The government will likely announce the new target at the Group of Seven (G7) summit in June in Germany, the leading business daily Nikkei reported, citing unnamed government sources.
In a separate report, Kyodo News said Tokyo will set a target of cutting gas emissions "by at least 20 per cent by 2030, from 2005 levels."
Japan is one of the few leading polluters that has not yet declared a target on emission cuts, as the world works towards a new framework for combating climate change, to be finalised at December's COP 21 gathering in Paris.
The US has pledged to reduce greenhouse gas emissions by 26-28 per cent over 2005 levels within the next decade, while the EU said it will cut its pollution by 40 per cent by 2030 from 1990 levels.
Russia said it could drive down emissions by up to 30 percent compared to 1990 levels, subject to conditions.
In earlier rounds of climate talks, Tokyo pledged it would reduce its greenhouse gas output by 25 per cent by 2020 from 1990 levels.
Amid huge public nervousness over atomic power, utilities have reverted to carbon dioxide-spewing fossil fuels to plug the gap left by the switch-off of plants that used to provide more than a quarter of Japan's electricity.
The government and much of industry is keen for reactors to go back online, and several plants are moving towards restarts, possibly this year.
But the issue remains politically perilous and the administration of Prime Minister Shinzo Abe has so far dragged its heels on defining how much of a role nuclear power will play in future generation.
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