JOURNAL
THE AMERICAN CHAMBER OF COMMERCE IN JAPAN

Volume 59 • Number 2 • ¥1,000

ChangedReality
US Ambassador to Japan
Rahm Emanuel shares his
views on the state of thebilateral relationship
SPECIAL FOCUS

Health & Technology
COUNSELING

State of Mind

How artificial intelligence is helping identify
mental health concerns for better treatment
NUTRITION

Sushi Singularity

3D food printers offer a vision and taste of
the future—but will consumers embrace it?
FEMTECH

Digitizing Women’s HealthStartups and entrepreneurs leveragetechnology to improve care and equality

PLUS ACCJ PERSON OF THE YEAR

Nobuyuki Hirano

Former chair, president, and group CEO of
Mitsubishi UFJ Financial Group, Inc. (MUFG)& chair of the Japan–U.S. Business Council

Photo: Miki Kawaguchi/LIFE.14

THE VOICE OF GLOBAL BUSINESS IN JAPAN

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PRESIDENT

Om Prakash

5Northrop Grumman JapanCHAIR

PUBLISHER

HealthyPursuits

7

Entrepreneurship sprinkled with
innovation is changing the future of health

Eriko AsaiPRESIDENT

StayEngagedAs communication opens back up, the
ACCJ has a chance to foster lasting change

GE Japan
TREASURER

9

Ryann Thomas
PwC Tax JapanEMBASSY

Celebrating
Independence Day

10

Wishes for a very happy Fourth of Julyfrom the US Embassy, Tokyo

VICE PRESIDENTS

Douglas Hymas Fusion Systems Group

EVENT

ChangedReality

Ambassador Rahm Emanuel shares his
views on the US–Japan relationship

Amy Jackson Johnson & Johnson Family of Companies
Jiro Kawakami (Kansai) MGM Resorts Japan LLC
Robert W. Roche (Chubu) Oak Lawn Marketing, Inc.
Eric W. Sedlak K&L Gates Gaikokuho Joint Enterprise
Yoshitaka Sugihara Netflix G.K.
Dave West Cisco Systems (USA)
GOVERNORS

Andrew J. Conrad Aflac
John W. Carlson III Novartis
Nuala Connolly AIG Japan Holdings
Tomoko Fuminaga Morgan, Lewis & Bockius LLP
Harry A. Hill Better-U, Inc.
Mark Hosang (Chubu) Randstad K.K.
Tad Johnson Pratt & Whitney Aftermarket Japan KK
Mari Matthews The Bank of New York Mellon Trust (Japan), Ltd.
James Miller Amazon Web Services Japan G.K.
Victor Osumi Delta Air Lines, Inc.
Frank Randolph Packard Eight Peaks Partners
William Shaffer Boeing Japan K.K.
William J. Swinton Temple University, Japan Campus
Simone Thomsen (Kansai) Eli Lilly Japan K.K.

34

Sushi Singularity

SPECIAL ADVISORS

Christopher J. LaFleur

3D printers offer a vision and taste of future
food—but will consumers embrace it?

McLarty Associates
Jenifer Rogers
Asurion Japan Holdings G.K.
ACCJ EXECUTIVE STAFF

Laura Younger

14

Executive Director
THE ACCJ JOURNAL

Shared Interests
and Values

18

The ACCJ honors 2021 Person of theYear Nobuyuki Hirano

Christopher Bryan Jones
Publisher and Editor-in-Chief
To advertise or subscribe: comms@accj.or.jp

EVENT

19

The American Chamber of Commerce in Japan
Masonic 39 MT Bldg. 10F, 2-4-5 Azabudai

EVENT

Final
Frontier

22

ECONOMY20

24

Disclaimer: The ACCJ will not accept liability for any damages caused by thecontents of The ACCJ Journal, including, but not limited to, any omissions, errors,
facts, or false statements. Opinions or advice expressed in the The ACCJ Journal
are not necessarily those of the ACCJ.

HEALTHTECH

State
of Mind

How AI is helping identify mental
health concerns for better treatment

Activities
Engage!

FEMTECH

Digitizing
Women’s HealthStartups and entrepreneurs leveragetech to improve care and equality

Jesper Koll explains why Japan isn’t
afraid of the big I

30

PHOTOS

A visual look at the chambers return tomore in-person events and meetings

Inflation!
The ACCJ is an independent membership organization not affiliated with any
government or other chamber of commerce. The ACCJ is a member of the Asia–
Pacific Council of American Chambers and values its relationships with Japanese,
American, and other nations’ business organizations.

