 RESTRICTED  
  
WT/TPR/G/438  
4 January  2023 
(23-0001) Page: 1/22 
Trade Policy Review Body  Original:  English  
 
  
TRADE POLICY REVIEW  
REPORT BY  
JAPAN 
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by Japan  is 
attached.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the first 
session of the meeting of the Trade Policy Review Body on Japan . WT/TPR/G/438  • Japan  
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  Contents  
1  TRADE AND ECONOMIC ENVIRONMENT  ................................ ................................ ........  3 
1.1  Japan's economic environment  ................................ ................................ .......................  3 
1.2  Trends in foreign trade  ................................ ................................ ................................ .. 3 
1.3  Trends in foreign direct investment  ................................ ................................ .................  4 
2  TRADE AND INVESTMENT POLICY  ................................ ................................ ................  4 
2.1  Trade  policy  ................................ ................................ ................................ .................  4 
2.2  Investment policy  ................................ ................................ ................................ .........  5 
2.2.1   Foreign direct investment  ................................ ................................ ...........................  5 
2.2.2   Investment agreements ................................ ................................ ..............................  6 
3  MULTILATERAL INITIATIVES  ................................ ................................ .......................  6 
3.1  WTO ................................ ................................ ................................ ...........................  6 
3.2  OECD  ................................ ................................ ................................ ..........................  8 
4  REGIONAL ACTIVITIES ................................ ................................ ................................ . 9 
4.1  FTA/EPAs  ................................ ................................ ................................ .....................  9 
4.2  Other regional activities  ................................ ................................ ..............................  11 
4.2.1   Asia-Pacific Economic Cooperation (APEC)  ................................ ................................ .. 11 
4.2.2   Indo-Pacific Economic Framework for Prosperity (IPEF)  ................................ ................  11 
4.2.3   Japan's bilateral activities  ................................ ................................ .........................  12 
5  TRADE AND DEVELOPMENT  ................................ ................................ ........................  14 
5.1  Aid for Trade  ................................ ................................ ................................ ..............  14 
5.2  Generalized System of Preferences (GSP)  ................................ ................................ ...... 15 
6  JAPAN'S DOMESTIC POLICIES  ................................ ................................ ....................  15 
6.1  Current economic priorities  ................................ ................................ ..........................  15 
6.2  Digital transformation  ................................ ................................ ................................ . 16 
6.3  Intellectual property rights  ................................ ................................ ..........................  16 
6.4  Financial reform  ................................ ................................ ................................ .........  16 
6.5  Corporate governance reform  ................................ ................................ ......................  18 
6.6  Competition policy  ................................ ................................ ................................ ...... 18 
6.7  Labour market reform and women's economic participation  ................................ .............  19 
6.8  Climate change and environmental sustainability  ................................ ............................  20 
6.9  Current situation and measures for r adioactive materials in foods  ................................ ..... 20 
  WT/TPR/G/438  • Japan  
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  1  TRADE AND ECONOMIC ENVIRONMENT  
1.1  Japan's economic environment  
1.1.  In 2020, the Japanese economy declined rapidly in an extremely s evere situation due to the 
COVID -19 pandemic . The private consumption and business investment have been the hardest hit 
by the COVID -19 pandemic . The recovery of exports has also been sluggish because of the 
supply -side constraints on semiconductors and automobile parts and the slowdown of the Chinese 
economy . As a consequence, industrial production has been under downward pressure . However, 
with the impact of COVID -19 waning, social and economic activities are becom ing revitalized and 
under the circumstances, corporate profits remain high and the improvement of employment levels 
and income indicates that the situation is returning to the pre -pandemic state . The inflation rate 
measured with core consumer prices rose a bove 2 % for the first time in seven years in April 2022, 
mainly due to the increase in energy and food prices.  
1.2.  Among the structural challenges, the Japanese economy has long been facing a prolonged low 
birth rate and an aging population . In order to sustai n and enhance domestic market demands, the 
virtuous cycle from income to spending, coupled with increasing wages to generate private 
consumption, is becoming a key factor . As a means to create such virtuous cycle, it is important to 
improve productivity of  limited human resources through innovation  and human -capital investment . 
1.2  Trends in foreign trade  
1.3.  During the review period, the trade balance turned negative, mainly reflecting the impacts of 
a rise in imported commodity prices and supply -side constraints on goods exports . The service 
balance continued to register a deficit, mainly against the background of deterioration in the travel 
balance, which is due to subdued inbound tourism demand caused by the COVID -19 pandemic.  
1.4.  In 2021, the value of goods exports  from Japan increased to JPY 83.1 trillion by 21.5 % 
compared to the previous year and that of goods imports to Japan increased to JPY 84.8 trillion by 
24.6%. As a result, the trade balance turned into a deficit, and amounted to JPY 1.7 trillion, for the 
first time in 2 years.  
1.5.  The total value of goods exports from Japan in 2021 amounted to JPY 83.1 trillion (an increase 
of 21.5 % from 2020).  
Box 1.1 Regional breakdown of total value of goods exports in 2021 (compared to 2020)  
China  up by 19.2%  
Chinese Taipei  up by 26.4%  
Republic of Korea  up by 21.0%  
ASEAN  up by 26.6%  
United States  up by 17.6%  
European Union (EU)  up by 21.4%  
1.6.  The total value of goods imports to Japan in 2021 amounted to JPY 84.8 trillion (an increase of 
24.6% from 2020).  
Box 1.2 Regional breakdown of total value of goods imports in 2021 (compared to 2020)  
China  up by  16.4%  
ASEAN  up by 16.8%  
Australia  up by 49.7%  
United States  up by 19.4%  
European Union (EU)  up by 21.4%  
Middle East  up by 52.4%  WT/TPR/G/438  • Japan  
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  1.3  Trends in foreign direct investment  
1.7.  The amount of outward FDI stocks increased from JPY 204.6 trillion (38.1 % of GDP) in 2020 
to JPY 228.8 trillion (42.3 % of GDP) in 2021 . The amount of inward FDI stocks increased from 
JPY 40.2 trillion (7.5 % of GDP) in 2020 to JPY 40.5 trillion (7.5 % of GDP ) in 2021.  
2021 Outward FDI  
1.8.  Japan's outflow of FDI (outward FDI) increased from JPY 10,214.7  billion  in 2020 to 
JPY 16,110.0  billion  in 2021 . The major characteristics of Japan's outward FDI in 2021 were as 
follows:  
− By industry : in 2021, outward FDI in manufacturing industries increased to 
JPY 4,192.2  billion (i.e. by 163.9 %). The chemicals and pharmaceuticals, general 
machinery sectors increased sharply . Outward FDI in non -manufacturing industries 
increased to JPY  11,917.8  billion (i.e. by 38.2 %). Sectors such as communications, finance 
and insurance saw a sharp increase in outward FDI;  
− By region : in 2021, outward FDI to Asia increased by 48.9 % to JPY 5,052.9  billion , and to 
North America by 11.7 % to JPY 6,609.0  billion , to Europe to JPY 4,180.8  billion. O n the 
other hand, outward FDI to Central and South America decreased by 59.6 % to 
JPY 599.5 billion . 
2021 Inward FDI  
1.9.  The FDI flow to Japan (inward FDI) increased from JPY 1,142.8  billion  in 2020 to 
JPY 2,705.7  billion in 2021 . The major characteristics of inward FDI flow to Japan in 2021 were as 
follows:  
− By industry : in 2021, inward FDI in the manufacturing industries increased to 
JPY 1,356.8  billion (i.e. by 309.5 %). The chemicals and pharmaceuticals, electric 
machinery sectors increased . Inward FDI in the non -manufacturing industries increased 
to JPY  1,348.8  billion (i.e. by 66.2 %). Sectors such as communications, finance and 
insurance recorded an increase in inward FDI.  
− By region : in 2021, the inward FDI from Asia increased by 255 % to JPY 1,899.6  billion , 
and from North America by 134.6 % to JPY 747.3 billion , and from Central and South 
America to JPY 307.5 billion. O n the other hand, outward FDI from Europe decreased to 
JPY 259.0  billion.  
2  TRADE AND INVESTMENT POLICY  
2.1  Trade  policy  
2.1.  Japan ha s been  committed to trade liberalization under the multilateral trading system centered 
on the WTO . Japan is determined to be fully engaged in this non -discriminatory, open and rule -based 
regime.  
2.2.  While committed to the multilateral trade negotiations, Japan is also pursuing the conclusion  
of Economic Partnership Agreements (EPAs), bilateral and regional, and plurilateral  trade  
agreements . The negotiations of EPAs and plurilateral agreements will enhance the transparency  of 
the respective m ember country's economic policy and reinforce the competitiveness of its  industries, 
which will bring about positive impacts on the multilateral trade negotiations . Japan also intends to 
assess the possibility of reflecting the outcomes of the bilateral  and plurilateral initiatives in the 
multilateral trading system.  
2.3.  Japan is currently a party to 19 EPAs. Since the previous review, the Japan -UK Comprehensive 
Economic Partnership Agreement (Japan -UK CEPA) and the Regional Comprehensive Economic WT/TPR/G/438  • Japan  
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  Partnership ( RCEP) Agreement entered into force in 2021 and 2022 . The ETA ratio1 has reached 
nearly 80 %, which exceeded the target set out in the Growth Strategy 2013 . Japan has also 
promoted its  regional and bilateral trade policies as a means of complementing the mu ltilateral 
trading system under the WTO and Japan is confident that these agreements will serve as building 
blocks to advance higher trade liberalization and to achieve fairer economic order at the multilateral  
level.  
