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Japan has decided to invest over 10% of the $550 billion in U.S. investments agreed upon during tariff negotiations with the Trump administration- more than $65 billion (approximately 100 trillion Korean won)- into SMR (next-generation small modular reactor) projects led by the U.S. The U.S., which leads SMR technology, plans to attract Japanese capital to expand its large-scale nuclear power plants. This marks a major shift in U.S. nuclear policy, which had stagnated since the 1979 Three Mile Island accident. Analysis suggests that through massive investments in the U.S., Japan will deeply engage in building the SMR supply chain and join the U.S.-led next-generation nuclear power projects.
According to the Nikkei Shimbun on the 12th, early this month, Japanese Minister of Economy, Trade and Industry Ryosei Akazawa and U.S. Secretary of Commerce Lutnick held online consultations. The discussions focused on utilizing Japan’s $550 billion investment framework in the U.S. to construct and expand nuclear power plants. The SMR investment details are expected to be included in Japan’s second and third rounds of investments in the U.S., to be announced after this summer.
The Japanese government is in final negotiations to invest up to $40 billion in SMRs jointly promoted by U.S. GE Vernova and Japan’s Hitachi. Additionally, plans are emerging to invest up to $25 billion in SMRs by U.S. startup NuScale Power. Consequently, Japan’s investments in nuclear power in the U.S. are expected to reach 100 trillion Korean won. The first project is under consideration in Tennessee, in the southern U.S. The U.S. government is reported to have already begun the SMR licensing process.
In a phone interview with the Nikkei regarding this, U.S. Secretary of Commerce Howard Lutnick stated, “It will be a great opportunity for the U.S. and Japan to jointly build a supply chain for large-scale SMR construction within the U.S. and export that technology to the world,” adding, “We aim to lead the world in the small modular reactor business.”
Since the Three Mile Island accident, the U.S. has seen stagnation in new nuclear power plant construction. Vogtle Unit 3, which began operation in 2023, was the first new commercial nuclear reactor in the U.S. in about 30 years. The number of reactors peaked at 112 in 1990 and has since decreased to around 90.
U.S. President Donald Trump set a goal to quadruple nuclear power generation capacity by 2050. In May 2025, he announced four presidential orders, including expediting the approval process for small reactors, and plans to build 10 new large-scale nuclear reactors by 2030. The strategy also involves utilizing Japanese capital.
The shift in nuclear policy toward large-scale expansion centered on SMRs is driven by the increase in data centers due to the AI boom. Data center power consumption has tripled over the past decade and is projected to grow another 2-3 times in the next five years. The U.S. could face a power supply shortage of up to 20% compared to demand, which could hinder its AI development competition with China.
SMRs have smaller power output compared to large-scale reactors but can be mass-produced in factories and installed near data centers. Big tech companies like Amazon are also planning investments. There are projections that over 300 SMRs will be constructed in the U.S. by 2050.
Secretary Lutnick also stated, “The growth in data center construction and the semiconductor industry means the U.S. needs more power,” adding, “Nuclear power, in particular, presents an excellent investment opportunity and serves the long-term interests of both the U.S. and Japan.”
While around 20 countries are developing SMR plans, actual construction aimed at commercial operation is limited to a few countries like China and Canada. Notably, 90% of large-scale nuclear reactors started in the past decade worldwide are Chinese or Russian. The U.S. and Japan plan to counterattack in terms of manpower and technology through joint investments in next-generation SMRs.
The Japanese side is concerned about liability for compensation if the invested nuclear plants in the U.S. cause accidents. However, a senior U.S. official stated, “This is a U.S. nuclear project, and Japan bears no liability,” adding, “We will address Japan’s concerns during final negotiations.”