JETRO Invest Japan Report 2023
Chapter2. Trends in Inward FDI in Japan Section 6. Long-Term Trends in Greenfield Investment Projects in Japan
Looking at the trends in greenfield investment in Japan (announced basis) over the long term, it shows that semiconductor-related projects have been driving the overall trend in recent years (Chart 2-18).
(3-year moving average of investment value, on an announced basis)
![According to the fD-i Markets survey, looking at the trends in the top five industries of greenfield investment in Japan, over the long term, semiconductor-related projects have been a major driver in recent years. The top five industries are semiconductors, communications, real estate, renewable energy, and financial services. Following all values are preceded by [approximately]. Using the 3-years moving average of investment value, the total amount for all industries was 15 billion dollars in 2023, 2.6 times the amount in 2005. The following is the trends in greenfield investment in Japan for each of the five industries. In renewable energy, the value has steadily increased, from 130 million dollars in 2012 to 3.2 billion dollars in 2017, but has continued to decline since 2018, reaching 770 million dollars in 2023. In real estate, the value increased, up and down, to a peak of 1.76 billion in 2016, but then declining up and down, to 600 million dollars level in 2021 and 2022, and 800 million dollars in 2023. In financial services, the value continued to decline slowly from the 800 million level in 2007-2009, to the 300 million dollars level in 2014-2019, to the 200 million dollars level in 2020-2021, and to 330 million in 2023. In communications, from 2014 to 2019, the value moved in the level of 600 million dollars to 700 million dollars, but in 2021 it began to increase to 1.14 billion dollars, reaching a peak of 1.36 billion dollars in 2023. In semiconductors, on the other hand, the value decreased from 3.12 billion dollars in 2006 to 860 million dollars in 2012, with large ups and downs. It then increased, returning to 2.7 billion in 2015, but continued to decline again, dropping to 19 million dollars in 2018. Then it suddenly showed a rapid increase from 87 million dollars in 2020, to 5 billion dollars in 2021, and further doubled to 9.78 billion in 2023. This is more than 100 times the amount in 2020, and three times the previous highest amount in 2006. This suggests that semiconductor-related projects have been a major driver of overall greenfield investment in Japan in recent years.](/ext_images/en/invest/img/investment_environment/ijre/report2023/ch2/2-18.png)
Note: For 2023, data through August announcements is shown.
Source: "fDi Markets" (Financial Times)
Looking at inward FDI projects announced since 2003 in order of scale, the top investments are in semiconductors, which is particularly concentrated in recent years (Chart 2-19). In addition, as for the trends in greenfield projects in major detailed sectors other than semiconductors, we can see that the accommodation industry has stagnated due to the spread of Covid-19. On the other hand, data processing, hosting & related services, including data centers, have seen rapid growth in recent years, which can be inferred to be affected by the emergence of geopolitical risks (Chart 2-20).
| Detailed Industry | Company | Country/Region | Date of Announcement |
|---|---|---|---|
| Semiconductors & other electronic components | Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) | Taiwan | Jul 2021 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) | Taiwan | Jul 2023 | |
| Micron Technology | U.S. | Oct 2021 | |
| SanDisk | U.S. | Aug 2013 | |
| Micron Technology | U.S. | May 2023 | |
| Powerchip Semiconductor Manufacturing Corporation (PSMC) | Taiwan | Jul 2023 | |
| Skyworks Solutions | U.S. | Aug 2015 | |
| SanDisk | U.S. | Apr 2006 | |
| SanDisk | U.S. | Dec 2003 | |
| Entegris | U.S. | Feb 2004 | |
| Cabot Microelectronics | U.S. | Jul 2004 | |
| Advanced Semiconductor Engineering (ASE) | Taiwan | Aug 2008 | |
| Intel | U.S. | Nov 2010 | |
| Spansion (now Infineon Technologies) | U.S. | Jun 2006 | |
| Other petroleum & coal products | Hydrodec Group | U.K. | Jul 2011 |
| Petroleum refineries | Petrobras | Brazil | Apr 2008 |
| Nuclear electric power generation | Orano (New AREVA Holding) | France | Jan 2009 |
| Industrial building construction | GLP Japan Development Venture | Singapore | Dec 2016 |
| Pharmaceutical preparations | Chugai Pharmaceutical (Roche Group) | Switzerland | May 2019 |
| Data processing, hosting & related services | Princeton Digital Group (PDG) | Singapore | Jun 2021 |
-
Note:
Top 20 deals in fDi Markets since 2003 in terms of investment value (announced or press released basis) are listed. Projects in the same detailed industry are listed in descending order of investment values.