2.4.  Regarding plurilateral negotiations in  relation to the WTO, Japan has actively participated in  
plurilateral  initiatives of rule -making by like -minded countries in areas such as e -commerce, services 
domestic regulations, investment facilitation for development, and micro small and medium 
enterp rises (MSMEs) . Through these efforts,  Japan aims at making significant contribution s towards 
multilateral trade liberalization.  
2.5.  With the rise of protectionist movements including trade -restrictive measures linked to the 
COVID -19 pandemic and a heightened perception of risk associated with supply chain disruptions, 
Japan welcomes the political commitments  made at international fora such as G7, G20, OECD, and 
APEC to address these issues . Japan is strengthening cooperation with like -minded countri es to 
ensure more diversified  and stable supply sources  including the dimension of economic security, 
while keeping in mind the maintenance and expansion of free and fair economic zones and 
consistency with existing international laws . In this context, Jap an fully supports the WTO's peer 
review system of Trade Policy  Review, which aims at curbing protectionist measures b y achieving 
greater transparency in and understanding of Member countries ' trade policies and practices . 
2.6.  As the holder of the G7 Presidency  in 2023, Japan will host the G7 Summit in Hiroshima and 
the G7 Trade Ministers ' Meeting in Osaka to lead the  discussion on trade issues.  
2.2  Investment policy  
2.2.1   Foreign direct investment  
2.7.  In the Growth Strategy 2013 (decided by the Cabinet in June 2013), the Jap anese Government 
stated that it will aim to increase the amount of inward FDI stocks to JPY 35 trillion by 2020 
(JPY 39.7 trillion at the end of 2020).  
2.8.  In March  2015, under the leadership of the Prime Minister, the Council for Promotion of Foreign 
Direct I nvestment in Japan adopted the "Five Promises for Attracting Foreign Businesses to Japan" 
as important items to be addressed going forward . In addition, in May 2016, this Council adopted 
the "Policy Package for Promoting Foreign Direct Investment into Japa n to Make Japan a Global Hub" 
to promote more FDI to make Japan an international trade and investment hub . The inward FDI 
stocks reached JPY 39.7 trillion as of the end of 2020, thereby achieving the above target.  
2.9.  In June 2021, to promote more FDI in Japan, the Japanese Government adopted the "Strategy 
for Promoting Foreign Direct Investment in Japan" and set its new target of increasing the amount 
of inward FDI stocks to JPY 80 trillion by 2030 . The Strategy was formulated after the onset of the 
COVID -19 pandemic to incorporate such elements as : (a) changes towards post -COVID -19 economic 
society (i.e. ensuring a greener and more digitalized society) ; (b) changes in global trends (i.e. the 
advancement of global decoupling, changes in global supply chains) ; (c) issues toward achieving a 
sustainable economic society (i.e. the declining birth rate and aging population) ; having the following 
three basic pillars : (i) Creation of a New Digital Green Market and Building of an Innovation 
Ecosystem ; (ii) Acceleration of the Development of Business Environments in Response to Global 
Environmental Changes ; (iii) Development of an Investment Environment through Public -Private 
Partnerships Utilizing Regional Strengths.  
2.10.   The Japanese Government als o works on the enhanced promotion of inward FDI along with 
the "Main Policy Agenda for Promoting Foreign Direct Investment in Japan" adopted in April 2022 at 
the Working Group for Creating Medium and Long -term Strategy to Promote Foreign Direct 
Investment in Japan . The Agenda prioritizes strategic initiatives based on the Strategy ("Strategy 
for Promoting Foreign Direct Investment in Japan") and upholds three pillars : (i) Strengthening 
 
1 Share of trade value with countries with which EPA/FTA has entered into force or signed in Japan's 
total trade in 2021.  WT/TPR/G/438  • Japan  
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  "investment in human capital" through inward FDI ; (ii) Promotion of DX, GX, and start -ups through 
inward FDI ; (iii) Improving the living environment of foreign nationals to promote FDI in Japan.  
2.2.2   Investment agreements  
2.11.   Japan has actively promoted the conclusion of investment agreements as they create stable, 
equitable, favourabl e and transparent conditions for greater investment through the removal of 
barriers to investment and provision of investor protections . In the  "Action Plan for Improvement of 
Investment Climate through Promoting the Conclusion of Investment -related Treati es" formulated 
in 2016, the Japanese Government set the goal of signing and/or achieving entry into force of 
investment -related agreements (investment agreements and economic partnership agreements with 
investment chapters) covering 100 countries/regions b y 2020 . As of August  2022, Japan has 
concluded/signed investment -related agreements with 74 countries and regions, which will reach up 
to 94 countries and regions including investment -related agreements currently in negotiation and 
cover around 93 % of Japan 's total FDIs.  
3  MULTILATERAL INITIATIVES  
3.1  WTO  
3.1.  Maintaining and strengthening the multilateral trading system, which forms the basis of global 
trade, is a main pillar of Japan's trade policy . Since the last Review, Japan has always fully engaged 
in bringing about progress in the multilateral trading system under the WTO . While respecting the 
principles of openness, transparency, non -discrimination and inclusiveness, Japan is setting out to 
offer new ideas and approaches to advance the trad e negotiations under the WTO.  
3.2.  In the lead up to the successful conclusion of the 12th WTO Ministerial Conference (MC12) in 
Geneva in June 2022, Japan has actively engaged in negotiations on important themes such as 
COVID -19 response, fisheries subsidies ne gotiations, food security, modern SPS challenges, and the 
work programme on e -commerce . Looking ahead, Japan will work with like -minded countries, based 
on the outcome of MC12, on rule -making for e -commerce, restrictions on trade -restrictions on 
medical su ppliers, and WTO reform.  
Rule setting  
3.3.  At MC10, over 50 Members concluded the ITA expansion negotiations led by Japan as the Chair . 
Eliminating tariffs on 201 items valued at over USD 1.3 trillion per year by 53 Members who account 
for approximately 90 % of world trade in the products proposed for inclusion in the product expansion 
is expected to bring benefits to all WTO Members . The new agreement covers new generation 
semi-conductors, semi -conductor manufacturing equipment, optical lenses, GPS navigation 
equipment, and medical equipment such as magnetic resonance imaging products and ultra -sonic 
scanning apparatus . The agreement also contains a commitment to tackle non -tariff barriers in the 
IT sector, and to keep the list of products covered under review to  determine whether further 
expansion may be needed to reflect future technological developments . To reflect its ITA expansion 
commitment, the modifications and rectifications of Japan's Goods Schedule has entered into force 
on 16 May 2017. To date, 56 Memb ers participate in the ITA expansion agreement, which covers 
approximately 90 % of world trade in products, and 55 Members will eliminate tariffs on 201 items 
in 2024 followed by Lao  PDR in 2026.  
3.4.  Japan has contributed to making new rules and practices through plurilateral Joint Statement 
Initiatives (JSIs) on E -commerce, Services Domestic Regulation, Investment Facilitation for 
Development, and MSMEs . As for negotiations related to e -commerce, concerned ministers from 
Japan, Australia, and Sin gapore, co -conveners of the WTO Joint Initiative on E -commerce, issued a 
joint statement that highlights the way to progress toward the conclusion of the negotiation . In the 
post-COVID -19 era, the realization of Data Free Flow with Trust (DFFT) is crucial for harnessing the 
increasingly important digital sector, and at the WTO, e -commerce negotiations are one of the most 
important themes and it is crucial to accumulate results in order to further advance negotiations . As 
a co-convener for e -commerce negotia tions, Japan continues to open the door to wider participation 
of Member countries and accelerate negotiations with the goal of creating high -level rules that 
include the free flow of data . With these efforts, Japan has high expectations for the improvemen t 
and enhancement of the business climate and trade environment worldwide.  WT/TPR/G/438  • Japan  
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  3.5.  Japan has been actively engaged in fisher y subsidies negotiations with the view that subsidies 
that truly result in overfishing and expanding overfishing capacity be regulated . Japan is currently 
moving forward with acceptance of the Agreement on fishery subsidies adopted at MC12.  
Dispute settlement  
3.6.  Observing the compliance with WTO rules through dispute settlement is one of the  most 
important and critical roles played by the WTO to maintain an open and fair multilateral  trading 
system . Japan has actively engaged in the WTO dispute settlement mechanism to settle  disputes as 
both a party and a third party to a dispute . Japan continues to make best efforts to achieve an 
expeditious refo rm that will contribute to a long -lasting solution to the structural and functional 
problems of the dispute settlement system, including matters concerning  the Appellate Body . 
COVID -19 and trade 
3.7.  The COVID -19 pandemic exposed limitations and vulnerabilities of the free trade system in 
2020. Forty-two WTO Members including Japan jointly released in May 2020 the "Statement on 
COVID -19 and the multilateral trading system by Ministers responsible for the WTO", which 
emphasizes the importance of WT O notifications and WTO reforms.  
