We Are Tomodachi Winter 2016

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28participation in negotiations for the Trans-Pacific Partnership (TPP) Agreement. And despite the persistent impression that office rents are extremely high in Japan, they have become more affordable in relative terms, and Japan’s competitiveness within Asia has increased. To publicize these changes, JETRO has been holding more than 100 invest-in-Japan seminars annually in countries around the world.“Foreign businesses are realizing that the perception of Japan as a low-growth, high-cost, insular economy no longer fits, and they have already begun to change their behavior accordingly,” says Nakajo. A growing number of companies are expanding their operations in Japan or are newly entering the Japanese market, and the outstanding amount of inbound direct investment is steadily rising. Now we are seeing a growth trend in the business model where foreign companies that have teamed up with Japanese universities and companies in R&D and manufacturing then deploy the resulting products on a global scale. The Japanese market, which consists of sophisticated consumers with exacting standards in both the business-to-business and business-to-consumer fields, is drawing attention as an excellent place to test new products. In such areas as cosmetics, products researched and commercialized in Japan are then being marketed elsewhere in Asia. In this way, Japan is functioning as a platform for broadcasting trends to the wider world.“JETRO is ready to support foreign companies in every respect, such as by providing investment information and office space free of charge for up to 50 working days,” emphasizes Nakajo. “We want foreign companies to take advantage of our support to create new businesses in Japan, with its enormous market and attractive investment environment.”“Thanks to Abenomics, the current administration’s economic policies, Japan’s economy has escaped the doldrums, and the investment environment has completely changed,” says Kazuya Nakajo, director-general of the Invest Japan Department of the Japan External Trade Organization (JETRO). “The government has established the policy objective of making Japan the most business-friendly nation in the world, and it is promoting measures to attract investments with an unprecedented level of commitment.”Over the past few years the Japanese government has taken steps in rapid succession to improve the investment environment. These include regulatory reforms—such as liberalizing the retail sale of electricity and shortening the evaluation period for new pharmaceuticals—along with the reduction of the effective corporate tax rate to the 20% level and active Time to Invest in JapanAbenomics in ProgressJETRO official websitewww.investjapan.org29.97%FY 2016 (scheduled)32.11%FY 201512Hong KongSingaporeSeoulShanghaiTaipei1567651Ofce rents (monthly price per m2, in USD)51Tokyo253524.435201020152020targettrillion yenby 20202015. The Japanese government set a goal of JPY 35 trillion (USD 337 billion) in 2020.1. Japan’s effective corporate tax rate fell below 30% in April 2016 and is scheduled to be reduced further. 2. Office rents are lower in Tokyo than in such other major Asian cities as Hong Kong and Singapore. (Source: JETRO, 26th Survey of Investment Related Costs in Asia and Oceania, June 2016.) 3. Total inbound direct investment has increased at a good rate and reached JPY 24.4 trillion (USD 235 billion) in 132Reduction of the effective corporate tax rateTotal inbound direct investment is estimated to be JPY 35 trillion (USD 337 billion).Japan’s competitive office costs

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