1
Japan Market Brief
March–April 2007
John E. Peters
Minister Counselor for Commercial Affairs
U.S. Embassy, Tokyo
What’s Different?
Performance
Then
Now
0.2% (FY01)
Y8.2trn (FY01)
Y86trn (FY01)
4.8% (FY06e)
Y25.1trn (FY06e)
Y4.2trn (FY06e)
Valuations
Price to Earnings
Price to Cashflow
Price to Book
68 times(1990s avg)
15 times(1990s avg)
2 times(1990s avg)
17 times (FY06e)
5.4 times (FY06e)
1.4 times (FY06e)
Ownership
Crossholdings Ratio
M&A Cases
51% (FY90)
470 (per year, 1990s)
20% (FY06e)
1,700 (2002-2006 avg.)
Net Margins
Free Cashflow
Non-Performing Loans
2
Courtesy of: Jesper Koll – Merrill Lynch Japan Securities
U.S. Commercial Service - Japan
3
Domestic Structural Up-Cycle:
Capital Investment
Capital Stock Vintage in Years – All Sectors
Years
14.0
13.0
12.0
11.0
10.0
9.0
8.0
7.0
6.0
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08
Source: Cabinet Office ; Merrill Lynch
Courtesy of: Jesper Koll – Merrill Lynch Japan Securities
U.S. Commercial Service - Japan
4
No Lost Decade Here
Relentless Focus on Research & Development Spending
(total R&D spending by public and private sector as % of GDP)
3.4
Japan
3.2
3.0
US
2.8
2.6
Germany
2.4
2.2
France
2.0
85
87
89
91
93
95
97
Source: National Institute of Population and Social Security Research
99
01
03
05
Source: NIPSSR
Courtesy of: Jesper Koll – Merrill Lynch Japan Securities
U.S. Commercial Service - Japan
Japan: Highest Patent Filings
5
by National/Regional Offices
CY 2005
450
400
427,078
390,733
No n
Resident
Thousands
350
Resident
300
250
173,327
200
160,921
150
128713
100
60,222
32,253
50
31,192
27,988 14,436
Mexico
UK
Australia
Russia
Germany
European
Patent Office
Republic of
Korea
China
USA
Japan
0
*These statistics are based on information provided by national and regional patent offices.
Source: World Intellectual Property Organization
U.S. Commercial Service - Japan
6
International Patent Filings
50
40
30
20
10
0
2004
Top 10 International Patent Filings
1 USA
34.2% 6 UK
2 Japan
18.2% 7 Netherlands
3 Germany
11.7% 8 China
4 S. Korea
3.4% 9 Switzerland
5 France
4.2% 10 Sweden
All Others
Israel
Finland
Australia
Canada
Italy
Sweden
Switzerland
China
Netherlands
UK
France
S Korea
Germany
Japan
2005
USA
Thousands
International Patent Applications
3.7%
3.3%
1.8%
2.4%
2.1%
Source: World Intellectual Property Organization
U.S. Commercial Service - Japan
7
Yes, A Trade Surplus with China
Japan Trade Balance With China (Peoples’ Republic + Hong Kong)
Bn ¥
Bn US$
6mma
210
180
150
120
90
60
30
0
-30
-60
-90
-120
Japan
Surplus
US
00
01
02
03
04
05
06
Deficit
35
30
25
20
15
10
5
0
-5
-10
-15
-20
07
Source: Cabinet Office
Courtesy of: Jesper Koll – Merrill Lynch Japan Securities
U.S. Commercial Service - Japan
8
Japan is Back on Global Scene
Strong Balance Sheets and Profits Trigger A New Global Investment Cycle:
Outward M&A Accelerating Sharply
$Bn
Japan M&A
Out
45
40
35
30
25
20
15
10
5
0
In
83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07
Source: Thomson Financial, Merrill Lynch
Courtesy of: Jesper Koll – Merrill Lynch Japan Securities
U.S. Commercial Service - Japan
9
Toyota Expects to Build Plants
Toyota Motor Corp. is studying its projected 10-year
growth in the U.S. to build plants.
“All I know is compared to today it will be more,” said
Jim Lentz, Executive Vice President of Toyota’s U.S.
sales arms.
Toyota could build as many as five new North
American assembly plants in the next 10 years.
Toyota’s U.S. Sales
• 12.5% increase to $2.54 million
• 5.5% increase to $2.68 million (projected)
• New Tundra and Hybrids will drive the growth
Source: Detroit Free Press, January 17, 2007
U.S. Commercial Service - Japan
10
One of the Largest ODA Contributors
Japan's ODA Spending
$10B
$9B
$9B
$9B
2004
$11B
$13B
2003
$9B
$14B
2002
10
$9B
$12B
2001
$14B
1997
15
1996
billion US$
20
5
2005
2000
1999
1998
1995
0
(CY)
• Ranked as the world’s top ODA provider from 1991 ~ 2000
(net disbursement basis)
• Assisted 185 countries and regions
• Total amount disbursed until 2003: US$221 billion
Source:
Ministry of Foreign Affairs, Japan
U.S. Commercial Service - Japan
11
Cool Nippon
Do You Think This Country’s Products Are “Cool”?