3.8.  Japan jointly released in June 2020 at the Ministerial meeting of the Ottawa Group, a small 
group of like -minded nations promoting WTO reforms, the "Statement of the Ottawa Group : Focusing 
Action on COVID -19". In the statem ent, the principle that trade -related measures in connection with 
COVID -19 should be "targeted, proportionate, transparent, temporary, and consistent with WTO 
rules" was reaffirmed and agreements were also reached in such areas as medical supplies and 
e-commerce . The Ottawa Group Ministerial meeting was also held in November and Japan actively 
engaged in "Trade and Health Initiatives" to strengthen global supply chains and facilitate the flow 
of essential medicines and medical supplies, including vaccines, amid the COVID -19 pandemic and 
contributed to discussions about the implementation of trade -facilitating measures in the areas of 
customs and services, impediment of export restrictions, temporary removal or reduction of tariffs 
on essential medical goods , and improvement of transparency overall . 
Enviro nmen t and trade 
3.9.  With the interest in trade and environmental issues increasing globally, Japan has taken part 
in the Trade and Environmental Sustainability Structured Discussions (TESSD) since its launch in 
March 2021. How to deal with environmental issues such as climate change from a trade perspective 
has been discussed in the TESSD initiative and Japan also provided a proposal on what the WTO can 
do to help achieve net zero . In December  2021, 70 WTO Members including Japan released the 
Ministerial Statement on Trade and Environmental Sustainability and adopted the roadmap toward 
MC13 . Along with this roadmap, Japan has been acting as a facilitator for the working group on a 
more resource -efficient cir cular economy.  
3.10.   In November  2021, Japan also joined the Informal Dialogue on Plastics Pollution and 
Environmentally Sustainable Plastics Trade (IDP).  
Development and trade 
3.11.   Development was one of the major components agreed among the WTO Members in the  
decisions taken at the Nairobi Ministerial Conference in December  2015. Among the decisions,  those 
that are relevant to development include : i) Special Safeguard Mechanism for Developing Country 
Members ; ii) Public Stockholding for Food Security Purposes ; iii) Export Competition ; iv) Cotton ; v) 
Preferential Rules of Origin for Least developed countries ; and vi) Implementation of Preferential 
Treatment in Favour of Services and Service Suppliers of Least Developed Countries  and Increasing 
LDC Participation in Ser vices Trade . Through its active participation in the Conference, Japan has 
played an important role in leading the outcome of these decisions.  
3.12.   Japan has been actively continuing its participation in discussions related to various  items of 
the development a genda such as Aid for Trade, recognizing that integrating developing and 
least-developed countries in the multilateral trading system is one of the essential roles of the  WTO. 
Specifically, through the implementation of the Trade Facilitation Agreement (TF A), Japan provided WT/TPR/G/438  • Japan  
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  around USD 8.8 million  in 2020 to various countries  for the purpose of assistance and 
capacity -building resources.  
3.13.   Japan has been putting into practice a holistic approach in its own Aid for Trade efforts, and 
has also been providing com prehensive assistance, including in the areas of productive capacity 
building as well as trade policy and regulations, in order to meet the needs of the recipient countries . 
Specifically, mobilizing private sector resources, for instance FDI, plays an impo rtant role in such 
areas as trade facilitation and digital trade, and therefore establishing a good investment 
environment through policy consistency and transparency is crucial . Japan believes that efforts made 
by developing countries themselves are alway s the key, and also believes that the ownership by 
developing countries and the catalyst effect of Aid for Trade will create good synergies and lead to 
sustainable economic growth . In order to ensure that everyone, including SMEs, women and young 
people can reap the benefits of trade, and to realize "inclusive trade" which leaves no one behind,  
Japan is confident that Aid for Trade will continue to play its role.  
MSMEs and trade 
3.14.   Japan recognizes that MSMEs play in an important role in international  trade . Japan-Singapore 
Agreement in 2002 was the first RTA with a sta ndalone MSME Chapter2, and subsequently Japan 
signed four more RTAs with a standalone MSME Chapter : The Comprehensive and Progressive 
Agreement for Trans -Pacific Partnership (CPTPP), the Japan -EU Economic Partnership Agreement 
(EPA) , the Japan -UK CEPA , and the RCEP. In addition to these RTAs with a standalone MSME 
Chapter, Japan has conclude d to date 12  RTAs with MSME -related provisions . Therefore, for Japan, 
approximately 90 % of in-force or signed RTAs contain MSME -related provisions.  
3.15.   In Japan, micro, small and medium -sized enterprises (MSMEs) are defined in the Small and 
Medium -sized Enterprise Basic Act ("SME Basic ACT," Act No. 154 of 1963 : Amended on 
3 December  1999) .3 In accordance with Article 2 of the SME Basic Act, SMEs are any entity which is 
(1) a company whose capital or total amount of investment does not exceed JPY 300 million , or a 
company or an individual whose regular workforce does not exceed 300 persons princ ipally engaged 
in manufacturing, construction or transportation, (2)  a company whose capital or total amount of 
investment does not exceed JPY 100 million , or a company or an individual whose regular workforce 
does not exceed 100 persons principally engage d in the wholesale trade, (3)  a company whose 
capital or total amount of investment does not exceed JPY 50 million , or a company or an individual 
whose regular workforce does not exceed 100 persons principally engaged in the service industry, 
and (4)  a com pany whose capital or total amount of investment does not exceed JPY 50 million , or 
a company or an individual whose regular workforce does not exceed 50 persons principally engaged 
in the retail trade . In 2016, there were about 3.6 million  MSMEs, which accounted for 99.7 % of all 
companies in Japan, and the percentage of total employment generated by MSMEs was 68.8 %. In 
addition, the contribution of MSMEs to GDP is 52.9 % (added value basis, in 2015) . Thus, MSMEs 
account for a large part of Japan's economy.  
3.2  OECD  
3.16.   Since its accession to the OECD in 1964, Japan has been actively engaged in OECD initiatives 
through discussions at the Ministerial  Council Meeting and various committees, as well as financial 
and human resources contributions . Japan has been giving import ance to the OECD's role in creating 
rules and standards under the shared values such as democracy and the rule of law . The Statement 
adopted at the Ministerial Council Meeting in October  2021 reflects many of Japan's viewpoints, 
including a commitment to f urthering the digital economy by promoting Data Free Flow with Trust 
(DFFT), support for high quality infrastructure investment according to the G20 Principles for Quality 
Infrastructure Investment, an emphasis on the importance of WTO reforms and the revi sion of the 
G20/OECD Principles of Corporate Governance . 
3.17.   Due to the growing importance of Southeast Asia as a centre for global economic growth, the 
OECD is strengthening outreach to the region through the Southeast Asia Regional Programme 
 
2 INF/MSME/W/6/Rev.3 . Viewed at: 
https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/INF/MSME/W6R3.pdf&Open=True . 
3 Viewed at: https://www.chusho.meti.go.jp/sme_english/outline/08/01.html . WT/TPR/G/438  • Japan  
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  (SEARP) . Japan w ill continue to utilize the Tokyo Centre of the OECD to encourage future accession 
from Southeast Asian countries to the OECD.  
4  REGIONAL ACTIVITIES  
4.1  FTA/EPAs  
4.1.  Maintaining and strengthening the multilateral trading system under the WTO has been a  main 
pillar o f Japan's external economic policy . At the same time, Japan has also promoted its  regional 
and bilateral trade policies as a means of complementing the multilateral trading system,  particularly 
through Economic Partnership Agreements that include elements of Free Trade  Agreements and 
institution -building.  
4.2.  The data concerning the Economic Partnership Agreements is summarized in Table 2.1  below 
(as of October  2022).  
Country  Date of the entry into 
force  Additional information  
Entered into force  
Singapore  
(The Agreement between 
Japan and Republic of 
Singapore for a New Age 
Economic Partnership (JSEPA))  30 November  2002 The sixth and seventh Supervisory Committees were held in 
January and March  2016 respectively.  
The amended Agreement came into for ce in September  2007. 
The partial amendment of the Annex (IIA "Product -Specific 
Rules" and IIB "Minimum Data Requirement for Certificate of 
Origin") came into effect in January  2008. 
Mexico  
(The Agreement between 
Japan and the United Mexican 
States for th e Strengthening of 
the Economic Partnership)  
 1 April 2005 The Protocol between Japan and the United Mexican States 
related to Improvement of Market Access Conditions based on 
paragraphs 3 and 5 of Article 5 of the Agreement between 
Japan and the United Me xican States for the Strengthening of 
the Economic Partnership entered into force in April 2007. 
The Protocol Amending the Agreement between Japan and the 
United Mexican States for the Strengthening of the Economic 
Partnership was signed in September  2011 and entered into 
force in April 2012. 
Sub-Committees on Trade in Goods, SPS Measures, Technical 
Regulations, Standards and Conformity Assessment 
Procedures, Rules of Origin, Certificate of Origin and Customs 
Procedures, Cross -Border Trade in Services, Entr y and 
Temporary Stay, Government Procurement, Cooperation in 
the Field of Trade and Investment Promotion, Cooperation in 
the Field of Agriculture, Cooperation in the Field of Tourism, 
and also the Special Sub -Committee on Steel Products and 
the Committees for the Improvement of the Business 
Environment have been held to date.  
Malaysia  
(The Agreement between the 
Government of Japan and the 
Government of Malaysia for an 
Economic Partnership)   13 July 2006 The third Joint Committee was held in February  2013 
Sub-Committees on Trade in Services, Improvement of 
Business Environment, Cooperation, Rules of Origin, 
Intellectual Property, Sanitary and Phytosanitary, Investment, 
Trade in Goods, and Technical Regulat ions, Standards and 
Conformity Assessment Procedures have been held to date.  
Chile 
(The Agreement between 
Japan and the Republic of Chile 
for a Strategic Economic 
Partnership)  3 September  2007 Meetings of the Commission, Committees on Trade in Goods 
and Improvement of Business Environment and the Working 
Group on Fish and Fishery Products have been held to date.  
