Last month the Act on Establishment of the Japan Brand Fund was passed by the Diet of Japan, as outlined this week by the Ministry of Economy, Trade and Industry (METI):
As Japan is now facing declining domestic demand along with a decreasing birth rate and an aging population, as well as the market expansion and severe business competition in emerging countries, it is necessary for Japan to take measures to sustain its economic growth. To achieve this goal, it is imperative that Japan utilizes its attractive products and services that make full use of the unique characteristics of Japanese culture and lifestyle, and develops this attractiveness into new business, so as to draw overseas demand to Japan.
Taking this situation into consideration, METI established the Japan Brand Fund, aiming to advance the development of Japan’s attractiveness into new business, and it will provide such enterprises with funds as an incentive, through investment and other support measures. Through this approach, METI will support self-sustaining business in the private sector.
The Act follows an earlier Cabinet decision to increase efforts towards the overseas promotion of Japan through its nation branded cultural and economic strengths.
