It has already been 25 years since Japan’s economic bubble burst. Japan’s economic slump continues even now.
To break out of this rut and regain its vitality, the Japanese economy needs to see a new leading industry emerge to drive the economy as a whole, as the automotive and electronics industries did in the past. Then, which industry could become the next leading industry? I believe it is the chemical industry, and I issued a book entitled The Age of the Chemical Industry: Why Japan Can Overtake the World with So Hirano of Seijo University in 2011. In this article I will present the main ideas discussed in the book.
In order for Japan’s chemical industry to become the next leading industry, a two-pronged strategy that addresses both the high-end and low-end market is indispensable. If Japan’s chemical industry can deploy a two-pronged in the same time, it can overtake the rest of the world.