In recent years, there has been a significant increase in "drug loss"-the absence of drugs on the Japanese market that are already approved in countries outside of Japan-primarily due to the lack of their development in Japan. There were 86 drugs approved in Europe and the United States for which development had not yet begun in Japan. Of these, 48 (56%) were what can be termed 'venture-developed' drugs, 40 (47%) were orphan drugs, and 32 (37%) were for pediatric use. The lack of availability of these drugs in Japan is a significant issue.In an attempt to address this drug loss issue, the Japanese Ministry of Health, Labour and Welfare (MHLW) decided to focus on and review Japan's pharmaceutical regulations, which were considered an important factor in the drug loss issue. The MHLW held a series of meetings to discuss possible changes in its policies and methods as potential solutions to the drug loss problem. MHLW issued several notifications and related Question and Answer (Q&A) communications about those discussions. Furthermore, MHLW made revisions to the Pharmaceutical and Medical Device Act that were enacted in May 2025.This manuscript summarizes the major outcomes of these activities, particularly the issues related to clinical trials and the orphan designation system, in terms of how they relate to the future of pharmaceutical regulation in Japan.

Language barriers and translation costs are persistent obstacles to communication and have particularly pronounced economic impacts in technical domains. Here we provide causal evidence on the effects of language barriers on the speed and extent of knowledge diffusion by exploiting a change in US patent policy that resulted in earlier disclosure of English-language technical knowledge from Japan. Using a targeted sample of 2,770 citations from US-based inventors to Japanese inventions, we find that language barriers accounted for almost half the diffusion lag of Japan-originating knowledge to US-based inventors, relative to Japan-based inventors. This acceleration is significant only for firms with limited ability to translate (small research and development scale, or little involvement in the Japanese market) and is more pronounced for the diffusion of high-quality inventions, suggesting difficulties in quality-targeted translation. Thus, early publication of patent applications provides a substantial public good for cumulative innovation through accelerated access to translated foreign patents.

From the seventeenth century to the nineteenth century, most of trade conducted between China and Japan was carried out via ships by Chinese merchants or by Chinese merchant ships, commonly known as Chinese junks. These vessels were referred to as Tang ships 唐船, or Tosens in Japanese. Since ancient times, traditional medicinal materials had played a significant role in trade between the two countries. Even during Japan's period of sakoku (seclusion), Chinese junks continued to transport a wide range of goods, including various medicinal materials, which were valued for their high profitability, wide applicability and sustained demand in the Japanese market. From a broader perspective, the trade in medicinal materials between China and Japan went beyond the mere exchange of commodities; it exerted a profound influence on the economy, trade, transportation and culture across multiple regions.

Background: Hyaluronic acid (HA) injections have become a cornerstone of minimally invasive aesthetic medicine. While the demand for these procedures continues to grow globally, large-scale longitudinal analyses of patient demographics and specific injection site trends remain limited, particularly in Asian populations. Existing data in Japan are largely confined to aggregate procedure numbers. This study aimed to elucidate the transition in patient demographics and site-specific treatment trends using a nationwide big-data approach. Methods: This retrospective study analyzed 299,413 treatment sessions (417,590 injection sites) from patients who underwent facial HA injections at 110 clinics across Japan between October 2020 and December 2024. Data were analyzed by year, patient age, and injection site to evaluate demographic shifts and treatment patterns. Results: The annual number of treatment sessions increased steadily during the study period. A significant demographic shift was observed: while patients in their 20s were predominant in 2020-2022, the proportion of patients aged ≥ 40 years increased markedly from 2023 onward, accounting for more than half of all cases (63.7% in 2024). Treatment preferences varied distinctly by age; younger patients favored localized contouring (e.g., pretarsal fullness, chin), whereas older patients required multi-site rejuvenation. By 2024, the orbital rim became the most frequently treated site (22.6%). Statistical analysis confirmed that age was a significant predictor for multi-site treatments (p < 0.001). Conclusions: This large-scale analysis reveals a clear transition in the Japanese aesthetic market from contour enhancement in younger demographics to anatomy-based rejuvenation in middle-aged and older populations.