31st Annual
Chubu Walkathon

ACCJ members and guests gathered in
Nagoya’s Meijo Park to support charities

Former astronaut Naoko Yamazaki
shares about bilateral space cooperation

Minato-ku, Tokyo, Japan 106-0041
Tel: 03-3433-5381 n Fax: 03-3433-8454 n www.accj.or.jp

EVENT

40

RECOVERY

From Disasterto Tech Hub

The bold ambitions of Japan’s Fukushima
Innovation Coast Framework

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PUBLISHER

By C Bryan Jones

HealthyPursuits

5

Entrepreneurship sprinkled with innovation is changing the future offood and health through technologyT

he intersection of health and technology has
become an important part of my life. They saythat when you turn 40 your body starts to fallapart. They also say that 40 is the new 20. I say thatneither is true, not entirely, but as you age you do haveto work harder to stay fit. As I turn 50 this year, a decade of navigating that forties-fitness maze has helped
me figure out how to apply tech to the challenge.
I’ve been a techie since I was 10 years old and mygreat grandparents gave me a Commodore 64 computer for Christmas, so I’m always at the front of theline, eager to jump into the pool of latest innovations.
Apple Watch and the Oculus virtual reality headset
are already part of my health and fitness routine, andthere’s plenty more out there to be excited about andto help us live longer, healthier lives.

The theme was inspired by
the great success of the ACCJ
Healthcare x Digital (HxD)
competition and the incredible work and dedication of
the organizing team.
In this issue of The ACCJ Journal, we embrace thevision, ideas, and creations of those entrepreneurs
and companies who are developing solutions to thewellness challenges facing society.
The theme was inspired by the great success of
the American Chamber of Commerce in Japan (ACCJ)
Healthcare x Digital (HxD) competition and the incredible work and dedication of the organizing team.
Preparation is well underway for the third annual
event, which will take place later this year. The theme
this time is Empowering Elderly Patients throughDigital Health and will expand the format to include
both an ideathon and a hackathon.
A couple of last year’s winners are included infeatures in this special health and technology issueof The ACCJ Journal. Oishii kenko Inc., winner ofthe Empowering Patients Award and People’s Choice
Award for their nutrition app, shares thoughts on
future food (page 34), while From Japan and Beyond

Award winner Lanex Co., Ltd. talks about digitizing
women’s health (page 24).

Steppin’ Out
The other big theme of this issue comes in the form ofphotos, not words. A surge of energy has been flowing
through the ACCJ as we begin returning to in-person
events, and you’ll find pages filled with scenes of
networking, information sharing, and just plain fun.
For me, it was a joy to produce this issue for that reason alone. After more than two years with very few(often zero) photos from such gatherings, I may havegone a bit overboard with my layouts. But I wanted toshare with you the excitement that is in the air. This
is what the ACCJ is all about: people coming together
to share, explore, innovate, collaborate, and build thebest possible business community and society.
For those who could not attend, I’ve recapped
two major in-person events (which were also
livestreamed to remote viewers). At one, the ACCJ
presented the Person of the Year Award to former
Mitsubishi UFJ Financial Group, Inc. chair, president,
and group chief executive officer Nobuyuki Hirano(page 14). At the other, we welcomed US Ambassador to Japan Rahm Emanuel with a VIP session
and luncheon (page 10). For me, it truly felt like I had
fallen through a time portal to 2019. Walking into
the New York Ballroom at Tokyo American Club andseeing so many people talking, exchanging businesscards, listening to presentations, and eating felt liketime had been paused and suddenly restarted. It wasa great experience.
And let’s not forget about the Chubu Walkathon,
our annual charity fundraiser organized and hosted
by the ACCJ Chubu chapter. They did a wonderful job of adapting to the pandemic and embracing
the mantra that I know so well from my years as anorchestral musician: the show must go on. This year,
they kept the livestreaming aspect but were able
to bring back much more of the activity to Nagoya’s
Meijo Park. I couldn’t attend, but the photos on page
18 tell the story as more than 1,000 people participated and raised over ¥7 million.
So, here’s to the new normal of more in-person
events and to the health and fitness needed to embrace
the activity as we go steppin’ out into the light. n

C Bryan Jones
Publisher andeditor-in-chief
cjones@accj.or.jp

Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

WORKING
FOR YOU.