Response By Consumers In Different Cities
80%
70%
Japan
US
Korea
60%
50%
40%
30%
20%
10%
S
U
a
hi
n
B
C
an
ko
k
eo
ul
S
Ta
i
e
S
in
ga
po
r
on
g
K
on
g
H
pe
i
0%
Source: Nikkei
Note: China=Beijin, Shanghai, Guangzhou
Courtesy of: Jesper Koll – Merrill Lynch Japan Securities
U.S. Commercial Service - Japan
12
Declining Population
Population:
2006: 127.7 million (2006)
2030: 117.6 million (2030)
Source: Ministry of Public Management, Home Affairs, Posts and Telecommunications, Japan
Ministry of Health, Labor and Welfare, Japan
U.S. Commercial Service - Japan
13
The Most Aged Society
Japanese Population Composite (%)
80
0~14
60
15~64
% 40
20
65 and
over
18
84
19
20
19
50
19
70
19
90
20
02
20
01
20
05
20
25
20
45
0
Year
(2005 ~Projected)
Total Population
2005: 126 million
2040: 100 million
65 yrs old and over
2005 26.82 million (21%)
2040 35.0 million (35%)
Source: Japan Aging Research Center
U.S. Commercial Service - Japan
14
Consumer Confidence Index
(excluding one-person households, original series)
55.0
50.0
45.0
Co nsumer
co nfidence index
40.0
Overall liveliho o d
35.0
Inco me gro wth
30.0
Emplo yment
25.0
Willingness to buy
durable go o ds
20.0
Source:
2005 Sep
2005 Mar
2004 Sep
2004 Mar
2003 Sep
2003 Mar
2002 Sep
2002 Mar
2001 Sep
2001 Mar
2000 Sep
2000 Mar
15.0
Economic and Social Research Institute, Cabinet Office, Japan
U.S. Commercial Service - Japan
15
U.S. Top Trading Partners
CY2006 Exports (Goods)
CY006 Imports (Goods)
Japan
China
Mexico
Japan
Germany
Mexico
United
Kingdom
United
kingdom
Germany
S Korea
China
S Korea
Canada
Taiwan
Netherlands
Venezuela
Others
Singapore
Canada
Others
France
France
Total U.S. Exports: $1,037.3 billion
Total U.S. Imports: $1,855.4 billion
U.S. Exports to:
Canada: $230.6 billion
Mexico: $134.2 billion
Japan:
$59.6 billion
China:
$55.2 billion
UK:
$45.4 billion
U.S. Imports from:
Canada: $303.4 billion
China:
$287.8 billion
Mexico:
$198.3 billion
Japan:
$148.1 billion
Germany: $89.1 billion
(22.2%)
(12.9%)
(5.8%)
(5.3%)
(4.4%)
(16.4%)
(15.5%)
(10.7%)
(8.0%)
(4.8%)
Source: U.S. Census Bureau
U.S. Commercial Service - Japan
Japan’s Economy
World GDP (CY2005)
Real GDP Growth Rate
U.S.A.
28%
Others
41%
Japan
10 %
China
5%
U.K.
5%
France
5%
Germany
6%
Source: World Bank
•
•
•
-
16
%
4
3
2
1
0
-1
-2
-3
95 996 997 998 999 000 001 002 003 004 005 006
9
1 1 1 1 1 2 2 2 2 2 2 2
Source: Japanese Cabinet Office
World’s 2nd largest economy
2006 GDP: $4,712 billion
Longest boom in postwar period:
60 months ~ (Feb. 2002 ~ current)
57 months
(Nov. 1965 ~ July 1970)
U.S. Commercial Service - Japan
17
Japan’s Top Trading Partners
Japanese Exports (CY2006)
2.4%
UK
Singapore
Germany
Thailand
Hong Kong
Taiwan
S Korea
China
U.S.A.
2.3%
3%
3.2%
3.5%
5.6%
6.8%
7.8%
14.4%
22.5%
0
50
100
150
200
(billion US$)
Total Japanese Exports:
$647.4 billion
Japanese Imports (CY2006)
Thailand
Germany
Taiwan
Indonesia
S Korea
Australia
UAE
Saudi Arabia
U.S.A.
China
2.9%
3.2%
3.5%
4.2%
4.7%
4.8%
5.5%
6.4%
11.8%
20.5%
0
20
40
60
80
100 120 140
(billion US$)
Total Japanese Imports:
$ 577.8 billion
(December 2006 Data - Provisional)
Source: Japan External Trade Organization
U.S. Commercial Service - Japan
U.S. Trade in Goods with Japan
U.S. Exports to Japan
18
U.S. Imports from Japan
70.00
160
60.00
(i n b i l l i o n U S$ )
140
( in
billion
US $)
150
50.00
130
120
110
40.00
100
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
(CY)
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
(CY)
Number of U.S. exporters to Japan (2005): 26,933
Source: U.S. Census Bureau
U.S. Commercial Service - Japan
19
Top 10 U.S. Exports to Japan
CY 2006
Precious Stones, Metals
Plastic
2.8%
2.9%
Organic Chemicals
2.9%
Inorganic Chemicals
2.9%
Vehicles and Parts
2.9%
Cereals
4.9%
Aircraft, Spacecraft and Parts
9.8%
Electrical Machinery
10.5%
11.1%
Optical, Medical, Surgical Instrument
Machinery
13.8%
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
mi l l i on U S $
Source: U.S. Census Bureau
U.S. Commercial Service - Japan
50
40
30
20
10
0
2005 Surplus:
$19.5 billion
Exports Up 17.6%
2005: $41.8 billion
2004: $35.6 billion
Imports Up 14.4%
2005: $22.3 billion
2004: $19.5 billion
19
92
19
9
19 3
94
19
95
19
9
19 6
97
19
9
19 8
99
20
00
20
0
20 1
02
20
03
20
0
20 4
05
billio n US $
CY2005 Service Exports Surplus
$19.5 Billion
20
(CY)
Service Export s f rom U.S. t o Japan
Service Import s f rom Japan t o U.S.
Source: Bureau of Economic Analysis, U.S. Department of Commerce
U.S. Commercial Service - Japan
Major U.S. Service Exports
to Japan
14
Travel
12
Passenger fares
10
Billion US$
21
Freight
8
Port services
6
Royalties and license
fees
Education
4
2
Financial services
0
2000 2001 2002 2003 2004 2005
Business
(CY)
Source: Bureau of Economic Analysis, U.S. Department of Commerce
U.S. Commercial Service - Japan
U.S. Private Services
Trade Balance with Japan
22
25
billio n U S $
20
15
10
5
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
19
97
19
96
19
95
19
94
19
93
19
92
0
(CY )
Source: Bureau of Economic Analysis, U.S. Department of Commerce
U.S. Commercial Service - Japan
Japan's Inward FDI*
23
Cumulative (from end of 1996 through end of 2005)
Cayman Is.
Taiw an 2.1%
Others
2.4%
8.8%
Hong Kong
2.6%
USA
France
Netherlands
Germany
Sw itzerland
3.9%
USA
42.0%
UK
4.5%
Germany
6.3%
Netherlands
11.6%
UK
Switzerland
Canada
Hong Kong
Taiwan
France
12.3%
Cayman Is.
Others
*net international investment position
US leads at 251,676 million US$, followed by France and the Netherlands
at 61,225 million US$ and 57,635 million US$, respectively.
