There is a persistent view that Japan lags behind the United States in terms of its intangible asset wealth. According to Japanese Cabinet Office data, intangible assets account for 90% of stock market capitalization in the United States, against just over 30% in Japan. This often leads to pessimistic claims that “Japanese people lack creativity in generating intangible assets such as patents.” But is this really true?
One thing worth noting here is the Ig Nobel Prize. Established as a parody of the Nobel Prize, it aims to honor achievements that “first make people laugh, then make them think.” This year, the Ig Nobel Prize in Medicine was awarded to the late Tokuji Unno, professor emeritus at Asahikawa Medical University, and colleagues, for their study on “the correct way to blow one’s nose.”
This marks the 20th consecutive year in which Japanese researchers have received Ig Nobel Prizes. Winning studies have included seemingly eccentric topics like “how an alligator’s vocalization changes when it inhales helium” (Ig Nobel Prize in Acoustics). Yet many conceal profound insight and practical applications. According to the prize’s own selection committee, Japanese researchers rank among the world’s best on three counts: (1) a nerd-like obsession with pursuing a single theme to a degree that leaves those around them dumbfounded, (2) a broad-mindedness that accepts even unconventional research (or the tenacity to keep going even in environments where such research is not accepted), and (3) the sheer number of studies that ultimately find practical applications.
It is not that Japanese people lack creativity. Rather, what they lack is “creativity in management” that is necessary to transform their creativity into stock market value and to elevate that to broader economic value. Japanese companies have significant room for improvement in terms of core aspects of management, including how to commercialize abundant intangible assets, how to scale businesses around these products, and how to maximize the profitability of such businesses.
There is no shortage of Japanese companies that can serve as examples of success. Companies like Ajinomoto Co., ASICS Corp., and Ebara Corp., which have been selected by the screening committee of the Intellectual Property and Intangible Assets Governance Awards, which I advise, have enhanced corporate value by integrating intangible assets into their management strategy.
How can Japanese companies transform “assets to protect” into “assets that earn”? What is now in question is not the creativity of Japanese people, but the way companies are managed.
>> Original text in Japanese
* Translated by RIETI.
October 13, 2026 - Published in Nihon Keizai Shimbun's "Crossroads"
