2024, Japan slowly promote Economic Security Promotion Act

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In 2022, the Japanese Diet passed a law to begin a comprehensive effort to protect the economy from hostile actors. This, along with a revision of national strategy and a long-term defense plan, will enhance Japan’s ability to navigate the growing geopolitical tensions in the Indo-Pacific and across the globe. Designed to bring Japan’s infrastructure, technology and supply chains under greater watch, the law will require government ministries to define the steps needed to implement this goal over the next several years.

https://www.japaneselawtranslation.go.jp/en/laws/view/4523/en#:~:text=Article%201The%20Purpose%20of,of%20systems%20regarding%20the%20stable

Four areas as shown below image of policy attention make up this economic security initiative. First, securing supply chains of critical materials, such as semiconductors, will be a priority. Second, the security of basic infrastructure will be ensured. Third, research by the government and private sector to identify leading areas of innovation and technology development will be undertaken to ensure competitiveness. Fourth, select Japanese patents will be classified to protect critical technologies.

The law provides the mandate for government action, but various ministries must now refine this economic security agenda through ordinances and other executive actions. New business scheduled to be screened and censured by the government for clarification for ensuring the integrity of the business.

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