Source: Japan External Trade Organization
U.S. Commercial Service - Japan
24
U.S. Firms in Japan
Foreign Affiliated Firms in Japan
(49% or more equity)
U.S.
45%
1,554
1,451
390
European
42%
83
Other
2%
Asian
11%
(As of December 2005)
1,554 U.S. affiliated firms in Japan
Source: “Foreign Affiliated Companies in Japan 2006” published in May 2006 by Toyo Keizai
U.S. Commercial Service - Japan
25
U.S. Firms in Japan
by Industry
Manufacturing
Non-Manufacturing
Total 381 U.S. firms
Total 1,173 firms
Chemi cal
Sof t ware
Service
21%
14%
10%
Wholesale,
Ot her
Elect ric
33%
Equipment /
80
169
126
5%
19
22
Part s
107
77
Food
118
E l ect r i c
608
E qui p/ P ar t s
57
P har maceut i cal
M achi ner y
6%
15%
102
70
9%
Inf o Service
9%
20%
(As of December 2005)
Ot her
Wholesale,
52%
Machinery
6%
(As of December 2005)
Source: “Foreign Affiliated Companies in Japan 2006” published in May 2006 by Toyo Keizai
U.S. Commercial Service - Japan
Regulatory Reform:
26
Steady and On-track with Significant Progress
•
U.S.-Japan Regulatory Reform Initiative (RRI) established in 2001
as key component of U.S.-Japan Economic Partnership for Growth
•
The 5th RRI report (June 2006) noted 85 points of significant Japanese
progress in the ten areas under discussion: Telecom, IT, Med/Pharm,
Financial Services, Competition Policy, Transparency, Privatization,
Legal Systems Reform, Commercial Law, and Distribution
But there are still some lingering bilateral issues
•
The 5th RRI report underscores the need for continued efforts and
progress in all areas
•
Extreme concern about postal privatization, and triangular mergers
•
U.S. beef imports: a major bilateral issue
•
Some of Japan's acknowledged critical challenges are:
- huge public debt
- low birth rate; rapidly aging population; and projected labor shortages
- income disparities; protracted lack of income growth and weak
consumer spending
- agricultural reform
U.S. Commercial Service - Japan
Major Obstacles Faced by
Foreign Firms in Japan
Source: Invest Japan Department, Japan External Trade Organization
U.S. Commercial Service - Japan
27
Insurance Market in Japan

Japan is the second largest market for
insurance in the world after the United
States.
•
$340 billion in JFY 2005 – direct net
premiums
•
U.S. insurance companies earned over
$40 billion in life and $2 billion in non-life
premium income – a major portion of
revenues outside U.S.
U.S. Share in Life Insurance Market
(premium income)
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
28
Changes in Japan’s Insurance Market
1.
Japan’s financial “Big Bang”: Removal of
“convoy system” (maximum control,
industry protection, administrative guidance,
and before-the-fact adjustment); U.S.-Japan
insurance agreements.
2.
Establishment of Financial Service Agency:
Rules-based regulatory approach, selfresponsibility principle and ex-post checking.
3.
Changes in consumer purchasing trend:
Emerging focus on living-benefit products
vs. death-coverage due to demographic
changes in Japan.
4.
Increasing sales of variable annuities and
third-sector products, led by U.S. insurance
companies.
5.
Partial liberalization of bank sales - fueled
variable annuity market.
6.
Growth of the U.S. share through purchases
of Japanese life insurance companies in the
late 1990s.
Major U.S. Players in Japan
Japanese Fiscal Year
US Companies
Non-US Foreign Companies
Aflac, AIG, Hartford, Prudential
Sources: USTR National Trade Estimate, Life Insurance Association of Japan, Insurance Research Institute,
industry sources
U.S. Commercial Service - Japan
29
Japan’s Environmental Market to Reach
$560 billion by 2010 (METI forecast)
• Current Market: $500 billion
• Outstanding commercial opportunities in:
- Asbestos abatement equipment and services:
40 million tons in older building;
Japan plans removing a million tons/year
- Soil remediation equipment and services
- Industrial wastewater treatment technology
- Renewable energy, including biomass technologies
• US passed the “Superfund Act” in 1980
• Japan enacted a similar act:
“Soil Contamination Countermeasures Law” in 2002
Source: Ministry of Economy Trade and Industry (METI), Japan
Environment Information & Communication Network, Japan
U.S. Commercial Service - Japan
Major Projects in Japan
30
In a horizon that stretches from the spring of 2007 over the next ten years, U.S. companies
will have an opportunity to bid on construction projects with an aggregate value
approximating $5.4 billion and on the supply of goods, equipment, or services in response to
non-construction procurements valued at an aggregate of $18.16 billion. The following
summary highlights this $23.56 billon in aggregate opportunities for U.S. firms.
Project Name
Second Runway Central Japan International Airport
Naha International Airport (expansion)
Kansai International Airport
Tokyo International Airport (Haneda Airport) expansion
Okinawa Institute of Science and Technology
Osaka Station North District
Metropolitan main ring roads construction
Metropolitan Highway Project
The Fish Wholesale Market relocation
e-Japan Project: Biometrics Immigration System
Social Insurance Agency (Pension) IT system
National Police Agency (NPA): Fingerprint systems
Ohma Nuclear Power Station
Higashi Dori No.1 Nuclear Reactor
Tsuruga No. 3 and No.4 Reactors
Approx. Value
$3 billion
NA
NA
$810 million
$75 million
NA
$780 million
$310 million
$430 million
$33 million
$4.2 billion
$3 million
$3.9 billion
$3.3 billion
$6.4 billion
U.S. Commercial Service - Japan
Major Projects – recent news
31
Govt To Seek Competitive Bids On 60% Of Discretionary Contracts
 Employ competitive bidding for some 60% of its discretionary
contracts, or about 2.1 trillion yen (approx. $18 billion)
 To raise the percentage of contested public contracts to about
80% in terms of value
 With plans to fully implement the change in fiscal 2007
For transparency of the process, the government is requiring
ministries to disclose all contracts on their respective Web sites, as
well as provide explanations for retaining discretionary contracts.
