MITI Minister Kaoru Yosano on reviving Japan's competitive advantage

Abstract

Japan's Ministry of International Trade and Industry (MITI) has made significant contributions to the country's economic development and growth in the post-World War II period through its industry policy and control. However, Japan's prolonged economic recession has battered the country's industries and its competitiveness has dropped significantly since the collapse of the bubble economy in the early 1990s. The World Competitiveness Yearbook 1999 of the International Institute for Management Development ranks Japan's competitiveness as 16th, a dramatic decline from its top ranking a decade earlier. In order to improve the country's industrial competitiveness, the government of Japan has formulated an overall industry revival plan, “Strategies for Reviving the Japanese Economy.” It also has established several specialized advisory committees, such as the Competitiveness Commission and the Economic Strategy Council. which report to the prime minister. Kaoru Yosano played a leading role in Japan's economic ...