Council for Japan’s Growth Strategy

On March 10, 2026, Prime Minister Takaichi held the third meeting of the Council for Japan’s Growth Strategy at the Prime Minister’s Office.

At the meeting, the participants engaged in discussions on “key products and technologies” in the 17 strategic fields and the estimated effects of the growth strategy on the economy and public finance.

Based on the discussion, the Prime Minister stated:

“Today, regarding the 17 strategic fields, we have identified the ‘key products and technologies’ in which investment should be specifically promoted. Among them, we have presented the ‘Public-Private Investment Roadmap’ for ‘initial products and technologies’ and received valuable opinions from the committee members.

The ‘key products and technologies’ we have presented today were strategically selected from the standpoint of the ‘necessity of reducing domestic risks,’ the ‘potential for capturing overseas markets,’ and the ‘innovativeness of related technologies.’

I ask the ministers in charge of the strategic fields to further refine the details of the ‘key products and technologies’ based on the opinions expressed by the members. I also ask them to swiftly advance the formulation of the ‘Public-Private Investment Roadmap’ for products and technologies other than the ‘initial products and technologies’ presented today. Specifically, for each product and technology, I ask the ministers to identify Japan’s ‘winning strategy,’ clarify comprehensive support measures from multifaceted perspectives that address both supply and demand, and make clear the details, scale, and timing of the domestic investment that will be induced by these measures.

In particular, amid growing attention to the ‘new ways of fighting’ through the use of new technologies in Iran and Ukraine, I ask the Minister of Economy, Trade and Industry Akazawa and Minister of Defense Koizumi to collaborate in the Defense Industry Working Group to study a new path for translating new technological seeds into defense procurement on an unprecedented scale and reach a concrete conclusion.

Furthermore, I ask the ministers in charge of cross-sectoral issues to identify ‘challenges that need to be addressed to promote domestic investment’ that emerge during the process of formulating the ‘Public-Private Investment Roadmap.’ And through consolidating these solutions, they should create an environment that enables private investment spearheaded by the 17 strategic fields to expand across Japan, thereby leading to further growth of the Japanese economy.

It is necessary to quantitatively demonstrate what a ‘strong economy’ envisioned under such a growth strategy will look like. The ‘Council for Japan’s Growth Strategy’ and the 'Council on Economic and Fiscal Policy' should work closely together and reflect these efforts in future economic and fiscal management, such as the ‘Basic Policy on Economic and Fiscal Management and Reform’ to be formulated this summer.

To this end, as we proceed with the ‘Public-Private Investment Roadmap,’ I ask Minister Kiuchi to steadily calculate the investment amounts in the 17 strategic fields and their quantitative impact on the Japanese economy. Before formulation of the ‘Basic Policy on Economic and Fiscal Management and Reform’ this summer, the ‘Secretariat of the Headquarters for Japan’s Growth Strategy’ and the ‘Cabinet Office’ should jointly clarify the overall growth of domestic investment under Japan’s Growth Strategy to contribute to future budget formulation. At the same time, estimates should be produced to show the contribution of such initiatives to GDP growth and tax revenue increases, as well as the outlook for the debt-to-GDP ratio, using the Cabinet Office’s ‘Economic and Fiscal Model,’ and reflect the results in the ‘Economic and Fiscal Projections for Medium to Long Term Analysis.’

In addition, based on the scenarios presented in the ‘Economic and Fiscal Projections for Medium to Long Term Analysis’ to be conducted under Minister Kiuchi, I ask Minister of Finance Katayama to scrutinize the ‘fiscal scale’ that remains viable even while stably lowering the government debt-to-GDP ratio. I also ask Minister Katayama to consider measures to manage under a separate framework resources to be utilized for strategic investments that enhance resilience against potential crises and investments that promote growth.

That's all from me. I appreciate your valuable contributions. Thank you very much.