-Nikkei News
January 27, 2007
U.S. Commercial Service - Japan
32
World’s 2nd Largest
Medical Device Market
•
•
•
•
•
•
The most important export
destination for American
medical devices
The sector has consistently
enjoyed a sizable
(approximately $4 billion)
trade surplus with Japan
Approximately $5 billion worth
of U.S. medical devices and
supplies are sold in this market
American products have
approximately 60% share of
the total imports
The market for medical
equipment in Japan remains
strong, but
American companies will
continue facing severe
challenges in both pricing and
regulatory matters
World's Medical Device Market in 2004
$ billion
70
60
50
40
70
30
20
18
10
14
6
5
2
0
USA
Japan
Germany
UK
France
Korea
Source: Country Commercial Guide
Market Share of Imported Medical Devices in 2004
United States
Germany
China
Ireland
Others
21%
10%
58%
4%
7%
Source: Ministry of Health, Labor and Welfare
U.S. Commercial Service Japan
World’s 2nd Largest
Pharmaceutical Market
•
•
•
•
•
•
The most important export
destination for American
pharmaceuticals
The value of Japanese
pharmaceutical market is
approximately $60 billion
The market share of American
companies is estimated to be
15-20%
Of the 99 leading global
medicines, only 60 are available in
Japan
GOJ intends to accelerate the drug
approval process and to offer
incentives to develop innovative
drugs
Japanese market is increasingly
promising for innovative
pharmaceuticals, although
American companies will continue
facing severe challenges in both
pricing and regulatory matters
33
Leading Pharma Markets in 2005
$ billion
200
150
100
182.7
50
60.3
26.7
22.4
15
14.5
0
USA
Japan
Germany
France
UK
Italy
Source: IMH Health
Availability of global 100 top-selling drugs in Japan in 2004
31% still not available in Japan
9
16
22
Launched within 2 years after
global launch
Lacunched with delay of more
than 2 years
Still under development or
registration
53
Not under development
Average 5.2
years of delay
Source:PhRMA
U.S. Commercial Service - Japan
34
U.S. Machine Tools Forge Ahead of
Swiss Products, Reclaiming Lost Ground
200
180
160
140
120
100
80
60
40
20
0
U.S. exports jump
61% from $88
million in 2005 to
$142 million in
2006.
(million $)
2004
2005
2006
USA
Germany
Switzerland
Source: Ministry of Finance, Japan
U.S. Commercial Service - Japan
Strong Exports of U.S. Aircraft and
Aerospace Components
Overwhelming U.S. presence
attests to long-term partnerships
(in million $)
2003
2004
2005
2006
Total
Imports
7,637
8,618
9,652
1%
13%
12%
6,696
7,416
8,226
1%
11%
11%
7,573
(% CHG)
USA:
6,629
(% CHG)
U.S.
Market
Share:
88%
35
88%
86%
85%
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
Imports
USA
$million
'03 '04 '05 '06
Source: The Society of Japanese Aerospace Companies (SJAC), Ministry of Finance, Japan
U.S. Commercial Service - Japan
Boeing Country
• 80% civil aircraft orders
for the past 10 years went
to Boeing.
36
3,500
3,000
2,500
• ANA & JAL, first customers
for Boeing 787s. 50 and
30 each beginning in 2008
(approx. $9.6 billion in
total).
• Boeing forecasts Japanese
demand at 1,176 aircraft
(approx. $147 billion) for
the next 20 years.
2,000
USA
EU
ASEAN
$million
1,500
1,000
500
0
Airframes
Egn Parts
Airframes ($3,459 mil): USA, 90%; EU, 3%
Afrm Parts ($1,427 mil): USA, 82%, EU, 13%
Engines ($1,201 mil):
USA, 92%; EU, 5%
Egn Parts ($1,964 mil):
USA, 90%; EU, 9%
Source: The Society of Japanese Aerospace
Companies (SJAC), 2005
Source: Boeing Japan
U.S. Commercial Service - Japan
Biotechnology
(Million US$)
37
Total Market Size
17,500
(+3.0%)
17,000
(+3.1%)
16,500
16,000
15,500
2004
Source: Nikkei Bio Nenkan 2007
2005
2006
(estimated)
Key Market Segments in Japan
•Pharmaceuticals (antibody therapeutics) and Diagnostics
•Functional Food
•Agriculture
•Bio-informatics
•Equipment for Biotech Research (DNA chips; reagents, etc.)
U.S. Commercial Service - Japan
38
Opportunity in Japan
Event: USA Pavilion at BioJapan 2007
Dates: September 19-21, 2007
Venue: Pacifico Yokohama (Kanagawa)
http://expo.nikkeibp.co.jp/biojapan/eng/
CS Contact:
Tamami Honda, Commercial Specialist
U.S. Embassy, Tokyo
Phone: 81-3-3224-5876
Fax: 81-3-3589-4235
E-mail: [email protected]
U.S. Commercial Service - Japan
U.S. Chemical Business in Japan
• U.S. chemical exports to Japan
recovering
 USD 5.3 billion in 2006
39
• Sales of Japan-based U.S.
