And lift off... Well, not so fast.<br/> <br />Japan's first new rocket in 12 years failed to launch on Tuesday after an issue with its positioning was detected.<br/> <br />This is the second setback for the Epsilon rocket this month, dealing a potential blow to Japan's hopes of gaining a further foothold in the multi-billion dollar satellite launch industry.<br/> <br />A spokesman for the Japan Aerospace Exploration Agency said the organisation is looking into the problem.<br/> <br />The rocket was set to take off 1,000 kilometres south of Tokyo, carrying a telescope into space, with the event broadcast live on the internet and several television networks.<br/> <br />Its smaller size and sophisticated computer system can be assembled quickly and at a lower cost in terms of personnel and equipment.<br/> <br />There is no word as yet when the launch might be tried again.