Japan plans a total of 1 trillion yen in investments to revive its shipbuilding sector including helping double domestic output by 2035, The Asahi Shimbun reported Friday.

While the government's emergency proposal calls for a total investment scale of 1 trillion yen or more, the initial funding includes 350 billion yen in state funds to provide capital for strengthening domestic capacity, the report said.

The private sector has already indicated plans to shoulder 350 billion yen of the total 1 trillion yen investment target, according to the report.

The push comes as Japan's global market share has fallen below 10%, far behind China's 70% in 2024, the report said.

Domestic leaders such as Imabari Shipbuilding are seeking support to compete with heavily subsidized rivals, the report said.

(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.)