firms show underlying strength
 USD 1.5 billion in 2005
2,500
120000
100000
2,000
80000
1,500
Value in million yen 60000
Value in USD million
1,000
40000
20000
500
Dupont Japan
0
2002
0
1997 1998
1999 2000
2001
2002
Year
2003
Plastics and Rubber (HS 39-40)
Organic Chemicals (HS 28)
Inorganic Chemicals (HS 28)
2004
Inorganic Chemicals (HS 28)
Organic Chemicals (HS 28)
Plastics and Rubber (HS 39-40)
2005
2006
2003
Year
Dow Chemical Japan
2004
2005
Dow Chemical Japan
Dupont Japan
Source: Dow Chemical Japan, Dupont Japan
Source: Japan Tariff Association
U.S. Commercial Service Japan
Education: International Students
in the United States
40
Total International Students in USA
700,000
650,000
Contribution of
international
students to
US economy:
# of students
600,000
550,000
500,000
450,000
$13.5 billion or
$24K per student
400,000
350,000
04/05
03/04
02/03
01/02
00/01
99/00
98/99
97/98
96/97
95/96
94/95
300,000
(Source: Institute of International Education http://opendoors.iienetwork.org)
U.S. University Fair (IIE Fair in Japan ) for regionally-accredited U.S. colleges and universities:
2006 Fairs
Tokyo:
76 schools
1,328 visitors
Nagoya:
32 schools
308 visitors
2007 Fairs
October 21
October 20
For details and on-line registration: http://www.iiehongkong.org/fair/ufair/index.htm
U.S. Commercial Service - Japan
Education: Japanese Higher Education
Abroad
International students in USA
Top 7 sending countries
90,000
80,000
70,000
Japan
60,000
India
China
50,000
Korea
40,000
Canada
30,000
Taiw an
Mexico
20,000
2005/06 Total
Int’l students
1
India
2
China
3
Korea
4
Japan
5
Canada
6
Taiwan
7
Mexico
564,766
76,503
62,582
58,847
38,712
28,202
27,876
13,931
41
= 100%
13.5%
11.1
10.4
6.9
5.0
4.9
2.5
Japanese students
destinations
30000
25000
USA
20000
15000
A ust ralia
10000
Canada
5000
10,000
0
Source: Institute of International Education (http://opendoors.iienetwork.org)
20
03
20
04
20
05
/06
04
/05
20
04
/04
20
03
/03
20
02
/02
20
01
/01
20
00
/00
20
99
/99
19
98
/98
19
97
/97
19
96
/96
19
95
19
19
94
/95
0
year
(Source: Diplomatic Missions in Japan)
Note: US – F-visa, Australia-new enrollments on student
visa, Canada-study permits for college/university/ESL
(no permit required if duration is 6 mos or shorter)
U.S. Commercial Service - Japan
Education: American Students at Japanese
Universities
Ye ar
US
S tude nts
i n Japan
1995/96
1996/97
1997/98
1998/99
1999/00
2000/01
2,010
2,018
2,285
2,485
2,679
2,618
Yearly
Change
(%)
0.40
13.23
8.75
7.81
Ye ar
US
S tude nts
i n Japan
2001/02
2002/03
2003/04
2004/05
2005/06
3,168
3,457
3,707
4,101
n.a.
42
Yearly
Change
(%)
21.01
9.12
7.23
10.63
-2.28
1995/96-2004/05 +104.0%
Source: Institute of International Education, Open Doors (http://opendoors.iienetwork.org)
U.S. Commercial Service - Japan
Japanese Outbound Travel
43
20,000
17,819
17,535
18,000
(+0.8%)
16,000
Number (in Thousand)
14,000
12,000
10,000
8,000
5,368
6,000
3,672
4,000
(-5.4%)
2,000
Japanese travels to the U.S.
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
0
(C Y)
Japanese travel abroad
Source: Office of Travel and Tourism Industries, U.S. Department of Commerce
Japan National Tourist Organization
U.S. Commercial Service - Japan
Japanese Travel to the U.S.
6,000
Japanese
t ravel t o
t he U.S.
5,368
Japanese
t ravel t o
Hawaii
5,000
Number of Travelers
(in Thousands)
44
4,000
3,672 (-5.4%)
3,000
2,217
2,000
1,374 (-9%)
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1,000
(CY)
Source: Office of Travel and Tourism Industries, U.S. Department of Commerce
State of Hawaii
U.S. Commercial Service - Japan
Japan & U.S. Outbound Travel
6,000
Japanese
travels to the
U.S.
5,368
5,000
Number of Travellers
(in Thousand)
45
US residents
travel to Japan
4,000
3,672
(-5.4%)
3,000
2,000
1,287
1,497
(+40%)
1,000
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
0
(CY)
Source: Office of Travel and Tourism Industries, U.S. Department of Commerce
U.S. Commercial Service - Japan
U.S. – Japan Telecommunications Equipment
Mutual Recognition Agreement (MRA)
Signed on Feb. 16, 2007
46
Scope: Telecommunications terminal equipment and radio equipment subject to certification in
Japan regardless of location of the supplier or country of origin of the equipment
Telecom MRA will lower costs and speed up the marketing in Japan of
innovative U.S. telecom products, which is the fifth largest export market
for the U.S.
U.S. Export
Country
2005
U.S. Import
2006
Country
Actual (billion USD)
2005
2006
Actual (billion USD)
Mexico
1.672
2.139
China
14.056
17.848
Canada
1.683
1.596
Mexico
5.507
6.518
Netherlands
1.793
1.480
Korea
6.377
5.691
United Kingdom
0.838
0.936
Malaysia
4.485
4.165
1.035
0.833
Canada
2.290
2.445
China
0.703
0.825
Taiwan
1.311
2.413
Germany
0.522
0.583
Japan
1.574
1.398
Hong Kong
0.442
0.564
Thailand
1.889
1.390
Venezuela
0.289
0.479
Singapore
0.54
0.622
Australia
0.437
0.442
Sweden
1.164
0.563
Japan
Source: U.S. Department of Commerce, U.S. International Trade Commission
U.S. Commercial Service - Japan
Software Market in Japan
Software Market in Japan
Includes customized software, packaged software,
game software, data services, etc.
(Billion US$)
180
US$ 173
175
Market Growth:
•Strong at 4% and projected to reach
US$173 billion by 2010
•The amount of imported software was US$3.2 billion in 2005.
Within imported software, the share of U.S. products is
90.3% and the amount has reached US$2.9 billion
Market Trends:
•Enactment of Japanese SOX (Sarbanes‐Oxley act)
•Growing corporate IT-related budgets
*46% of Japanese firms will increase IT
spending
*34.5% will increase their spending by more
than 20%
170
165
160
155
150
47
US$ 147
Percentage of Software sales in Japan
145
Others 2%
140
Data Services
135
8%
Game Software
130
2005
2010
(Source: MIC Research Institute and
Japan Information Technology Services Industry Association)
Security Software Market:
•Rising awareness of the importance of IT
security and related software
•Tremendous growth at 21.9%
•Current market size is $1.2 billion
•Projected to reach $2 billion by 2010 at 11.2% growth
Packaged
Software
8%
8%
Customized Software
74%
(Source: METI/ Ministry of Economy, Trade and Industry)
U.S. Commercial Service - Japan
48
Electronic Devices Market in Japan
(million US$)
80000
70000
Total Local Production
60000
50000
40000
•U.S. plays a leading role in the
Japanese semiconductor industry.
•Market share of U.S. electronic
devices in Japan has grown to 26%
and reached US$ 5.4 billion in 2005,
compared to 17% and $1.7 billion
in 1995.
•Total amount of imported electronic
devices is US$23 billion.