Thailand  
(The Agreement between 
Japan and the Kingdom of 
Thailand for an Economic 
Partnership)  1 November  2007 Sub-Committees on Trade in Service s, Rules of Origin, Small 
and Medium Enterprises, Paperless Trading, Enhancement of 
Business Environment, Customs Procedures, Tourism, 
Agriculture, Forestry and Fisheries, Trade in Goods, and 
Movement of Natural Persons have been held to date.  
Indonesia  
(The Agreement between 
Japan and the Republic of 
Indonesia for an Economic 
Partnership)  1 July 2008 The sixteenth Joint Committee was held in September  2021. 
Sub-Committees on Rules of Origin, Trade in Goods, Trade in 
Services, Movement of Natural Persons, Cooperation, 
Investment, Intellectual Property, and Government 
Procurement have been held to date.  
Brunei Darussalam  
(The Agreement between 
Japan and Brunei Darussalam 
for an Economic Partnership)  31 July 2008 
 Sub-Committees on Trade in Services and Cooperation have 
been held to date.  WT/TPR/G/438  • Japan  
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  Country  Date of the entry into 
force  Additional information  
ASEAN  
(The Agreement on 
Comprehensive Economic 
Partnership among Japan and 
Member States of the 
Association of Southeast Asian 
Nations)  
 1 December  2008 
(Japan, Lao PDR, 
Myanmar, Singapore, 
Viet Nam)  
1 January  2009 (Brunei 
Darussalam)  
1 February  2009 
(Malaysia)  
1 June 2009 (Thailand)  
1 December  2009 
(Cambodia)  
1 March  2010 
(Indonesia)  
1 July 2010 (Philippines)  The twentieth Joint Committee was held in August  2022 
Sub-Committees on Rules of Origin, Inve stment and 
Economic Cooperation and Standards, Technical Regulations 
and Conformity Assessment Procedures have been held to 
date. 
The Agreement is a legally independent agreement in relation 
to the bilateral EPAs between Japan and individual ASEAN 
Member S tates and thus the entry into force of the 
Agreement does neither nullify nor integrate those bilateral 
EPAs.  
The First Protocol to amend the Agreement came into force in 
all the member countries by 1 February  2022. 
The Philippines  
(The Agreement between 
Japan and the Republic of the 
Philippines)  
 11 December  2008 The ninth Joint Committee was held in April 2019. 
Sub-Committees on Trade in Goods, Trade in Services, Rules 
of Origin, Investment, Movement of Natural Persons, 
Improvement of Business Environmen t, Mutual Recognition 
and Cooperation have been held to date.  
Switzerland  
(The Agreement on Free Trade 
and Economic Partnership 
between Japan and the Swiss 
Confederation)  1 September  2009 The fourth  Joint Committee was held in November  2018. 
Sub-Committee on Rules of Origin, Customs Procedures and 
Trade Facilitation has been he ld since February  2011. 
Viet Nam  
(The Agreement between 
Japan and the Socialist 
Republic of Viet Nam for an 
Economic Partnership)   1 October  2009 Sub-Committees on Movement of Natural Persons have been 
held to date.  
India 
(Comprehensive Economic 
Partners hip Agreement 
between Japan and the 
Republic of India)   1 August  2011 The sixth Joint Committee was held in January  2021. 
The sub -committee on Rules of Origin, Customs Procedures, 
TBT/SPS, Trade Services, Movement of Natural Persons, and 
Improvement of Business Environment has been held to date.  
Peru 
(The Agreement between 
Japan and the Republic of Peru 
for an Economic Partnership)   1 March  2012 Meeting of the Commission and the Sub -Committee on 
Improvement of the Business Environment have been held to 
date. 
Australia  
(The Agreement between 
Japan and Australia for an 
Economic Partnership)   15 January  2015 The third meeting of the Joint Committee was held in Tokyo 
on 13  February  2019. 
Sub-Committee on Promotion of a Closer E conomic 
Relationship was held in Tokyo on 8 October  2015. 
Mongolia  
(The Agreement between 
Japan and Mongolia for an 
Economic Partnership)  
 7 June 2016 The first meeting of the Joint Committee established under 
the Japan -Mongolia EPA was held in Ulaanbaata r on 
7 June 2016. 
The first Sub -Committee on Cooperation was held in 
Ulaanbaatar on 4 December  2018. 
CPTPP (Comprehensive and 
Progressive Agreement for 
Trans -Pacific Partnership)  
 30 December  2018 The sixth CPTPP Commission Meeting was held in Singapore i n 
October  2022. 
EU (European Union)  
(The Agreement between 
Japan and EU for an Economic 
Partnership)  
 1 February  2019 The third Joint Committee was held via video conference in 
March  2022 at ministerial level.  
In accordance with the agreement, various speciali zed 
committees were also held.  
UK (United Kingdom)  
(Comprehensive Economic 
Partnership Agreement 
between Japan and the UK ) 1 January  2021 The first Joint Committee was held in Tokyo in February  2022. 
In accordance with the agreement, vario us speciali zed 
committees were also held.  
RCEP (Regional Comprehensive 
Economic Partnership)  
 1 January  2022 (Brunei 
Darussalam, Cambodia, 
Lao PDR, Republic of 
Singapore, Kingdom of 
Thailand, Viet  Nam, 
China, Australia and 
New Zealand)  
1 February  2022 
(Republic of Korea)  
18 March  2022 
(Malaysia)  The inaugural Ministers' meeting was held in Siem Reap in 
September  2022. 
Signed  
TPP (Trans -Pacific Partnership)  
 Signed on 
4 February  2016. (Japan 
participated in TPP 
negotiations in 
July 2013) Ministerial Meeting was held in Atlanta and an agreement in 
principle was reached on 5 October  2015. 
Japan submitted the agreement to the Diet for approval on 
8 March  2016. WT/TPR/G/438  • Japan  
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  Country  Date of the entry into 
force  Additional information  
Under negotiation  
Republic of Korea  
 Negotiation suspended 
(The negotiations 
commenced in 
December  2003) Six rounds of negotiations were held.  
Although no negotiations have been held since the end of the 
sixth round held in November  2004, four rounds of the 
working -level consultation were held by December  2009 to 
consider the resumption of negotiations . Director -general 
level consultations for th e EPA were held in September  2010 
and in May 2011. Several rounds of working -level 
consultations have been held since 2012.  
GCC (Gulf Cooperation Council)  
 Negotiation postponed 
(Formal negotiations 
commenced in 
September  2006) Two rounds of negotiations and four rounds of informal 
intermediate meetings were held . The latest meeting was held 
in March  2009. 
Canada  
 Under negotiation (The 
negotiations commenced 
in November  2012) Seven rounds of negotiations were held . The latest meeting 
was held in Tokyo in November  2014. 
Colombia  
 Under negotiation (The 
negotiations commenced 
in December  2012) Thirteen rounds of negotiations were held . The latest meeting 
was held in Tokyo in September  2015. 
CJK (China, Japan and Repub lic 
of Korea)  
 Under negotiation (The 
negotiations commenced 
in March  2013) Sixteen rounds of negotiations were held . The latest meeting 
was held in Seoul in November  2019. 
Turkey  
 Under negotiation (The 
negotiations commenced 
in December  2014) Seventeen rounds of negotiations were held . The latest 
meeting was held in October  2019. 
4.2  Other regional activities  
4.2.1   Asia-Pacific Economic Cooperation (APEC)  
4.3.  Japan remains committed to APEC's m ission of regional economic integration and to the Bogor 
Goals of free and open trade and investment . In 2010, APEC Leaders set forth the Yokohama Vision, 
which is a comprehensive, forward -looking framework for achieving growth and prosperity in the 
Asia-Pacific region in the 21st Century . Japan has continued to take a leading role in realizing this 
vision in close cooperation with other member economies . Against rising protectionist movements 
including unfair trade practices, Japan solidifies its resolve t oward the promotion of free trade.  
4.4.  At the APEC Economic Leaders' Meeting in 2016 in Lima, Peru, APEC economic leaders 
reaffirmed their pledge against protectionism by extending a standstill commitment until the end of 
2020, and their commitment to roll  back protectionist and trade -distorting measures, which weaken 
trade and slow down the progress and recovery of the international economy . The Lima Declaration 
remains the backbone of APEC's efforts in promoting free and open trade and investment . In 2021, 
APEC Economic Leaders  adopted the Aotearoa Plan of Action as an annex for implementing APEC 
Putrajaya Vision 2040, aiming at creating an open, dynamic, resilient and peaceful Asia -Pacific 
community by 2040 with three drivers of economic growth : trade and investment, innovation and 
digitisation, and sustainable and inclusive growth . 
4.5.  APEC's core mission continues to be further regional economic integration and expansion of 
trade in the Asia -Pacific region . The Leaders and the Ministers of APEC reiterate the commitment to 
build an open economy in the Asia -Pacific region at the Economic Leaders' Meetings and the 
Ministerial Meetings respectively by advancing regional economic integration and addressing 
next-generation trade and investment issues, including thro ugh the measures for achieving 
comprehensive and high -quality Free Trade Area of the Asia -Pacific (FTAAP) . In this regard, Japan 
has been taking the lead in working on initiatives related to quality infrastructure, digital economy, 
and woman 's economic emp owerment . Japan has also been taking an initiative to implement APEC 
projects including competition policy in FTAs/RTAs, services, digital economy and food security.  
