In line with the purpose of the ‘policy history and policy evaluation’ program, we will review and evaluate from a historical approach the industrial revitalization policies developed from the 1990s to the 2000s, focusing on their relationship with the financial sector. Specifically, the study is divided into the following themes.
First, we will review the international environment surrounding the Japanese economy at that time, the actual situation of the Japanese economy and the evolution of economic policies over the period. This will be the basis for a discussion among the members, and an opportunity to share historical perspectives and discuss differences of opinion between participants. This discussion will also include viewpoints that would approximate the positions held by foreign policymakers at the time, such as those in the United States. Our analysis of the economic policies will include economic and industrial policies, fiscal and monetary policies, deflationary measures, and so on.
Secondly, we will analyze the policy objectives, policy instruments, implementation details and policy effects of the industrial revitalization policies, focusing on the financial aspects and finance roles. In addition to METI (Ministry of Economy, Trade and Industry), interviews will be conducted with the MOF (Ministry of Finance), the former IRCJ (Industrial Revitalization Corporation of Japan) and the former Innovation Network Corporation of Japan, and industry and corporate stakeholders in order to create research materials. We will also attempt to shed more light on these policies through an international comparison.
Thirdly, we will integrate the above-mentioned first and second research findings to grasp the significance of this set of policies from the overall perspective on the Japanese economy. What circumstances was Japan situated in at the time, what was the range of policy choices that existed, which did Japan choose and how and which options were unworkable? We will also analyze these issues from the viewpoints of differences in the vision of the public and private sectors, role sharing between public and private sectors, mutual verification function and governance.
February 12, 2019 - January 31, 2021