Medium-term outlook for Japanese industry

Mizuho Industry Research
December 2, 2021

See full report (PDF)

Mizuho Industry Research, Japan has compiled a report providing a five-year outlook on the Japanese economy – the supply and demand trends up to 2025 in each industry, and their implications for Japanese companies.

Industries covered:

  • Petroleum
  • Steel
  • Chemicals
  • Automotive
  • Machinery & Robotics
  • Electronics
  • Heavy Machinery
  • Logistics
  • Electric Power & Gas
  • Retail
  • Processed Food
  • Mobility, Tourism & Hospitality


Key Highlights:

Demand will bounce back in many sectors with the global economic recovery. IT services will grow at a particularly fast clip on rising demand related to digitalization. Exports will increase across many sectors as global demand bounces back, with sectors like machine tools, robotics and processed food set to grow firmly.

The competitiveness of Japanese industry might ‘remain unchanged’ or ‘fall’ over the next five years. Many sectors will see modest growth or stagnation in terms of demand, and no change or a decline in terms of global presence.

The changing business environment is pushing Japanese firms to rethink their business strategy. The business environment is changing rapidly as a result of the spread of COVID-19, digital transformation, the focus on economic security in the face of geopolitical tensions, and growing moves toward carbon neutrality. Japanese firms should adopt long-term perspectives in rethinking (1) business portfolios, (2) capital investment strategy, and (3) risk management – including diversification of profit sources and supply chains. .


This article is for general information only and is not intended to constitute any investment, legal, accounting, taxation or other advice of any kind from Mizuho Bank, Ltd. or any of its affiliates (individually or together, as the context may require or admit, “Mizuho”).
While every care has been taken in preparing this article, no representation, warranty or other assurance of any kind is made with respect to the accuracy, completeness or suitability of any information in the article for any purpose, including any data obtained from third party sources, and neither Mizuho nor any officer, director, employee, agent, advisor or controlling person of Mizuho shall have any liability to anyone relating to or arising from the use of any of the information in the article or for any error, omission or misstatement thereof (negligent or otherwise).
All opinions, estimates, forecasts, projections or forward-looking statements contained herein (if any) may not be relied upon as facts nor as any representation or guarantee of future results. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, valuation or back-testing. Mizuho does not have any obligation to update any of the information contained in this article.
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