4.2.2   Indo -Pacific Economic Framework for Prosperity (IPEF)  
4.6.  In May 2022, the United States hoste d a summit -level meeting on the launch of the Indo -Pacific 
Economic Framework (IPEF), which Prime Minister Kishida, US President Joseph Biden and Indian 
Prime Minister Narendra Modi attended in person, while summit -level and cabinet -level 
representatives f rom 10 other countries attended online . Since its launch, Japan has been fully 
committed to intensive discussions among the 14 members, which resulted in their consent to 
issuing ministerial statements on trade, supply chains, clean economy, and fair econo my. Japan WT/TPR/G/438  • Japan  
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  welcomes the launch of the IPEF as a powerful demonstration of the United States' commitment to 
the Indo -Pacific region and will continue to crystallize the initiative.  
4.2.3   Japan's bilateral activities  
The United States  
4.7.  At the summit meeting in September  2018, the former Prime Minister Abe and the former 
President Trump agreed to enter into bilateral trade negotiations on the Japan -United States Trade 
Agreement and the Japan -United States Digital Trade Agreement . At the summit meeting in 
September  2019, the two leaders confirmed that both sides reached final agreement . These 
agreements were signed in October and were then approved by the National Diet of Japan in 
December  2019. Following the completion of respective  domestic procedures, both agreements went 
into effect on 1 January  2020. 
European Union  
4.8.  The trade turnover of Japan and the EU recovered in 2021 from the temporary decline in 2020 
largely due to the COVID -19 pandemic . As the Ministry of Finance reports, t he volume of mutual 
trade amounted to about JPY 17 trillion in 2021 . Japan is the EU 's eighth largest trading partner and 
the EU is Japan 's third largest one . As regards the foreign direct investment stock of each other 's 
economies, Japan invested approxim ately JPY 33 trillion and the EU invested approximately 
JPY 10 trillion as of 2021 . The EU remains as the largest investor and the second largest investee 
for Japan . According to the survey by Ministry of Foreign Affairs of Japan, about 6,400 Japanese 
enterprises are doing business in the EU.  
4.9.  The Japan -EU EPA has been implemented smoothly after it entered into force in February  2019. 
In addition to continuous sector -specific discussions in the speciali sed committees, a total of three 
joint committee meeting s have been held so far at ministerial level . The latest third Joint Committee 
was held in video conference in March  2022 and commended the fact that trade in goods between 
Japan and the EU recovered to pre -pandemic levels and renewed their commitment to f urther 
promote bilateral trade.  
United Kingdom  
4.10.   The Japan -UK CEPA entered into force on 1 January  2021. The CEPA sets out a new trade and 
investment framework with the UK after it left the EU, replacing the Japan -EU EPA . The CEPA also 
stipulates rules, which are more advanced and higher -level than those in some areas of the Japan -EU 
EPA, such as financial services and e -commerce . The CEPA sent out a strong message to promote 
free trade to the international community in the face of stagnant trade a nd investment due to the 
global spread of the COVID -19 pandemic.  
4.11.   Through the CEPA, Japan continues to enjoy the benefits it had under the Japan -EU EPA, and 
the business continuity for both Japanese and the UK companies is ensured  to continue its business, 
and further promotion of trade and investment between Japan and the UK is expected . After the 
agreement entered into force, the first Japan -UK CEPA Joint Committee at ministerial level was held 
in Tokyo in February  2022. The Joint Committee adopted the dec isions in the procedural matter in 
accordance with the relevant provisions, and also had discussion on the overview of CEPA 
implementation . In 2021, around 1,000 enterprises are operating businesses in the UK.  
Russian Federation  
4.12.   The Japan -Russian trade vol ume between Japan and the Russia n Federation  in 2021 recovered 
from the decline caused by COVID -19 in 2020, and the trade volume from January to December 
increased 35.7 % year on year (the total trade volume in the statistics for January -December  2021 
amounted to approximately JPY 2.4055 trillion) . The volume of direct investment from Japan to the 
Russia n Federation  increased from JPY 239.5 billion  in 2019 to JPY 247.6 billion in 2020. Since 
February  2022, in response to Russia n Federation's  aggression against Ukraine, Japan has imposed 
strong sanctions against the Russia n Federation , in coordination with the international community, 
including the G7.  WT/TPR/G/438  • Japan  
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  China  
4.13.   The economic int erdependence between Japan and China is growing deeper . China has been 
Japan's largest trading partner since 2007 . The mutual trade amount in 2021 reached 
USD 350.3  billion . According to China's statistical data, Japan was China's second largest trading 
partner in 2021 and regarding foreign direct investment in China, Japan invested USD 3.37 billion  
in 2020 . According to Japan's data, 31,047 Japanese enterprises and their branches were conducting 
business in China as of October  2021. Japan has bilateral eco nomic agreements and arrangements 
with China in the areas of trade, air transportation, maritime transportation, trademark protection, 
tax, investment, fisheries and mutual customs cooperation.  
4.14.   In 2020, at the Japan -China Foreign Ministers ' telephone talk held in July, the two ministers 
discussed bilateral economic relations including the issue of China 's import restrictions on Japanese 
food products . As for economic dialogue between Japan and China, the Japan -China Economic 
Partnership consultations were h eld online in November  2020, and there was an extensive exchange 
of opinions on future issues and cooperation between Japan and China, including the current state 
of the economy in Japan and China, travel and tourism, medicine and healthcare, the environme nt 
and energy conservation, and agricultural trade, as well as on multilateral issues and cooperation, 
including development, financial cooperation and debt issues, and trade and investment -related  
issues at the WTO and RCEP . Japan raised to China the issues of ensuring the legitimate business 
activities of Japanese companies and a level -playing field in China, particularly with regard to 
protecting intellectual property, industrial subsidies and forced technology transfers, cyber 
data-related regulatio ns, the Export Control Law, and once again strongly urged China to remove 
import restrictions on Japanese food . At the Japan -China Foreign Ministers' Meeting held in Tokyo in 
November, Japan and China agreed to promote cooperation together in fields where both sides have 
the same interests and direction, such as agricultural trade, travel and tourism, the environment, 
and energy conservation . Former Foreign Minister Motegi once again demanded that China protect 
the business activities of Japanese companies and ensure a level -playing field.  
4.15.   In 2022, at the Japan -China Foreign Ministers ' video conference held in May, both ministers 
confirmed that they would promote dialogue and cooperation related to Japan -China economic 
relations in a variety of areas and at a variety of levels in an appropriate manner and stressed the 
importance of pushing forward the people -to-people and economic exchanges between the two 
countries through mutual efforts . Amid the various impacts of COVID -19, Minister Hayashi requested 
that China take appropriate measures including those to ensure the safety of Japanese residents 
and to protect the legitimate economic activities of Japanese companies.  
Republic of Korea  
4.16.   The mutual trade amount of Japan and the Republic of Korea reached USD 84.5 billion  in 
2021. Japan was the Republic of Korea 's third -largest trading partner after China and the United 
States in 2021 and the Republic of Korea was Japan 's fourth -largest trading partner after China, 
United States and Taiwan in 2021 . Regarding forei gn direct investment in the Republic of Korea, 
Japan was the seventh largest investor with USD 1.21 billion  in 2021 . Foreign direct investment from 
the Republic of Korea to Japan amounted to USD 1.18 billion  in 2021.  
India  
4.17.   Based on the "Japan -India Special  Strategic and Global Partnership," established by Prime 
Minister Abe and Prime Minister Modi in 2014, economic activities between the two countries have  
been steadily enhanced . The mutual trade amount in 2021 reached USD 15.4 billion . 
4.18.   To further strengthen the bilateral economic partnership, Japan and India have been engaged 
in wide -ranging dialogues on trade, investment promotion, and improvement of the business 
environment . The Ninth Japan -India Strategic Dialogue on Economic Issues was held in 
December  2018 in New Delhi and the sixth meeting of the Joint Committee meeting under 
Japan -India CEPA was held in January  2021. WT/TPR/G/438  • Japan  
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  Africa  
4.19.   On 27 and 2 8 August  2022, the 8th Tokyo International Conference on African Development 
(TICAD8) was held in Tunis, Tuni sia. In addition to Japan and African countries, the Japan -AU 
Parliamentary Friendship League, international organizations, private companies, and civil society 
organizations were also able to participate in various formats by benefiting from online meetin g 
tools. On that occasion, Japan emphasized  that as it aspires to be "a partner growing together with 
Africa ", Japan will help realize a resilient Africa that Africa itself aims to achieve, through a virtuous 
cycle of growth and distribution . 
MERCOSUR  
4.20.   In May 2017, the Fourth Dialogue to Strengthen the Economic Relationship between Mercosur 
and Japan was held in Buenos Aires, Argentina . In this Dialogue, both sides exchanged information 
on the current situations of trade and investment between Japan and Merc osur. They also exchanged 
their opinions over measures taken by both sides to promote free trade, and over possible measures 
to encourage more investment between the two parties.  
5  TRADE AND DEVELOPMENT  
5.1  Aid for Trade  
5.1.  In order for developing countries, including LDCs, to reap further benefit from the multilateral 
trading system, trade liberalization alone is not sufficient . Enhancing capacities on the supply side  
and encouraging assistance for this purpose is indispensable . Since Aid for Trade  (AfT) initiatives  
contribute to enhancing the trade capacities of developing countries, Japan continues to provide  
various measures for AfT to this end.  