Total Export
30000
20000
Total Import
10000
0
2000 2001 2002 2003 2004 2005 2006 2007
Source: JEITA/ Japan Electronics and Information,
Technology Industries Association
•Demand for electronic devices in
wireless applications, such as
WiMAX, UWB/Wireless USB, WiFi
and ZigBee is growing rapidly.
•WiMAX, in particular, is projected
to reach US$827 million by 2010
from less than US$1 million in 2006.
U.S. Commercial Service - Japan
Japan Market – Safety & Security
49
Current Status
Future Prospect
Chart 1
Chart 2
Number of Home Security Service Contracts
(two major security service companies)
Market Size of Security Equipment
2003
10.41
2004
10.89
2005
year
SECOM
500
400
300
200
100
0
ALSOC
07
2002
10.98
03
2001
10.16
99
2000
9.13
95
9.18
91
12
10
8
6
4
2
0
Unit:1000
billion US $
The market size of the Japanese
security industry has been increasing
over the years. The overall market
(Chart 1) includes the sales and
installation of security equipment and
security services, such as guards. The
total sales figures do not show a sharp
increase as unit prices in general have
decreased over the past few years due
to stronger competition in the market.
In security service contracts, there has
been a tremendous increase (Chart 2).
According to the National Police Agency
the total sales of security service alone
amounts to US $27 billion.
year
$1=110.11 (ex.rate as of 2005)
Source: Japan Security Systems Association
Source: Mainichi Economist
According to a May 2006 Fuji Keizai survey, trends in the security industry are:
• A projected market size of US $ 4.8 billion for security equipment by 2008 - a 34% increase since 2005.
• Emerging new sub-sectors demonstrating drastic growth:
*School security
US$ 57 million (350% increase since 2005)
*Town security
18 million (125% increase since 2005)
**Regional safety
22 million (5% increase since 2005 )
(*Emergency alert system; ** Mass notification system)
2008 Projection for sub-markets by equipment type:
Image/monitoring market
US$
2005) Sensor
Home security (equip.& service)
Access control
Residential security service
1.2 billion (35% up from
1.36 billion (71%up)
755 million (17%up)
920 million (11%up)
464 million (19%up)
Sub-sectors expected to grow and
2008 projections:
Home Security
Unit US$
78.6 million
(50% up from 2005)
Home Security Service
School Commuting Service
Community Security Service
Biometrics by Vein
on-Vehicle DVR
418 million (20%up)
25.6 million (160%up)
4.3 million (600%up)
132 million (300%up)
38 million (200%up)
U.S. Commercial Service - Japan
Japan Market – Safety & Security
Chart 3
Chart 4
Recent market growth is attributed to
increased public concern for security:
• New types of crime such as credit
card and e-mail scams, and identity
theft.
2,500
2,000
1,500
• Fear of terrorist attacks is pervasive
(Chart 5) while Mass Transportation
Authorities respond by installing more
cameras (Chart 6).
-Safety and security has
become an important factor in
selecting products or services;
-Central and local
governments are making full
efforts towards a safer society
in response to public concerns.
Kidnapping, killing of a girl in
Nara Prefecture
2
1.5
Sharp rise in
break-ins by lock
picking
Ikeda Elementary
School slayings
1
Setagaya family
slayings
1,000
0.5
500
0
-
There is a direct relation between
major crimes and the number of
security cameras installed (Chart 4).
Terror related
2.5
3,000
billion US $
• Sky-rocketing crime rate including
burglaries, arson, and child murders
(Chart 3).
Case: 1000
Crime related
Recent Major Crimes and Security Camera Shipment
Crime Rate
75
80
85
90
95
00
95
04
00
04
year
$1=108.15 (ex.rate as of 2004)
Source: Asahi News Paper(June 8th, 2006)
year
Source: National Police Agency
Chart 6
Chart 5
Places Where Citizens Think Terrorism Might Happen
68.5%
Subway
Office Area
Bullet Train
Airplane
Downtown
US Facilities
Railroad
Large Event Halls
Power Plants
Bus
59.5%
53.6%
Security Cameras at Train Stations
Unit:1000
Market Growth
50
35
30
25
43.4%
42.0%
31.3%
-
25.7%
Mar, 2004
16.5%
40
20
10
5
34.4%
20
30
20
15
35.3%
0
27
60
80
July, 2005
Feb, 2006
month, year
Source: Ministry of Land, Infrastructure and Transport
Source: Nihon Keizai Shimbun, Research conducted by Macromill(July 18th, 2005)
U.S. Commercial Service - Japan
51
Japan’s Food Service Market: Opportunities Remain
for Innovative Themes and Superior Know-How
Market Data
Sales Gro wt h
Total Sales
Res taurants etc.
Alt food s olution
Locations (000s)
Employees (000s)
$270.6 bil
220.5
50.1
737.5
4,050.3
Grow th of Location Numbers
%
%
112
114
T ot al
110
112
108
110
106
108
104
106
r est.
300.0
102
104
r est aur ant s
250.0
100
102
98
100
96
98
Market Composition
Bils of Dollars
Prepared Food Solution
200.0
150.0
Food Service Subtotal
203.2
211.8
226.3
41.3
45.3
49.2
50.1
2002
2003
2004
2005
220.5
100.0
50.0
0.0
250.0
Billions of Dollars
200.0
224.4
151.7
100.0
149.5
101.5
50.0
106.0
0.0
Food service
Department,
GMC
Automobile,
bicycle
Family
restaurants
F a mi l y r e s t a u r a n t s
P ubs and t r adi t i onal Jpn
Pubs and
traditional
Jpn rest.
Ful l t abl e ser vi ce
Full table
service
restaurants
C af es, cof f ee shops
Ot her s
Cafes, coffee
shops
2001
2002
2003
2004
2005
Others
Market Trends
"Dinning-out" Market - Still Large
150.0
Fast food
restaurants
Fast f ood r est aur ant s
2001 2002 2003 2004 2005
Total
Clothing,
accessories
Furniture,
houseware,
etc.