In a long-term, cross-department product development project, the product concept is the basis of decision-making. Concept testing presents the rationale for the product’s effectiveness in the early stages of development and allows the concept to permeate the organisation. However, due to the high degree of confidentiality, developers do not disclose information on concept testing. Consequently, there is limited academic research on the requirements for improving the quality of concept testing. In this study, we clarified the factors that improve the market share estimation accuracy in concept testing for the Japanese noodle soup base market. Through randomised controlled trials in an online survey environment, we found that it is important to use both the package design and product brand for a concept and present them to the respondents because food choices centre on sensory decision-making. Estimation accuracy is weakened by the presence of prices and corporate brands in an online survey environment. As an increased variety of information does not improve survey quality, product developers should instead focus on the packaging design and product branding that contribute to concept testing. Our study results yield useful suggestions for practitioners involved in concept testing, given the lack of scientific literature.

This study explores consumer segmentation based on subjective knowledge within the structurally shifting pot-brewed green tea market. A web-based survey of 594 consumers was analyzed using latent class and text analysis, identifying three distinct segments. Findings suggest that knowledge-based segmentation enables targeted marketing strategies to differentiate pot-brewed green tea from bottled alternatives. To counter bottled tea’s dominance, marketers should prioritize consumer education on brewing methods and food pairings for less knowledgeable groups. Furthermore, emphasizing health benefits and single-origin concepts can enhance perceived value, positioning pot-brewed green tea as a unique, high-value product.

Patients with rare diseases worldwide face substantial unmet therapeutic needs. In Japan, drug lag-delays in drug approval compared to other countries-has resurfaced as a pressing public health issue. This study analyzes orphan drugs (ODs) approved in the United States (U.S.) from 2005 to 2021, examining OD lag trends, and research and development (R&D) models to streamline OD development in Japan. Despite increased OD approval in the U.S. since 2018, the number of unapproved ODs in Japan has substantially increased. Although OD lag had once decreased, it has shown a tendency to resurge since 2017. This is largely due to changes in the R&D strategies of pharmaceutical companies, which are driven by the growing presence of U.S.- and Europe-based small- to mid-sized enterprises (SMEs) and the evolving industry landscape. Large foreign pharmaceutical companies have shifted toward a global development strategy for Japan, aiming for more efficient development and competitive advantage. This has been propelled by a move toward in-licensing earlier-stage drug candidates with global exclusivity from SMEs. Japanese pharmaceutical companies have focused on in-licensing late-stage drug candidates for the Japanese market from SMEs without a business presence in Japan, which have not been developed locally, thereby employing a bridging strategy for Japan. With the increase in ODs developed in the U.S. by these SMEs, this practice has substantially exacerbated the OD lag. As these SMEs are unlikely to enter the Japanese market, it is crucial for Japanese pharmaceutical companies to proactively pursue earlier, more proactive global partnerships with SMEs.

The early 1990s was a period of expanding interest in Japanese financial research. The Japanese stock market volatility of the past 20 years of Japanese stocks was pronounced. Financial anomalies had emerged in the investments literature. Researchers were reporting evidence of statistically significant stock selection models that used regression-weighted composite model to identify under-valued stocks in both Japan and US stock markets. We report factor backtesting results and robust regression modeling in creating optimized Japanese portfolio results for the 1997-2022 period. Our results suggest that stock selection models have been effectively employed to deliver excess returns. Similar Value strategies in Japan have fared better than those in the US recent periods.

The Chikusai Monogatari (1623) has a distinctly humorous and parodist character. This description also applies to the medical fragments, which are thought to be primarily intended to entertain the reader. In support of this, textual similarity between the medical novellas of the Chikusai Monogatari and the stories in Seisuishō (1623) by Anrakuan Sakuden (1554—1642) is often pointed out. However, Tomiyama Dōya (1584—1634), the author of the Chikusai Monogatari , was a physician himself, having studied medicine with Manase Gensaku (1549—1632), one of the most prominent physicians of the early 17 th century. Therefore, noting solely the entertaining nature of the medical short stories in the Chikusai Monogatari , researchers seem to deny Tomiyama an opportunity to say something about medicine contemporary to him. The late 17 th century was marked by the establishment of new Japanese medicine, led by Manase Dōsan (1507—1594). Dōsan’s new approach found that neither any experienced physicians nor up-to-date medical treatises existed in late 16 th -century Japan. Borrowing knowledge from the Chinese treatises that flooded the Japanese book market in the 1590s, the Japanese were mastering new material, which, as can be seen from the text of the Chikusai Monogatari , continued into the 1620s, even if not always successfully. Chikusai encounters a variety of illnesses, from fever to syphilis, and often successfully fulfils his medical duties by curing the patient. His success was accompanied by good fortune, and it was this good fortune that elevated Japanese doctors in the early 17 th century: at a time when old medicine was recognized as ineffective, while new medicine had not yet gained a firm doctrinal footing, it was good fortune that allowed doctors to continue practicing their profession. The analysis of the medical short stories of the Chikusai Monogatari allows us to trace the history of new Japanese medicine; to rethink Chikusai’s medicine work by presenting it as inept by necessity due to the limited development of medical knowledge in Japan; and to understand who was assumed to be the original readership of the Chikusai Monogatari .

