Economy

Japan is the world’s third largest economy and Queensland’s second largest trading partner.

Under ‘Abenomics’ the Japanese Government is aiming to boost the domestic economy and drive consumer demand for items like

  • niche and safe foods,
  • increase workforce participation by women,
  • offer global minded education and training opportunities,
  • and cement trade partnerships including outbound investment.

Trade

The Japan-Australia Economic Partnership Agreement offers access and advantage to the Japanese market for Australian  exporters.

Investment

Japan’s science, technology and innovation strategy makes it a partner country for research and collaborative commercialisation opportunities.

Japan’s future economic growth will come from knowledge-based industries such as

  • IT,
  • biotechnology,
  • robotics,
  • nanotechnology,
  • environmental technology,
  • new materials,
  • and space technology.

Japan is well poised to collaborate with Queensland on R&D and commercialisation. With an ageing population, the Japanese government provides support to Japan’s medical research industry to meet future challenges.

The new Agency for Medical Research and Development, launched in April 2015, will manage Japan’s medical research and administer a consolidated budget which, for FY2014, was 121 billion yen ($1.27 billion).

The aim is to increase the health and economic benefits from investment in medical research, including a strong focus on translation and coordination.

With a lack of domestic growth, the Japanese Government also encourages Japanese companies to expand in South East Asia, creating partnership opportunities for Queensland companies to provide expertise.

 

Mt Fujiama rising above behind Tokyo

Japan opportunities

CurrentMid termLong term

Current

  • Innovative technology
  • Horticulture / fresh produce
  • Processed and functional food
  • Red meat, dairy products
  • Coal, LNG
  • Education and training
  • Direct investment

Mid term

  • Advanced healthcare
  • Renewable energy
  • Research collaboration
  • Financial services
  • Robotics
  • Food
  • Education
  • Resources

Long term

  • Advanced health care
  • Advanced robotics
  • Education and training
  • Food
  • Smart technology
    • Smart homes
    • Smart vehicles
    • Digital marketing

Sector opportunities in Japan

Renewable target 24% by 2030

Energy & resources

Investment in natural resources to secure energy will continue.

Tokyo Gas is a foundation investor in the QCLNG project which shipped the world’s first LNG supplied by CSG in December 2014.

Japan’s future energy mix states a decline in nuclear (from pre March 2011), stable coal and LNG, with a larger focus of low emissions IGCC and renewables (+11%).

Organic foods market worth is $3.9 Billion

Food & agribusiness

Japan is becoming more reliant on imported food products to meet its dietary requirements.

Only 40% of the daily calorific intake is produced domestically while the remaining amount is imported from overseas suppliers.

There is a growing trend towards safe and westernised meals and processed food.

#38 Billion for science and technology budget

Education & training, and technology & innovation

Doubling outbound students by 20206 and increasing institutional partnerships will create prospects for schools and exchange programs as a means to manage Japan’s declining workforce skill levels.

PM Abe has said “innovation holds the key for Japan to grow”.

Fuel cells and the hydrogen economy, IPS stem cell technologies and robotics, mainly for aged care, agriculture and manufacturing are the future.

Relevant library resources Complete library

Japan Market Overview

Japan Market Overview

February 15, 2017

Export market overview and commissioner profile in Japan

View this resource

Commissioner’s intel: How to take your business to Japan

View the videos below, and hear from TIQ’s Trade and Investment Commissioner as he speaks of the opportunities in Japan.

Tak Adachi: Business trends in Japan: Emerging opportunities in the market

Tak Adachi: Practical tips: Hands on advice for doing business in Japan

Tak Adachi: Open for business: Confidence in the Japan market

Tak Adachi: Doing business with Japan? Learn how TIQ can assist

Tak Adachi: opportunities in education & training sector

Tak Adachi: opportunities in mining & resources sector

Tak Adachi: opportunities in food & agribusiness sector

Tak Adachi: Opportunities in research & development

Tak Adachi: A Queensland success story in Japan

Tak Adachi: Tips for entering the Japan market