According to Bloomberg, a group of Japanese companies recently appealed to the Japanese government en masse that Japan needs to take commercial development of the moon more seriously if it is to remain competitive in the budding space economy.

The Lunar Industry Vision Council reportedly submitted a proposal to Japanese Space Policy Minister Shinji Inoue. The document urges closer cooperation between the government and the private sector, enact measures to encourage investment in space business programs, detailed regulations for exploiting off-planet resources, and give companies more opportunities to participate in lunar exploration projects.

Founded in April this year, the Lunar Industry Vision Council includes representatives from two of Japan's top universities, several ruling party legislators, and about 30 companies, including Sony's research lab, advertising giant Dentsu Group, construction company Obayashi Corporation, industrial equipment manufacturer Yokogawa Electric and well-known ready-to-eat food manufacturer Nissin Foods.

Besides financial support from the government, the council said that to remain competitive in the space sector, the Japanese government should bring private companies on state-led moon missions and make greater use of private transport providers.

The committee also recommended that to help space startups attract investment,

To increase private investment in space startups, the Japanese government could help by capital gains exemptions, tax deductions for research and development, and special economic zones.

Japan is one of the few countries that has established a legal framework for commercial activities in space and has signed the Artemis Accords. The National Diet of Japan passed a bill last month to allow companies to exploit and use space resources with government permission.

The Artemis Accords is an international agreement signed by the United States and its allies that allows some countries and companies to establish exclusive areas on the moon.