing Transport Minister Asushi Kaneko.

Imabari Shipbuilding and Tadotsu Shipyard will receive a combined 113.8 billion yen, while Japan Marine United will get 49.4 billion yen. Namura Shipbuilding and subsidiary Hakodate Dock will receive 49.9 billion yen, the report said.

The subsidies are part of an industry revitalization fund worth about 350 billion yen over a 10-year period, aimed at strengthening Japan's domestic shipbuilding capacity, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)