As we enter a new normal, there’s never been a better time to harness theenergy of the American Chamber of Commerce in Japan. Tap into the
combined expertise and knowledge of more than 3,000 members from
600+ companies and 40 countries to help your career and business succeed.
CONNECTwith 70+ special interest committees

ENGAGE

with 30+ events, meetings, and webinars each month

ACCESS

experts, government officials, guest speakers, and more

INFLUENCE

reach regulators and lawmakers through ACCJ advocacy

If you would like to explore membership opportunities, including
extending these benefits to an unlimited number of employees,
contact membership@accj.or.jp for more details or call your ACCJ
membership representative.

PRESIDENT

By Om Prakash

Stay Engaged

7

As the pandemic enters a new stage and direct communication opens up,
the chamber is fostering lasting change—thanks to all of you.

O

ne of the greatest attractions of the American
Chamber of Commerce in Japan (ACCJ) is
our myriad activities and the vibrancy of ourmembers. From networking to advocacy to informationexchange, the ACCJ is not only the voice of global business in Japan, but a dynamic, rewarding community.
The coronavirus pandemic challenged our ability
to sustain our energy, but our members are resilient
and resourceful. We not only adapted and maintained
our inspiring event schedule and connections virtually, but we gained new skills along the way that now
allow us to extend our reach and foster greater engagement as the way we interact continues to evolve.
Look at the event photos on pages 20–21. Thoseof you who were there felt the energy in the air as theveil lifted. Seeing our members together at in-person
events filled me with optimism, the sense of urgency[I ask] all chamber members toembrace the sense of urgency
that is defining the world …
and help the ACCJ continue tochampion strong partnerships
and communication.
to shake hands and see faces, to get back to business,to reignite advocacy efforts, and to reinvigorate ourrelationship with government back in Washington.
All safely, of course.

Hello, Capitol Hill
Speaking of government, it was an honor to lead, aspresident, an ACCJ delegation to Washington for
our first DC Doorknock since before the pandemic.
I was joined by ACCJ Chair Eriko Asai, Governor
Victor Osumi, Special Advisor Christopher LaFleur,and Executive Director Laura Younger. Engaging
face-to-face with members of the executive branchand Congress once again is very important to thechamber’s advocacy efforts.
With the recent rollout of the Indo–Pacific Economic Framework—an occasion to which the ACCJ
was invited—and the recent Quad meeting of leadersfrom the United States, Japan, Australia, and India,
the US–Japan partnership continues to be the mostimportant nexus for peace and prosperity—not justin the region, but for the global order.

We in the ACCJ are a key conduit for lawmakers
in Washington to what is going on in Japan in termsof the business aspects of the bilateral relationship,
and through our discussions during the DC Doorknock we have had a positive impact over the years.
As business leaders on the ground, we experience
firsthand the opportunities, obstacles, and groundtruth in Japan. As a trusted primary source in aworld awash with information and disinformation,
our voices are heard and valued by the administration and members of Congress.
The way in which Washington is engaging with
the ACCJ and the administration of Japanese Prime
Minister Fumio Kishida is important. There’s energy
and urgency in the US–Japan partnership on all
fronts—from the economy to national security—and you can see this in the number of Congressionaldelegations (well over 10 percent of the Senate leadership) coming to Japan, capped by US President
Joe Biden himself in late May. We are pleased andencouraged to see the United States leading in theregion, and the heightened role Japan has taken on
the world stage.
US Ambassador to Japan Rahm Emanuel has
been an incredibly positive addition to the US–Japan
dialogue and a valuable partner for the ACCJ. We
have hosted him at several meetings and events,
including a special welcome luncheon (page 10).
His energy, enthusiasm, and attitude are welcome,timely, and highly infectious!

Om Prakash
ACCJ President

Opening Up
In terms of advocacy and getting results, I’d like tothank you all for your important contributions to ourcore advocacy document—something new we have
tried this year in addition to our viewpoint papers. For
example, your input, leadership, and energy pushingfor fair and science-based policy regarding Japan’sborder restrictions very quickly led to results. We,
combined with the voice of our fellow foreign chambers of commerce and other organizations—both
foreign and domestic—are making a real difference.