&lt;p&gt;This study compares the performance of EGARCH-X and EGARCH-CJ models in forecasting financial market volatility using daily TOPIX data (2004–2011). Model parameters were estimated using an efficient Bayesian MCMC framework. The results indicate that the EGARCH-CJ model, which decomposes volatility into continuous and jump components, provides a superior in-sample fit. More importantly, in out-of-sample forecasting, the EGARCH-CJ model demonstrates significantly better accuracy for medium- and long-term horizons (e.g., MSE reductions up to 30% at the 5-day horizon, with significant Diebold-Mariano statistics). In contrast, the standard EGARCH model remains more effective for short-term forecasts. These findings underscore the importance of explicitly modeling jump dynamics for medium-term risk management in the Japanese stock market, offering valuable insights for financial modelers and risk managers.&lt;/p&gt;

Intraday volatility of 24-hour trading pattern in Japanese market

Auction timing anomaly in the Japanese bond futures market

Did COVID-19 deteriorate mismatch in the Japanese labor market?

The globalisation of knowledge and information has positioned translation institutions and publishers as key agents in spreading cultural and linguistic diversity worldwide. Beyond economic exchange, translation and publishing activities enable local works to cross borders, promoting cultural dialogue and intellectual sharing. This paper discusses the role of the Malaysian Institute of Translation and Books (ITBM) as both publisher and translation institution in promoting Malaysian works to the international market. Using the Japanese edition of Lat’s graphic novel Budak Kampung as the study material, the paper highlights ITBM’s functions in (i) selection and evaluation, (ii) production and design, and (iii) marketing and distribution. The research, based on manual data collection and descriptive analysis, shows that the decision to translate Budak Kampung into Japanese was driven by three factors, Lat’s prominence as an author, the collaborative practices among publishers, and the credibility of the story, which has been translated into 13 world languages. The findings also reveal that changes were made to the content, design and book size to align with the Japanese market. TUFS Press Tokyo was identified as the partner responsible for marketing and distribution in Japan. The implications of this study indicate that publishers are not only mediators of texts but also active cultural agents, promoting local works internationally through translation and publishing while strengthening Malaysian cultural identity in the global arena.

The popularity of Japanese food has increased in Indonesia, particularly in Bogor, creating both opportunities and challenges for micro, small, and medium enterprises. This study examines a small enterprise offering takoyaki and okonomiyaki near a university campus to enhance its business performance. The goal is to analyze internal and external factors, develop strategies, and identify the best approaches for growth. The research used surveys, interviews, and observations from December 2024 to March 2025, involving customers, employees, and local stakeholders, with various analysis tools to process the data. Findings show strengths, such as its location and customer loyalty, but also weaknesses like pricing and operational issues. Opportunities include a growing student market, while threats involve competition and substitutes. The business is positioned to maintain its market share while exploring growth, with top strategies like campus promotions and price adjustments. In conclusion, applying these strategies can help boost competitiveness and achieve long-term success in the Japanese food market by addressing weaknesses and adapting to trends.

Purpose This study aims to investigate how dual health claim regulations affect the market performance of functional food products. Focusing on the Japanese beverage market, we examine how the coexistence of the strictly regulated Foods for Specified Health Uses (FOSHU) and the more accessible Foods with Function Claims (FFC) labelling systems influences sales volumes, prices and the number of certified products. Design/methodology/approach Using a nine-year (2013–2022) transaction dataset of various functional beverage products, we develop a simultaneous equation model to capture the interaction between products with different labels. The model is estimated using the feasible generalised least squares method. Findings The introduction of the FFC system resulted in a decline in sales volume, price and the number of FOSHU products. These changes are attributable to increased market entry of FFC products, which act as substitutes despite differing scientific rigour. The results indicate that consumers are unable to identify quality differences between FOSHU and FFC products, suggesting limited awareness of the regulatory differences between them. This study demonstrates how introducing a simplified labelling system can drive high-quality products out of the market. Originality/value This study is among the first to empirically examine competition between food products certified under distinct health claim systems. It provides novel insights into the unintended consequences of regulatory coexistence, especially how looser certification may erode the value of stricter systems, with implications for consumer protection and market sustainability.