Japan's Development Initiatives for Trade  
5.2.  Japan announced the "Development Initiative for Trade", prio r to the WTO Ministerial 
Conference in Hong Kong, China in December  2005. This initiative featured : (a) implementation of  
Duty-Free and Quota Free Market Access for essentially all products originating from LDCs ; (b) the 
provision of USD 10 billion  of financial assistance including trade, production, and distribution  
infrastructure  for three years (2006 -08); and (c) as part of (b), the exchange of a total of  10,000 
trainees and experts in trade -related fields over the same period, the targets of which were  fully 
achieved . During the designated period (2006 -08) of the initiative, the total sum of financial 
assistance amounted to USD 17.66 billion , greatly exceeding the target at 177 %. 
5.3.  Given the successful results of the above -mentioned f irst initiative, Japan announced a new 
AfT Strategy, "Development Initiative for Trade 2009" in July 2009. Its main pillar was  USD 12 billion 
of financial assistance for trade -related projects including trade, production and distribution 
infrastructure for  three years from 2009 to 2011 . During the designated period (2009 -11) of this 
initiative, the total sum of financial assistance amounted to USD 23.36 billion , which reached 195 % 
of the target, well surpassing the amount of the first initiative . Despite th e fact that no  additional 
development initiative has been launched since then, Japan has continuously expanded its assistance  
and considers Aid for Trade as important to help beneficiary countries meet the new challenges they 
face in the regional and globa l economy.  
Tokyo International Conference on African Development (TICAD)  
5.4.  TICAD8 was held in Tunis, Tunisia, on 27 and 2 8 August  2022. The important initiatives 
announced by Japan with regard to trade and development are as follows : 
1. To launch "Japan 's Green Growth Initiative with Africa", where USD 4 billion  of public 
and private financial contribution in total is made;  
2. To focus on start -up companies in which energetic young people from Japan and Africa 
will be engaged . Japan welcomes a plan by the Ja panese business community to create 
an investment fund for start -ups of more than JPY 10 billion ; 
3. To provide co -financing of up to USD 5 billion  together with the African Development 
Bank in order to improve the lives of African people . A special, newly -created loan of up WT/TPR/G/438  • Japan  
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  to USD  1 billion  to support countries that advance reforms which will result in sound debt 
management.  
Assistance to the One Village, One Product Movement  
5.5.  The One Village, One Product (OVOP) is one of the typical approaches under AfT initi atives . 
OVOP is a movement that supports local economies through the development, improvement and 
promotion of local products (such as foods, beverages, textiles and garments) with the participation 
of locals . This movement was first initiated in Oita, a s outhern prefecture in Japan in the late 1970s  
and later spread to other prefectures . It has been introduced in other Asian countries and has  
contributed to the development of local economies.  
5.6.  Japan continues to support this movement, especially the exports  of developing countries  and 
least developed countries through technical cooperation such as the dispatch of experts,  educational 
and training programmes to create competitive products, and support through  international 
organizations . In addition, Japan he ld exhibitions, trade fairs, and opened OVOP shops in 2006 at 
some of Japan's international airports  to introduce those products and encouraged consumers to 
buy them.  
5.2  Generalized System of Preferences (GSP)  
5.7.  In order to improve market access for developing countries, Japan introduced a preferential 
tariff treatment under the GSP scheme on 1 August  1971, and has re -examined it several times  
since then . Furthermore, under the scheme, Japan has granted special preferential treatment to  
LDCs since 1980, includin g additional products for which preferences are granted only to LDCs . 
Currently, 126 developing countries and five territories, including all LDCs, enjoy the benefits of the  
GSP scheme . This scheme vastly improved, especially in 2007  and 2011 . In the compr ehensive 
"Development Initiative for Trade" launched on  9 December  2005, Japan announced its commitment 
to providing duty -free and quota -free (DFQF)  market access for essentially all products originating 
from LDCs . Japan is fully committed to  implementing the above initiative, thus, complying with the 
decision adopted in the Hong Kong,  China Ministerial Declaration . In order to realize the 
aforementioned commitment, on 1 April 2007, Japan expanded the area covered by the DFQF 
treatment for LDCs . As a result, the number of agricultural and fishery products originating from 
LDCs that receive DFQF  preferential treatment increased from 497 to 1,523 and that of industrial 
products increased from  4,185 to 4,244 . Consequently, coverage rate of DFQF inc reased from  86% 
to approximately 98 % as defined at the tariff line level . On 1 April 2011, Japan abolished all 
ceiling -based schemes for certain industrial products, and revised the criteria for application of  
competitiveness -focused, product -by-exclusion measures . The revision was made to make the  
criteria more objective and transparent and to allow less competitive developing countries to  benefit 
more from the GSP scheme . On 1 April 2021, Japan extended the effective period of the GSP scheme 
to 31 March  2031. 
6  JAPAN'S DOMESTIC POLICIES  
6.1  Current economic priorities  
6.1.  We are living in a world that is not simply an extension of the recent past . Since the previous 
Review,  earth -shaking structural changes have been occurring in the environment surrounding Japan, 
driven by the COVID -19 pandemic, Russia n Federation 's aggression against Ukraine, and climate 
change . Japan at home has also been facing a declining and aging population and a low birth rate, 
stagnant potential growth, and frequent and i ntensified disasters . Japan is facing surges of 
simultaneous and complex challenges internationally and domestically.  
6.2.  Amid these circumstances, to resolve social issues and achieve economic growth at the same 
time, Japan set out the Grand Design and Action  Plan for a New Form of Capitalism in June 2022. 
The New Form of Capitalism incorporates efforts to solve social  issues into the growth strategy as a 
source of creating value added, and specifies five focused investment areas : (i) Investment in and 
distrib ution to people ; (ii) Investment in science, technology, and innovation ; (iii) Investment in 
startups ; and (iv)  Investment in green transformation  (GX) and  digital transformation  (DX). It also 
specifies four initiatives : (a) Creating social value in cooper ation with the private sector ; (b) Realizing 
an inclusive society ; (c) Promoting multipolarization and regional revitalization ; and (d) Ensuring WT/TPR/G/438  • Japan  
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  economic security ; which will be carried out through public -private collaboration and regulatory and 
institutio nal reforms.  
6.3.  To make economic and social structures more resilient and sustainable in the face of change, 
Japan is now upgrading our capitalism in this way, and will further strengthen our free and fair 
economic system.  
6.2  Digital  transformation  
6.4.  After the COVID -19 pandemic highlighted the particularly slow pace of digitalization, 
exemplified by cumbersome procedures and slow benefit payments, the former Prime Minister Suga  
made the digitalization of Japan one of his top priorities,  and to promote a digital society, Japan 
enacted three new laws in 2021, which are the Basic Act on the Formation of a Digital Society, the 
Act on the Establishment of the Digital Agency, and the Act on the arrangement of related acts for 
the formation of a digital society.  
6.5.  The Basic Act stipulates the Japan 's basic digital policy regarding the formulation of principles 
and measures and requires the Japanese Government should quickly implement measures with 
priority for the formation of a digital society . In the Priority Policy Program for Realizing Digital 
Society (decided by the Cabinet in June 2022), among the important tasks set forth is to urge almost 
all residents in Japan to obtain their Individual Number Cards ( "My Number Card ") and to encourage 
the use of the Individual Number Cards as health insurance cards and other card functions in the 
future, such as use as driver 's licenses and residence cards.  
6.6.  Under the Act on the Establishment of the Digital Agency, the Digital Agency officially started 
busin ess in September  2021. Each ministry, agency, and local government in Japan has been 
promoting digitalization with separate responsibility in the past but now the Digital Agency has 
strong powers of comprehensive coordination, such as the power to make rec ommendations to other 
ministries and agencies.  
6.7.  The Act on the arrangement of related acts for the formation of a digital society amended many 
laws to enable the implementation the above two laws.  
6.3  Intellectual property rights  
6.8.  In June 2018, the Intellectual Property Strategy Headquarters established "The Intellectual 
Property Strategy Vision" as a new and mid -to long -term vision until 2030 . In this vision, Japan set 
out a "value design society" to be realized in the future, where a variety of values that go b eyond 
economic value are subsumed, where various individualities fully demonstrate multifaceted abilities, 
make good use of Japanese characteristics, make new values, and gain empathy of the world . Japan 
will actively and creatively design the concrete sys tems to achieve the above -mentioned society.  
6.9.  The Intellectual Property Strategy Headquarters also finalized "The Intellectual Property 
Strategic Program 2022" in June 2022. At the beginning stage of this Program, we organized the 
basic recognition of the c urrent situation in Japan that should be taken into account concerning IP 
strategies . In the future, important policy issues and measures in promoting IP strategies will be 
summarized in eight priority policies : (1) Enhancing the IP ecosystem of start -ups and universities ; 
(2) Strengthening the investment and utilization promotion mechanism of IP and intangible assets ; 
(3) Promoting the utilization of standard strategies ; (4) Improving the data distribution and utilizing 
environment for the realization of a  digital society ; (5) Content strategies in the digital age ; (6) 
Enhancing the IP utilization in SMEs, regional (areas), and agricultural sciences ; (7) Strengthening 
systems, operations, and human resource foundations that support the IP utilization ; and (8) 
Restarting the Cool Japan initiative in anticipation of post -COVID . The steady implementation of 
policies based on this plan is required in the future in order to transform our society into an economic 
society where new players including individuals wit h a passion for new idea creation and innovation 
in Japan can fully utilize society's IP.  