Stay Engaged
I will end by asking all chamber members to embrace the sense of urgency that is defining the world
we find ourselves in—one of transition—and help
the ACCJ continue to champion strong partnerships
and communication to create the best environment
for global business in Japan. n

Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

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EMBASSY

By Rahm EmanuelCelebrating
Independence Day
Wishes for a very happy Fourth of July and a look at the road ahead fromAmbassador Emanuel and the US Embassy, TokyoI

would like to wish our friends and partners at
the American Chamber of Commerce in Japan(ACCJ) a Happy Independence Day on the 246th
anniversary of the founding of our great nation. As I
look back on my first six months in Japan, we should
be proud of what we have accomplished together
in advancing US interests in partnership with ourclosest ally in Asia. Thanks in part to the leadershipof the ACCJ, we successfully persuaded the Japanese
government to ease entry restrictions and allow
business travel and tourism to resume once again.
Looking ahead, there is much more to do.
The US–Japan Alliance has much to celebrate
as well, as Japanese policy has shifted from protecting and preserving our bilateral security alliance toprojecting its strength outward in defense of a free

and open Indo–Pacific region. Prime Minister Fumio
Kishida warmly welcomed President Biden for theirsummit in May, underscoring the vital importance

The response to Russia’s war of choice has beenstrong, swift, and unified, with the United States
and Japan leading more than 140 nations in standing
against the Kremlin. The Kishida Administration has
matched our actions step-by-step on sanctions andexport controls, and has sometimes even been aheadof us. In the face of this challenge, we also enjoy theopportunity to build a more prosperous and secure
future. The united response has galvanized theNorth Atlantic Treaty Organization (NATO) member
nations—and NATO-aspirant countries such as Finland and Sweden—more than any other event in thepast decade, and their commitment to the alliance is
as firm as ever.
The collective response to Russian militaryadventurism is already having a ripple effect beyond
European shores. With Beijing’s eyes set on Taiwan
and dominance in the Indo–Pacific region, we can be
sure that the People’s Republic of China is watching carefully to see whether Russia can weather
economic and political isolation. As CIA Director
Bill Burns recently noted in a May 7 Reuters story,
the costs that Russia is bearing is affecting Beijing’s
calculation about Taiwan.
The lesson for us to bear in mind is that unity
represents a vital strategic asset. It’s what separates
us from our authoritarian competitors. At a time
when globalization seems to be in retreat, alliancesand partnerships with like-minded nations matter.

of our alliance in upholding democratic values andrallying other countries in defense of a rules-basedorder. Together, they co-hosted the launch the Indo–
Pacific Economic Framework for Prosperity with adozen other founding partner countries. Japan was
our essential partner in this initiative, helping tobring partners from the Association of Southeast
Asian Nations to the table and champion the rulesbased economic order in the region.
Nowhere is the challenge to international orderclearer than in Russia’s unprovoked and unjust warof aggression in Ukraine. Russia’s invasion threatens
peace, prosperity, and the rules-based order established after the Second World War, as it continues todrive global inflation and exacerbate food instability
throughout the world.

What we do today to leverage the US–Japan allianceto build unity across the Indo–Pacific region over the
next three years will define the next 30 years.
We also need to keep our eyes on the situation
closer to home. We can provide a better living forthe people of our two nations by implementing measures to make our economies more inclusive and by
reimagining Japan as a global financial center for the
21st century, in partnership with the United States.
Thankfully, we are fortunate to have strong friends
at the ACCJ who share our vision, values, and senseof mission. I am confident that, together, we canmake the changes necessary to pass along the same
opportunities that we enjoyed.
Happy Independence Day. We have a lot to do, so
let’s get to work. n

We are fortunate to havestrong friends at the ACCJ
who share our vision, values,
and sense of mission.

Rahm Emanuel
US Ambassador to JapanTHE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

9

EVENT

10

By C Bryan Jones • Photos by Miki Kawaguchi/LIFE.14

ChangedReality

US Ambassador to Japan Rahm Emanuel shares
his views on the state of the bilateral relationshipW

hen Rahm Emanuel arrived in January as the 31st
US ambassador to Japan, he wasted no time inbuilding new connections and strengthening existing ties between the two countries. His experiences as mayorof Chicago, President Barack Obama’s chief of staff, a memberof the US House of Representatives, and senior advisor to President Bill Clinton coalesce into a whirlwind of diplomatic energy.
He has already visited 10 of Japan’s 47 prefectures and attended
events stretching from Hiroshima to Otsuchi, in Iwate. And his
love of trains and use of the country’s mass transit has captured
the hearts of Japanese media.

quipped, “Intros like that make you wish your parents were
here, because you know your mother would be proud and yourfather would be amazed.”