BACKGROUNDAustralia exports wheat to various countries for the production of staple foods, including noodles. The Japanese market considers Australian Prime Hard (APH) wheat to be the benchmark for high‐quality ramen noodle production. We hypothesie that hard wheat with relatively low protein content and null4A gene is particularly well‐suited for high‐quality ramen.RESULTSAustralian Hard 2 (AH2) Class with the null4A gene is shown to produce ramen with sensory attributes comparable to those of APH, based on tests conducted across three seasons with 32 wheat varieties harvested from Queensland or Northern New South Wales, and South Australia. The null4A population has a lower amylose content and improved pasting properties, resulting in ramen with superior sensory attributes, particularly elasticity, compared to the wild‐type. However, the relationship between amylose content and other physicochemical properties, as well as noodle sensory attributes such as firmness, elasticity, surface smoothness and hot soup stability, is not linear. This complexity is explained by the notable range of physicochemical and sensory properties within the null4A population, which are affected by variations in starch and protein qualities, as well as their interactions. Wheat varieties produced in South Australia are largely made up of null4A genetic background and tend to have a higher ash content but exhibit a relatively lower level of speck contamination on raw noodle sheets.CONCLUSIONAH2, primarily composed of the null4A gene, has potential to produce ramen that appeals to the Japanese market, providing Japan with an alternative to APH for traditional ramen © 2025 The Author(s). Journal of the Science of Food and Agriculture published by John Wiley & Sons Ltd on behalf of Society of Chemical Industry.

ABSTRACT Investor sentiment significantly increases the vulnerability of financial markets and the fluctuations in asset prices. In this scenario, this research examines the nexus between stock prices (SP) and the fear and greed index (FGI) in the G7 countries, further exploring the hedging potential of stocks during periods of heightened fear sentiment. Utilizing the quantile correlation and quantile partial correlation methods, we find that the Japanese stock market can withstand short‐term shock of fear sentiment across the full sample, as well as the pandemic and Russia–Ukraine conflict period. However, the short‐term negative effects of FGI on other SPs shift in the medium and long term. Furthermore, results from the sub‐sample analysis indicate that market uncertainty stemming from the pandemic and the Russia–Ukraine war heightens investors’ risk aversion towards the stock market, resulting in a sharp short‐term decline in SP. In the long term, investors can incorporate G7 stocks into their portfolios to mitigate investment losses arising from fear sentiment. Given the complex international environment and volatile market sentiment, governments should closely monitor investor sentiment to alleviate the adverse effects triggered by the fluctuations in SP.

Abstract The Marine Stewardship Council (MSC) certification has received significant recognition in several European countries, but its awareness remains limited in Japan, and there is little evidence that MSC-certified seafood commands a price premium in the Japanese market. This study investigates whether adding a photograph of a fisher practicing sustainable fishing can increase the perceived value of MSC-certified seafood. To test this, we conducted a tasting-based willingness-to-pay (WTP) experiment from 25 to 26 September 2023. Participants were randomly assigned to one of five groups with varying combinations of the MSC label and a fisher’s photograph, and then asked to taste medium-fatty and lean tuna sashimi. We then analyzed differences in their WTP and sensory evaluations. The results show that a fisher’s photograph had an independent positive effect on WTP among Japanese participants but did not generate any synergistic effect when combined with the MSC label. In addition, while the MSC label enhanced sensory evaluation scores, the photograph did not, indicating that its influence may be limited to perceived social or environmental value rather than taste. Given substantial heterogeneity in responses depending on product type and participants’ country of origin, further research with a larger and more diverse sample is necessary to draw generalizable conclusions.

Abstract This paper unfolds the quantile connectedness of the ESG investing index with the financial markets. The stock market is considered a representation of the broader financial markets. We use the FlexShares STOXX US ESG Select Index Fund (ESG) as a proxy for the ESG investing index. In contrast, the stock exchanges of each country, such as those in the USA, Japan, Australia, and India, are considered proxies for their respective stock markets. The daily observation of the examined markets extended from 31 December 2019 to 16 January 2023. Quantile vector autoregression (QVAR) is employed to investigate the connectedness at different quantiles. The dynamic linkages among the examined markets scatter at different quantiles, as they are not uniform. The low quantile is spotted with the highest connectedness, followed by the upper and middle quantiles. Additionally, the ESG investing index and the Japanese stock market dominate each quantile in terms of connectedness. This study offers valuable insights for investors, fund managers, and policy analysts.