6.4  Financial reform  
6.10.   Japan has enacted the law for the Partial Revision of Payment Services Act (which took effect 
on 1 May 2021) to set up the following three different categories of money transmitter WT/TPR/G/438  • Japan  
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  license/registrations and to apply appropriate regulations based on the functions and risks of each 
category, in light of the needs of users who exceed the maximum amount, including foreign 
remittances, and the fact that mos t remittances handled by existing funds transfer service providers 
are no more than several tens of  thousand s of yen per case.  
• Type 1 : Permitted to the large amount of fund transfer more than JPY 1 million ; 
• Type 2: Equivalent to the current registration regime with the cap remaining at JPY 1 million ; 
• Type 3 : Permitted fund transfers up to JPY 50,000 with streamlined compliance requirements.  
6.11.   In addition, in this revision, it was clarified that the act of effectively ma king remittance 
between individuals is subject to the regulation of the fund transfer business.  
6.12.   Japan has enacted the law for partial revision of the Banking Act (which took place on 
22 November  2021) to enhance the functioning of the financial services se ctor that has been facing 
economic and social changes, such as digitalization since the COVID -19 pandemic, by expanding the 
business scope that banks and its subsidiaries acquired from foreign financial institutions can operate, 
and by easing restrictions on equity investment in enterprises that contribute to regional  
revitalization . The main points in the revision are as follows:  
1. Expansion of business scope to promote digitalization and regional revitalization by allowing 
banks:  
− To conduct business operati ons that mainly use banks ' own resources and then contribute 
to digitalization and regional revitalization, which are listed individually in the Cabinet 
Office Ordinance ; Sales of internally -developed IT applications and systems ; Data 
analysis, marketing a nd advertising ; Registration -type human resources matching ; 
Broad-ranging consulting and business matching services ; and 
− To hold subsidiary and affiliated companies that engage in businesses contributing to 
regional revitalization and sustainable society, which are not listed individually and thus 
are not restricted to specific forms of businesses.  
2. Expansion of hands -on support through investment by:  
− Permitting banking groups to take full ownership of unlisted local companies, up from 50 % 
previously, through speciali zed investment vehicles for regional revitalization, for example, 
to promote local tourism and sell local goods.  
3. Expansion of business scope in overseas subsidiaries and affiliated companies to strengthen 
banks ' profita bility by:  
− Allowing banks, in principle, to hold ownership of subsidiaries acquired from foreign 
financial institutions for 10 years after the acquisition (unconditionally), and furthermore, 
if necessary from the viewpoint of maintaining local competition,  it can be held for more 
than 10 years on a permanent basis with approval;  
− Enabling banks to directly acquire foreign companies that operate consumer lending or 
leasing business.  
6.13.   Japan has enacted the Act on the Provision of Financial Services (which took effect on 
1 November  2021) to address the needs of financial service providers to provide a wide variety of 
financial services on a one -stop shop basis against the backdrop of the development of information 
and communications technology, as well as the nee ds of users who want to use highly convenient, 
safe, and secure payment services in response to the cashless age . This revision enables financial 
service intermediary service providers that can intermediate services in all areas of banking, 
securities, and  insurance through a single registration . Also, if certain requirements are met, 
registration procedures for electronic payment services can be dispensed with . The main contents 
are as follows . This revision:  WT/TPR/G/438  • Japan  
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  - Requires no affiliation with a specific financi al institution;  
- Prohibits the acceptance of user property;  
- Clarifies the financial services can be handled only if they do not require a high standards 
of explanation;  
- Oblige s to deposit a surety bond to ensure that users have the resources to compensate 
for damages;  
- Includes measures for handling of user information, the obligation to provide explanations 
to users, and prohibited acts should be defined in accordance with the characteristics of 
the financial services to be intermediated appropriately ; and 
- Includes  supervisory rules and regulations regarding authorized financial service 
intermediary associations and alternative dispute resolution systems should be 
established.  
6.5  Corporate governance reform  
6.14.   In recent years, the Japanese Government has been promoting corporate governance reform 
as part of its growth strategy . The focus of the reform is the Corporate Governance Code and Japan 's 
Stewardship Code.  
6.15.   The Corporate Governance Code is a bundle of principles that requires listed companies to 
promote i nitiatives to increase corporate value over the mid - to long -term by cooperating with a 
wide range of stakeholders and is a part of the Securities Listing Regulations set forth by the Tokyo 
Stock Exchange . In 2021, the Code was revised to make a number of important changes relating to 
the enhancement of board independence, and the promotion of diversity, attention to sustainability 
and ESG . In 2022, the Practical Guidelines for Corporate Governance Systems (CGS Guidelines) 
were revised and then proposed tha t companies must consciously work to strengthen both their 
executive functions and monitoring functions synergistically in order to enhance their corporate value 
by improving their governance systems.  
6.16.   The Stewardship Code is a bundle of principles that req uires institutional investors (trust banks, 
investment managers, insurance companies, pension funds, etc.) to promote the sustainable growth 
of their investee companies and enhance the mid - to long -term investment return of clients and 
beneficiaries . The Code was revised in 2020 to further enhance the effectiveness of corporate 
governance reform . Major issues are consciousness towards the mid - to long -term increase of 
corporate value in stewardship activities, consideration of sustainability, and applicatio n to other 
asset classes (i.e. corporate bonds).  
6.6  Competition policy  
6.17.   On 19 June 2019, the Antimonopoly Act (AMA) Amendment Bill was approved in the 198th 
ordinary session of the Diet, and the enacted act was promulgated on 2 6 June 2019. The purpose 
of the a mended act is to deter "unreasonable restraint of trade" etc., effectively, invigorate the 
economy, and enhance consumer interests by fair and free competition, through increasing 
incentives for enterprises to cooperate in the Japan Fair Trade Commission ( JFTC)'s investigation 
and imposing an appropriate amount of surcharges according to the nature and extent of the 
violation . The enacted act came into effect at three stages, on 2 6 July 2019, 1 January  2020, and 
25 December  2020. 
6.18.   In accordance with the conclusion of the Trans -Pacific Partnership (TPP) agreement and the 
Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP), a scheme called 
"Commitment Procedures" was introduced into the Antimonopoly Act (AMA) . It has been in force 
since 3 0 December  2018. The Commitment Procedures is a scheme to resolve suspected violations 
against the AMA by consent between the JFTC and the enterprise concerned . It is considered that 
the Commitment Procedure would enable swifter elimination of compe tition concerns, broaden the 
range of cooperative problem -solving by the JFTC together with enterprises, and contribute to 
efficient and effective enforcement of the AMA . Ensuring the transparency and the predictability WT/TPR/G/438  • Japan  
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  regarding the enforcement of the law  related to Commitment Procedures, the JFTC established rules 
and policies such as the "Rules on Commitment Procedures by the Fair Trade Commission" and the 
"Policies Concerning Commitment Procedures."  
6.19.   As indicated in the New Form of Capitalism and the Bas ic Policy on Economic and Fiscal 
Management and Reform 2022, to make the business environment more competitive in Japan and 
to bolster innovation and corporate growth  that responds to rapid socioeconomic changes, Japan 
strengthens the advocacy functions of  the JFTC to study areas where competition is not working due 
to trading practices and regulations and recommends improvements for trading practices and 
regulatory revisions . In recent years, the JFTC has already conducted competition -related 
fact-finding surveys and advocacy regarding cell phones rates, interbank transfer fees, and initial 
public offerings by start -ups and other businesses. and will develop this initiative to further 
strengthen the advocacy functions.  
6.20.   The JFTC has been taking rigorous lega l actions against violations of the AMA . The number  of 
legal cases against such violations amounted to 19 in 2018, 11 in 2019 and 15 in 2020 (please refer 
to Table 6.1).  
Private monopolization  2017  2018  2019 2020 2021 
Bid-rigging  7 14 3 2 0 
Cartels (excluding bid -rigging)  1 2 5 7 0 
Unfair trade practices  1 2 3 4 2 
Others  0 1 0 0 0 
Private monopolization  0 0 0 2 0 
Total cases  9 19 11 15 2 
Note:  The cases that fall into both private monopolization and unfair trade practice are categorised as 
"Private monopolization ". 
6.21.   The total amount of surcharge payment orders issued by the JFTC was estimated at  
JPY 4325.98 million  in 2020 and JPY 6.12 million  in 2021.  
6.22.   The JFTC has adopted a proactive policy of indicting violations of the AMA and imposing 
criminal penalties on violators . In December  2020, the JFTC filed a criminal accusation to the 
Prosecutor -General.  
6.7  Labour market reform  and women's economic participation  
6.23.   Amid the declining workforce and aging population in Japan, the Japanese Government 
amended the Act on Stabilization of Employment of Elderly Persons, which came into effect in 
April 2021 and has since given an obligation to employers  to make their best efforts to secure stable 
employment opportunities for workers aged between 65 and 70.  
6.24.   The amended Act requires employers make efforts to take various measures such as : 
(i) raising the retirement age up to 70 ; (ii) introducing a continue d employment system until the 
age of 70 ; and (iii) abolishing a mandatory retirement system . If employers do not prefer to take 
any one of these three options, employers can take other measures after having sufficient 
discussions between staff and manageme nt, such as : (iv) introducing an outsourcing agreement 
with elderly workers until they reach the age of 70 ; (v) introducing a social contribution system for 
elderly workers to be able to continuously engage in social contribution projects carried out, eith er 
by (a) employers themselves or by (b) organizations that employers entrust or provide funds for, 
until elderly workers reach the age of 70 . With regard to employees aged up to 65, employers are 
obliged to ensure stable employment opportunities as before . 