-
Source:
"fDi Markets" (Financial Times) and company announcements
(3-year moving average of investment value, on an announced basis)
![fD-i Markets survey shows trends in greenfield investing in Japan from 2005 to 2023 in four sectors, which are: industrial building construction: data-processing, hosting, and related services: solar electric power: and accommodation. Following all values are preceded by [approximately]. In the industrial building construction, the value was 350 million dollars in 2009 and 2010 and decreased once in 2011, and then increased significantly to 710 million dollars in 2013 and 1.33 billion dollars in 2014. It decreased again in 2015, but increased to 1.46 billion dollars in 2016. However, it plummeted to 800 million dollars in 2017 and continued to decline, reaching almost zero in 2021 and 2022. In 2023, it recovered to 300 million dollars. In data processing, hosting, and related services, the value continued to increase from 35 million dollars in 2011 to 390 million dollars in 2015, and has remained roughly flat since then. But it more than tripled from 320 million dollars in 2020 to 990 million dollars in 2021, and continued to increase since then, reaching 1.33 billion dollars in 2023. Solar electric power experienced tremendous annual growth, from 110 million dollars in 2012, to 980 million dollars in 2014, 1.96 billion dollars in 2015, and 2.92 billion dollars in 2017. From 2018, however, it took a contrasting downward trend, declining to 1.56 billion dollars in 2019, half of its peak. The downward trend continued unabated, reaching 930 million dollars in 2022 and 260 million dollars in 2023. In the accommodations sector, the value decreased from 300 million dollars in 2005, to 60 million dollars in 2007, and then returned to 300 million dollars in 2009 and 2010. It then began to decline again, reaching almost zero in 2016. However, it began to increase in 2017 to 180 million dollars, and in 2018 it sharply increased to 1.5 billion dollars, and reached 2 billion dollars in 2020. However, it plummeted to 600 million dollars in 2021, and continued to decline, reaching almost zero again in 2023.](/ext_images/en/invest/img/investment_environment/ijre/report2023/ch2/2-20.png)
-
Note:
For 2023, data through August announcements is shown.
-
Source:
"fDi Markets" (Financial Times)
JETRO Invest Japan Report 2023
-
Chapter1.
-
Chapter2.
-
Section1.
-
Section2.
-
Section3.
-
Section4.
-
Section5.
-
Section6.
-
[Column 1]
-
[Column 2]
-
[Column 3]
-
-
Chapter3.
-
Section1.
-
Section2.
-
Section3.
-
Section4.
-
Section5.
-
Section6.
-
Section7.
-
Section8.
-
Section9.
-
Section10.
-
お問い合わせ
フォームでのお問い合わせ
ジェトロはみなさまの日本進出・日本国内での事業拡大を全力でサポートします。以下のフォームからお気軽にお問い合わせください。
お問い合わせフォームお電話でのお問い合わせ
-
- 拠点設立・事業拡大のご相談：
- 03-3582-4684
-
- 自治体向けサポート：
- 03-3582-5234
-
- その他の対日投資に関するお問い合わせ：
- 03-3582-5571
受付時間
平日9時00分～12時00分/13時00分～17時00分
（土日、祝祭日・年末年始を除く）