Impact on Investment
Emanuel began by noting that, after two years without anambassador to its most important ally in the most important region, the White House and President Joe Biden are placing greatvalue on Japan. The bilateral relationship, Emanuel believes, isat an inflection point. “We are no longer discussing, as we havefor the past 40 years, alliance protection. I think the US–Japan“WE ARE NO LONGER DISCUSSING, AS WE HAVE FOR THE PAST 40 YEARS,ALLIANCE PROTECTION. I THINK THE US – JAPAN RELATIONSHIP HAS
MATURED INTO ALLIANCE PROJECTION.”On May 16, Emanuel took time out from this fast-paced schedule to speak to members and guests of the American Chamber ofCommerce in Japan (ACCJ). Organized by the ACCJ Government
Relations Committee, the luncheon at Tokyo American Club saw
more than 200 in-person and remote attendees listen as theambassador shared his thoughts on Japan and the great potential
for the bilateral relationship. Emanuel also graciously responded
to a range of questions during a lengthy Q&A session.
Following a welcome from committee Vice-Chair Anne
Smith, ACCJ President Om Prakash delivered opening remarks.
Noting that the ACCJ, as the voice of the US business community, has enjoyed a close and valuable relationship with the US
Embassy, Tokyo, over the course of the chamber’s nearly 75-year
history, he said, “I can’t think of a better person at the right timein the right place than this man.” In response, the ambassador

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

relationship has matured into alliance projection,” he explained.
“Yes, it’s about the two countries, but it is about the two countries projecting forward into the region in a shared way.”
As he said this, the embassy was preparing for Biden’s May
22–24 visit. That the trip took place so soon after the ambassador’s arrival highlights how their long working relationshipenergizes efforts to build cooperation with the administrationof Japanese Prime Minister Fumio Kishida.

Stable, Sustainable Business
The challenges facing the world are many, and some are shaking
the foundations of long-held approaches to business operations.
Emanuel said he feels we are transitioning from neoliberalism to a world in which consideration of potential conflict andpolitical turmoil must play a key role in corporate decisions.

11

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

12

“There have been three major events that have shaken
people and their calculations of what is going to be the roadgoing forward,” he said. “And it’s a level of uncertainty, and an
intensity of uncertainty, that really hasn’t been experienced ina long time when it comes to international affairs and international economics.
“My own view is that low cost and efficiency, which havebeen the guiding North Star for your individual companies for
how you make investments, where you make investments, etc.,
those North Stars are slowly but surely … being replaced bystability and sustainability. No company today making a majordecision economically, internationally, is going to be stuck witha major investment in an insecure, unstable political environment, a country that can one day have major sanctions [placed]on it,” he continued, alluding to the fallout from Russia’s invasion of Ukraine and the potential for future conflicts.

“I said when I was confirmed, I think that what we do in
the next three years, as the US and Japan, will determine ourrelationship for the next 30.”
The ambassador believes that, if Kishida emerges victorious in
the July elections, Biden has a chance to build a solid foundation
with the Japanese prime minister, with whom he came to be on afirst-name basis after they had spent just one day together in May.
Emanuel knows what can happen when there is instability
at the top, and how that can impact the bilateral relationship.
As Clinton’s senior advisor, he saw six Japanese prime ministers come and go in eight years. “As soon as you started to get
to know somebody, they were gone,” he said. “There’s a chance
President Biden will have one prime minister for his tenure,”
he continued. “That’s a unique opportunity not only to develop
a relationship but [to work with] a person who, without an election overshadowing decisions, has the ability to make some real

“I THINK THAT WHAT WE DO IN THE NEXT THREE YEARS, AS THE US AND
JAPAN, WILL DETERMINE OUR RELATIONSHIP FOR THE NEXT 30.”
New Calculus
The coronavirus pandemic, he noted, has already exposed thefragility of supply chains, and the war in Ukraine is having asimilar impact in how it raises concerns over uncertainty in andaround political systems, even in democratic countries. “You’regoing to start to change the calculus of how you make investments, based on whether a country is politically stable and if it
lives by the rule of law. Does it have the resilience and sustainability that you need as a company?”
Speaking of uncertainty as it pertains to international trade,
Emanuel said that we are witnessing the emergence of a newpolitical and economic equation, one that will become clearer
over the next five years. To stability and sustainability he added
resilience. “Each of those, in some way, becomes more dominant
in how we think about political decisions, commercial decisions,and economic decisions.”
He closed by saying that he feels we have a unique opportunity to advance US–Japan relations.