6.25.   The gender wage gap in Japan has been narrowing from the long -term perspective, however, 
it still remains large compared to other advanced economies . To further narrow this gap, the 
Japanese Government requires employers to formulate an action plan, whic h needs to stipulate its 
(i) specific planned period ; (ii) numerical targets ; (iii) targeted initiatives and efforts ; and the 
(iv) timing of implementation . Those items need to be decided after assessing the current situation 
and investigating their challe nges in terms of (a) the percentage of female workers among all 
employed workers ; (b) the difference in the average length of service between men and women ; 
(c) the average overtime hours and other working hours indicators ; and (d) the percentage of female  
workers taking management positions . From April 2022, the scope of the obligation to formulate the WT/TPR/G/438  • Japan  
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  action plan is expanded from employers with 301 or more regular employees to those with 101 or 
more regular employees . In addition, from 8 July 2022, employers with 301 or more regular 
employees are required to identify and disclose their gender wage gaps.  
6.8  Climate change and  environmental  sustainability  
6.26.   Japan has accelerated steps taken to achieve net-zero emissions  to meet two ambitious goals : 
in Octob er 2020, the Japanese Government declared its intention to achieve net -zero greenhouse 
gas (GHG) emissions  by 2050 ; and, in April 2021 announced its new target to reduce its GHG 
emissions by 46 % in fiscal year 2030 from its fiscal year 2013 levels and cont inue strenuous efforts 
in its challenge to meet the lofty goal of cutting its emissions by 50 %. 
6.27.   The Japanese Government has accelerated taking measures towards the reduction of GHG 
emissions and  stipulated future directions . It should take into account the  Strategic Energy Plan, the 
Plan for Global Warming Countermeasures, and the Long -Term Strategy under the Paris Agreement, 
as well as other relevant Agreements.  
− Establishment of the Sixth Strategic Energy Plan (decided by the Cabinet in 
October  2021): lays out specific measures to be taken by 2030 with a continued focus on 
the principle of "3E+S," which emphasizes ensuring of a stable energy supply (Energy 
Security), the  economic efficiency of energy costs (Economic Efficiency),  and 
environmental suitability from the point of view of climate and other elements 
(Environment), and energy source safety (Safety).  
− Revision to the Plan for Global Warming Countermeasures ( decided by the Cabinet in 
October  2021): Updates the Plan for Global W arming Countermeasures, which is initially 
set in May 2016, to present the Government 's comprehensive plan based on the Act on 
Promotion of Global Warming Countermeasures . It puts forward a set of measures and 
policies for achieving the new target, describ ing a pathway toward it . Among the important 
tasks included in the revised plan is to create over 100 decarbonization leading areas that 
aim to achieve net -zero CO 2 emissions from electricity consumption in the household and 
business sector by fiscal year 2030.  
− Revision to Japan 's Long -Term Strategy under the Paris Agreement ( decided by the 
Cabinet in October  2021): Updates the Long -Term Strategy to show the basic concept, 
visions, and measures for net -zero GHG emissions by 2050 . With regard to realizing a 
virtuous circle of environment and growth, the Strategy includes promoting innovation for 
decarbonization technologies and cost reduction, green finance through TCFD disclosures 
and ESG finance, and business -led international application and co operation.  
6.28.   In June 2022, the Government  revealed plans to indicate a roadmap regarding  investment in 
green transformation on the scale of  JPY 150 trillion over the next decade under public -private 
partnerships, and according to the Plan, the Japanese Government will embody the vision for 
"Pro-Growth Carbon Pricing ", which aims to maximize  economic growth and GHG emissions 
reductions/absorption at the same time , and also consider raising fund s through "GX Economy 
Transition Bonds (tentative name)  backed by future financial resources ". 
6.9  Current situation and measures for radioactive materials in foods  
6.29.   Shortly after the accident at the Tokyo Electric Power Co. (TEPCO) 's Fukushima Daiichi Nuclear 
Power Station (FDNPS) in March  2011, the Japanese national government and prefectural authorities 
have taken a comprehensive set of measures such as decontamination of the farm land and fruit 
trees, control over feeds and agricultural inputs and introduced  a risk -based food monitoring 
scheme, respectively.  
6.30.   In order to meet the intervention exemption level of the Codex Alimentarius Commission 
(Codex), which is a well -known international standard for the purpose of international trade, Japan 
set the maximum l evels of radioactive cesium in food to be 1mSv/year that FAO and WHO jointly 
stated as a general standard for contaminants and toxins in food an feed and considered as safe for WT/TPR/G/438  • Japan  
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  the public, and in consideration of the released nuclides and with highly conse rvative and 
hypothetical assumption that 50 % of the food intake is contaminated .4 
6.31.   According to the UNSC EAR 2020/2021 Report, in the first year after the accident, about 2.5 % 
of the measured samples of marine fish caught off Fukushima Prefecture were found  with radioactive 
cesium concentrations exceeding the guideline level (of 1,000 Bq/kg) . However, in the second year, 
the number reduced to 0.3 % and in the third year, only one sample was found and it further reduced 
by around 0.01 %.5 
6.32.   Since the last sample  in April 2013, none of the farm products and fishery harvests have ever 
exceeded the Codex guideline level defined as safe for human consumption, and even wild edible 
plants such as fungi, fern sprout and leaf buds have not exceeded the level for food wit h small 
consumed amounts, similarly for almost nine years .6 The only harvests that still exceed the level are 
certain game meat, although the detection rate is very low, and those detected are neither 
distributed nor exported.  
6.33.   The Japan's domestic standard is much more stringent compared to the Codex . The Japanese 
Maximum Levels of radioactive cesium (JMLs) of food in general set by the Ministry of Health, Labour 
and Welfare is implemented as 100 Bq/kg in Japan7, while the corr esponding Codex guideline level 
is 1,000 Bq/kg ( CXS 193-1995).  
6.34.   Monitoring of food products, currently in Japan, is conducted in 17 prefectures to confirm 
compliance with the JMLs of 100 Bq/kg for radionuclides in food products, targeting radioactive 
cesium  among the radionuclides that have relatively long half -lives and require consideration of their 
long-term effects . Based on domestic regulations, each municipality formulates and conducts 
monitoring plans . If the monitoring results exceed the JMLs, the en tire lot is discarded . Japan's 
national laws mandate that food products which exceed these stringent JMLs be recalled and 
disposed of, and if a regional spread of exceeding the JMLs is recognized, shipment restriction 
measures are taken for that region bas ed on the Government's instructions . As a result, food 
products originating from the restricted areas will not be distributed . Japan's regulatory framework 
thus ensures that food products exceeding the maximum level are neither distributed in the domestic 
market nor exported to overseas economies.  
6.35.   In this process, Japan reaffirmed that food products drastically exceeding the JMLs decreased 
in a few years after the accident and its detection rate has since been stable at minimal levels . The 
sampling is purpo sive to detect the contamination or to remove the restrictions and the majority of 
detections is limited to wild harvests monitored in areas where the distribution has already been 
restricted.  
6.36.   Above all, Japan needs to look at the dose in terms of human he alth. While food regulation is 
operationalized through maximum levels in food, what matters is the overall annual dose exposure 
from food . The biannual market basket surveys, which have been conducted since September  2011 
at plural study sites including Fu kushima, show that the estimated annual effective dose from 
radioactive cesium in food has been digits smaller than the intervention exemption level of 
1mSv/year and is currently only detected at micro levels .8 The effect is significantly lower for 
consum ers in foreign countries, considering the committed share of Japanese food imports in total 
food consumption . The Japanese Government has been making efforts in eliminating import 
restrictions on agricultural, forestry, and food products from Japan  and add ressing reputational 
damage . As a result, import restrictions were lifted in Israel, Singapore and the United States in 
2021, and the United Kingdom and Indonesia in 2022, and so far 43 countries and regions out of 55 
have removed their restrictions . The combination of these comprehensive approaches makes sure 
that Japanese food is qualified to be consumed worldwide.  
 
4 FAO and W HO, General Standard for Contaminants and Toxins in Food and Feed (Codex Alimentarius 
CXS 193), 27 November 2020. Viewed at: https://www.fao.org/fao -who-codexalimentarius/sh -
proxy/en/?lnk=1&url=https%253A%252F%252Fworkspace.fao.org%252Fsites%252Fcodex%252FStandards%
252FCXS%2B193 -1995%252FCXS_193e.pdf . 
5 NSCEAR, UNSCEA R 2020/2021 Report, p. 36 and p. 72 of Volume II: Scientific Annex B.  
6 None of them have exceeded the guideline level since the last case in September 2016.  
7 Provisionally 500 Bq/kg before April 2012.  
8 Maximum 0.0011 mSv/year in Sep. - Oct. 2018, 1/1,00 0 of the intervention exemption level.  WT/TPR/G/438  • Japan  
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  6.37.   The Joint FAO/IAEA Division stated on 6 September  2019 that Japan's "measures to monitor 
and respond to issues regarding radionuclide contamin ation of food are appropriate," and "the food 
supply chain is controlled effectively by the relevant authorities ".9 
__________  
 
9 IAEA, September 2020, "Japan's Reports on Conditions at TEPCO's Fukushima Daiichi Nuclear Power 
Station".  