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Technology will address Japan's demographic decline

Wednesday, August 28, 2019

Subject

Japan's Society 5.0 initiative.

Significance

Japan’s Society 5.0 initiative is probably the world's first comprehensive national initiative to use advanced technology to combat the threats posed by demographic decline. Critics dismiss it as populist and theoretically unfounded, but the concept has come to permeate the government and business establishment.

Impacts

  • Society 5.0 will create new market opportunities for foreign companies, especially in the ICT sector.
  • Smart social services, especially healthcare and autonomous vehicles, could emerge as leading sectors of Japan’s economy within a decade.
  • Some Japanese companies will likely establish themselves among the global leaders in ‘social innovation business’ and smart cities.
  • Japan’s experience will provide lessons for other countries facing similar demographic challenges in the near future.
  • Japan will play a key role in setting international technological standards in ‘smart social services’.
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