Abstract
The Japanese economy has grown remarkably because of the driving force of industrial development. This has been largely attributed to the feedback loop between technological development and economic growth. Japan may now face the prospect of the loop's deconstruction, however, because industry's research and development (R&D) investment has stagnated as a result of the “bubble economy” and its bursting. This paper first examines the possibility by reviewing systems of Japan's industrial technology. Second, it conducts an empirical analysis of the current state of R&D activities in Japan's manufacturing industry. Third, it analyzes the impact of such activities; and fourth, it explains the structural background of a stagnation of R&D activities.
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