Food service viewed as time-saving and a leisure activity
 Demand for value-added service and unique concepts
 Consolidation and diversification
 Orientation toward healthy and safe food
Best Prospects
 Fast casual
 Alternate meal solutions (deli, takeout, etc)
Source: Food Service Industry Research Center
U.S. Commercial Service - Japan
Opportunities in Japan's Cosmetics Market
52
U.S. As the 2nd Largest Exporter- 2006
Cosmetics Market in Japan
18,000
(In Million Dollars)
Total
12,996
14,234 15,339
13,200
16,000
573
488
14,000
3.90%
12,000
958
517
1,264
3.98%
7.26%
8.88%
709
761
4.63%
4.78%
1,482
1,485
9.66%
9.33%
8,000
11,753
11,454
12,396
13,147
13,673
88.13%
87.09%
85.71%
85.89%
4,000
2,000
0
2002
2003
2004
2005
Italy
5.5%
Total
Export
Import
Shipment
China
9.0%
Domestic Shipment by Product Category-2005
Fragrance
0.4%
Make-up
25.1%
Skin care
43.8%
Hair care
27.0%
France
33.4%
Germany
3.9%
2006 Top 2 Import Country by Item
Item
Special
purpose
3.8%
Belgium
0.9%
Switzerland
1.2%
1,025
89.04%
2001
United Staes
21.9%
$312 million
Others
19.6%
Taiwan
1.0%
7.89%
10,000
6,000
4.03%
UK
3.6%
15,918
Perfm & toilet water
Lip-make-up prep
Eye-make-up prep
Manicure or pedic
Toilet powders
Beauty/make-up
Foundation cream
Creams liquid form
Beauty/make-up
Beauty/make-up
Shampoos
Prep for perms
Hair lacquers
Perfumed hair oil
Prep for use (others)
Pre-/after-shave
Deodrants/antipersp
Perf bath salts etc
Depilatories etc. *1
Depilatories etc. *2
Total
Total Import
242,178
91,151
105,964
30,637
14,656
42,500
44,217
55,458
167,512
248,735
77,678
6
1,439
10,254
119,227
6,602
7,030
24,820
3,777
128,205
1,422,044
(Millions of Dollars)
Top 2 Countries & Share
Gold
Share
Silver
Share
France
57.4%
U.S.A.
10.5%
France
48.2%
China
17.8%
France
48.5%
U.S.A.
17.2%
U.S.A.
33.8%
France
24.5%
France
46.1%
U.S.A.
19.8%
France
45.3%
China
13.8%
France
49.6%
U.S.A.
23.4%
U.S.A.
40.1%
France
27.8%
France
32.0%
U.S.A.
30.2%
France
40.3%
U.S.A.
25.7%
U.S.A.
0.0%
China
3.4%
France
100.0%
U.S.A.
44.8% Germany
4.4%
China
25.0% Germany
15.2%
U.S.A.
15.8%
China
11.0%
U.S.A.
16.2%
U.K.
15.6%
U.S.A.
16.7% Germany
13.0%
China
42.6%
France
17.4%
Germany
63.7%
France
19.2%
U.S.A.
41.3%
China
35.0%
-----
Source: Shukan Shogyo Co., Ltd., Fuji Keizai Co., Ltd, Cosmetics Importers Association of Japan
Notes:
*1: Depilatories and other perfumery, cosmetic or toilet preparations (with a basis of oil, fat or wax)
*2: Depilatories and other perfumery, cosmetic or toilet preparations, n.e.s.
U.S. Commercial Service - Japan
53
Growth of 2x4 Housing Starts in Japan
Annual (1997 – 2006)
(105,390 units)
100,000
90,000
80,000
70,000
60,000
50,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Houses based on North American 2x4 construction methods were first
introduced into Japan in 1974. Over the past 10 years, 2x4 housing
starts have shown significant growth and exceeded 100,000 units for
the first time in 2006. Exports of U.S. building construction materials to
Japan have supported this growth, exceeding USD $1 billion in 2005.
U.S. Commercial Service - Japan
54
Jewelry Market
Source: Retail market size – Yano Research Institute;
Brand retail sales – Japan Precious magazine;
US imports – Japan Tariff Association
$300
$200
$100
2006
2005
2004
2003
2002
2001
2000
1999
1998
$0
1997
•
$400
1996
•
$500
1995
•
Precious Metal Jewelry Imports
(in Millions)
•
Jewelry retail market was
$11.3 billion in 2005.
Japan is the 2nd largest
overall jewelry retail market
after the United States.
1/3 of retail sales are brand
jewelry.
Import brand Jewelry share:
• 1995 7.9% ($1.7 bill)
• 2004 21.4% ($2.4 bill)
US is the top supplier of
precious metal jewelry with a
24.3% share in 2006.
– 1995 12.5% ($137 mill)
– 2005 21.7% ($320 mill)
– 2006 24.3% ($385 mill)
Import Value
•
USA
FRANCE
ITALY
HG KONG
THAILND
SWITZLD
CHINA
SPAIN
Year
Top imports of Gold, Platinum, and Silver Jewelry in 2005:
Gold
Platinum
Silver
Country Share % Country Share % Country Share %
1 FRANCE
26.2 USA
51.01 USA
32.68
2 ITALY
26.13 FRANCE
19.18 ITALY
16.4
3 SWITZLD
9.1 HG KONG
6.73 THAILND
14.72
4 HG KONG
7.86 SWITZLD
5.92 CHINA
7.19
5 THAILND
6.25 ITALY
4.65 FRANCE
7.88
6 USA
5.37
(Source: Japan Tariff Association)
U.S. Commercial Service - Japan
Six Commercial Offices in Japan --
well-positioned to assist American exporters
•
Over 40 professional staff
and industry specialists in
six locations
•
From FY 2005 until present
[30 months] the
Commercial Service in
Japan has:
Sapporo
- logged 3,700 consulting
sessions with 2,300 clients
- provided successful
regulatory, policy, and bid
advocacy on behalf of U.S.
trade and investment
interests
- and facilitated over 800
transactions worth $230
million for American firms
from 42 states
Tokyo
Fukuoka
Naha
Osaka
Nagoya
U.S. Commercial Service - Japan
55
56
How the Commercial Service in Japan
can help U.S. Companies
•
•
•
•
•
•
•
•
•
•
Market Research & Due Diligence
Product Launches & Distribution Strategy
Partner Match Making
Trade Events
Trade Policy Advice
Web Postings
Government Procurement Advocacy
Industry Expertise/Business Counseling
Intellectual Property Protection Advice
Market Access Issues
U.S. Commercial Service - Japan
Osaka-Kansai, Shikoku
and Surrounding Prefectures
•
•
•
•
•
•
GDP $980 billion, larger than Brazil,
Korea, India, Mexico, Russia, or
Australia
9-prefecture Kansai region is Japan's
2nd largest industrial, financial, and
commercial area
Also the 2nd largest population
center with over 24 million people
Home to firms like Panasonic,
Nintendo, Kyocera, and some of the
world's largest banks
U.S. exports to the region up about
15% over 2005
Much expansion and production
abroad with over 5,600 firms having
overseas subsidiaries
57
Commercial Service Osaka covers
14 prefectures:
Osaka, Hyogo, Kyoto, Shiga, Nara,
Wakayama, Tokushima, Kagawa,
Ehime, Kochi, Hiroshima, Shimane,
Tottori and Okayama.
