Japan is investing almost half a billion dollars to beef up semiconductor development and production in a "last chance" attempt to keep its position as a major player on the global technology stage, the government said Friday. The new company Rapidus, which means "quick" in Latin, will work on developing next-generation, or "post-5G," semiconductors, according to the Ministry of Economy Trade and Industry. These advanced chips will allow for smart gadgets and smart cities with high-speed sensors and transmission. The components have to be extremely thin -- a fraction of a hair's breadth. The 70-billion-yen ($490-million) effort will involve working closely with major Japan ally the U.S. to bring together "the best and the brightest" from both nations, the ministry said in a statement.