Under the third medium-term plan covering the five-year period commencing April 2011, the Research Institute of Economy, Trade and Industry (RIETI) makes it its mission to undertake theoretical and empirical research to create a grand design for putting the Japanese economy on a growth path and solidifying sustainable growth in the future. To this end, we will proceed with research activity by always keeping in mind the three Priority Viewpoints of: 1) incorporating growth of the world economy, 2) developing new growth areas, and 3) responding to changes in society and creating new economic and social systems for sustainable growth.

The first viewpoint reflects the importance of incorporating the growth of the world economy—particularly emerging Asia that has achieved remarkable economic growth in recent years—to promote trade, investment, and business activities by leveraging Japan's scientific and technological capabilities. The second viewpoint represents the importance of theoretically and empirically analyzing research and development (R&D) policy and productivity improvement as a way to help develop new growth industries, particularly in areas related to green innovation and life innovation, by taking advantage of Japan's strength and social conditions. And the third viewpoint exhibits the importance of overcoming a range of constraints we face today, such as an aging population, deteriorating fiscal health, the need to protect the environment, as well as building sound economic and social systems able to meet the changing needs of society so as to support the sustainable growth of our country.

Keeping these three Priority Viewpoints in mind, we will conduct, in a comprehensive manner, the kind of research that would be conducive to ensuring the sustainable growth of our country in this century in close collaboration with researchers outside RIETI and policymakers in Japan, as well as with overseas researchers including those from other Asian countries, the United States, and Europe.

On March 11, just as we were getting ready to embark on the first fiscal year under the third medium-term plan, Japan was hit by the catastrophic East Japan earthquake that has turned out to be one of the most devastating natural disasters ever experienced by our country. In order to enable Japan to overcome what we should consider to be the greatest crisis in our postwar history and to create a new Japan, RIETI is determined to make all-out efforts to undertake research not only for addressing the immediate needs but also from both medium- and long-term viewpoints.