U.S. Commercial Service Japan
Nagoya-Chubu
•
•
•
•
•
•
•
•
•
At over 8.7 million people, Japan's
third largest metropolis
Nagoya (population 2.2 million) is
Japan's fourth largest city
GDP $770 billion, over 25% of Japan's
GDP - about the size of Brazil, Korea,
India, Mexico, Russia, or Australia
18% of GDP: has ranked number one
in shipments from Japan for 28
consecutive years
Manufacturing heartland; center for
aerospace, automotive, ceramics, and
machine tool industries
Massive plant expansion and new
investment
MHI, FHI, KHI key players in Boeing
787 Dream-liner production
Toyota recently moved 3000
international sales staff from Tokyo
to Nagoya
Projected to soon exceed Kansai in
industrial production
58
The Commercial Service
Nagoya covers 9 prefectures:
Aichi, Gifu, Mie, Shizuoka,
Yamanashi, Nagano, Toyama,
Ishikawa, and Fukui
U.S. Commercial Service Japan
Fukuoka-Kyushu and Yamaguchi
•
•
•
•
•
•
•
•
•
•
Fukuoka City – population 1.3 million,
economic, educational and cultural center
of Kyushu
Traditionally known as the "Gateway to
Asia"
$410 billion economy; 10% of Japan's
GDP
Japan's fourth largest economic center;
greater GDP than Switzerland, Belgium,
or Sweden
"Silicon Island" with 30% of Japanese
semiconductor production
Japan's most advanced automotive
production; 10% of national output
"Solar Island" as focus of Japanese solar
cell activity
Numerous R&D facilities in biotech,
nuclear fusion, robotics, ceramics, highspeed ocean transport
Southern Kyushu hosts Japan's two space
launch centers at Uchinoura and
Tanegashima
Two key U.S. military facilities: Sasebo
Navy base in Nagasaki, and the Marine
Corps Air Station in Iwakuni
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The Commercial Service Fukuoka
covers 7 Kyushu prefectures:
Fukuoka, Oita, Saga, Nagasaki,
Kumamoto, Miyazaki, Kagoshima,
and Yamaguchi prefecture
U.S. Commercial Service Japan
Sapporo-Hokkaido and Tohoku
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Population 5.7 million
GDP $ 383 billion; about same size as
Belgium, Switzerland, or Sweden
Toyota and components firms
expanding high-tech production in
Hokkaido
Booming domestic and international
tourism; 5.5 million tourists in 1988:
now about 19 million tourists
Strong resort investment and tourism
from Taiwan and Korea
The 90-minute intercity flight between
Tokyo and Sapporo is one of the world’s
busiest domestic route in terms of
capacity, with more than 9 million
annual passengers. Sapporo has 123
fights daily to 18 cities outside of
Hokkaido, and 48 flights to and from
Tokyo
Growing ties with the Russian Far East
and Sakhalin Island
Tohoku regional trade with China has
increased 300% since 2001
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Commercial Service
Sapporo covers:
Aomori, Miyagi, Iwate
and Akita
U.S. Commercial Service Japan
61
Naha, Okinawa Prefecture
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GDP $31 billion; population 1.37
million
Busy tourism destination with a record
5.64 million tourists in 2006
Active construction sector:
opportunities for American know-how
Okinawa Institute of Science &
Technology Project
A front-runner as a gaming industry
destination?
Software development and call centers
growing: employ 9,000 at 37 centers,
and 2,000 at 73 IT firms
25,000 American marines and airforce
based on Okinawa; provide security to
the region; U.S. bases are Okinawa's
2nd largest employer, contributing $3
billion annually to the economy
U.S. Commercial Service Japan
Top Ten Tips to
Successfully Marketing in Japan
62
To Maximize your potential in the market, adhere to these Top Ten Tips.
•
Recognize the strategic importance of Japan, and be willing to invest the
necessary resources to capture some of the market
•
Plan, prepare and execute an effective, long term strategy
•
Investing in professionally translated marketing material is with every
"yen."
•
Visit Japan Often.....Personal contact remains key even in the age of
Webinars
•
Get "on the ground" advice from professionals already engaged in the
market.
•
Dedicate a "Japan Champion" in the home office. (Compassion more
important that language ability.)
•
Take time to structure the deal and remember due diligence, including IPR
protection
•
Networking is key. Use contacts, including CS/Japan to help you meet
prospective partners/customers.
•
Cut-throat competition is a way of life in Japan. Listen to you clients for
greater success here and internationally
•
Your Agent is only as good as you are to your Agent. It's a partnership.
Help them help you.
U.S. Commercial Service - Japan
Useful Links
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Web Japan (Information on Japan)
http://web-japan.org
U.S. Embassy Tokyo, Japan
http://japan.usembassy.gov
Japan External Trade Organization (JETRO)
http://www.jetro.go.jp
Japan Statistics Bureau & Statistics Center
http://www.stat.go.jp/english
American Chamber of Commerce in Japan (ACCJ)
http://www.accj.or.jp
American State Offices Association (ASOA)
http://www.asoajapan.org
Japan Federation of Economic Organizations (Keidanren)
http://www.keidanren.or.jp
Japanese Chamber of Commerce and Industry
http://www.jcci.or.jp/home-e.html
Trade Fair in Japan (by JETRO)
http://www.jetro.go.jp/en/matching/j-messe
The Japan Times
http://www.japantimes.co.jp
U.S. Commercial Service - Japan
64
U.S. Commercial Service Japan
Website:
http://www.buyusa.gov/japan/en
Email:
[email protected]
U.S. Commercial Service - Japan
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