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

decisions for the future of the US–Japan relationship, including
as it relates to the Indo–Pacific.”
To that end, Emanuel applauded Kishida for his leadershipin the face of recent global uncertainty.
“One of the things I think Prime Minister Kishida has donevery successfully is he has taken the Indo–Pacific and the Transatlantic and collapsed them into a single strategic sphere,” he said.
“Just in the past 10 days, he’s hosted the European Union president,
the Finnish prime minister, the chancellor of Germany and, twodays prior to that, on his visit to Europe, he was with the British
prime minister, the Italian prime minister, and the Pope. Thatshould be seen as a way in which Europe now has a vested interestin a free and open Indo–Pacific. That is a major change of where weare politically and a major change of where we are economically.”
Concluding his speech, Emanuel told the crowd: “I lookforward to the next three years working with each of your companies and promoting not only your commercial interests but,
more importantly, our shared interests.” n13

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

EVENT

By C Bryan Jones • Photos by Miki Kawaguchi/LIFE.14

SharedInterests
and Values
The ACCJ honors 2021 Person of the Year
Nobuyuki HiranoE

ach year, the American Chamber of Commerce in Japan(ACCJ) honors those who have significantly impacted theglobal business environment in Japan with the ACCJ Person of the Year award. Former chair, president, and group chief
executive officer of Mitsubishi UFJ Financial Group, Inc. (MUFG)
Nobuyuki Hirano was selected as the 2021 Person of the Year not
only for his work with MUFG, but also for his tireless efforts topromote better US–Japan business ties.
During a career spanning more than 40 years, and as chair of
the Japan–U.S. Business Council from 2017 to 2021 and a current
vice-chair of the Keidanren (the Japanese Business Federation),
Hirano has helped to strengthen global business. ACCJ members
and guests recognized this on April 25 at an in-person event heldat Tokyo American Club and livestreamed to remote attendees.
The luncheon began with a VIP session where ACCJ leaders greeted Hirano, after which ACCJ Governor and Financial
Services Forum Chair Andrew Conrad welcomed members
and guests, and provided background about the award. ACCJ
President Om Prakash delivered remarks, saying that, in Hirano,“we are extremely lucky to have someone who is so thoughtful—and very methodical—in how he approaches incredibly
complex issues between the United States and Japan, and theentire world.”

Values and Principles
Taking the podium, Hirano expressed his deep honor to havebeen chosen for the award, and thanked the chamber for its

contributions as a member of the Japan–U.S. Business Council.
“I appreciate the initiatives of all the ACCJ presidents—Christopher LaFleur, Sachin Shah, Peter Jennings, Peter Fitzgerald,
and Jenifer Rogers—during my tenure.”He then addressed the importance of shared values and trustby taking attendees back to the eighties—1983 to be precise—when he had arrived in New York City as a trainee at Morgan
Stanley. The two years spent there for his secondment was thestart of an extraordinary journey that would make Hirano abridge between the United States and Japan and lead him to a
position on the firm’s board of directors, which he accepted in
March 2008.
Speaking of his fellow directors, he said, “They often joke,‘Nobu, you are the first, and possibly the last, guy who has been
elevated from unpaid trainee to Board member.’”During the 2008 global financial crisis, MUFG made a $9 billion strategic investment in Morgan Stanley—a move that Hiranosays exemplifies the importance of shared values and principles
between business partners. “This was a significant investment
in its huge scale but, more so, in the sense that it is the only successful alliance between globally systemically important banks,”
he explained. Worldwide, there are just 30 such banks, often
called G-SIBs.
“But I believe it is more than this,” he continued. “James Gorman, now CEO of Morgan Stanley Investment Bank, and I agree
that we actually have a similar corporate culture. I think it’s very
important that our values and principles are similar, [in areas]

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

15

16

such as putting the client first, doing the right thing, and [having] an appreciation for long-term perspective.”
Returning to the present, Hirano noted that there has beena series of global crises in the financial world—roughly one per
decade—which “have had a huge impact that exceeded most people’s expectations.” These include the collapse of Japan’s bubble
economy in 1990, the Asian financial crisis of 1997, and the global
financial crisis that sent shockwaves through the markets in September 2008 with the collapse of Lehman Brothers—the event
which brought together MUFG and Morgan Stanley.
Today, we are on the precipice of another shockwave.
“The world is at a critical juncture and has entered a periodof great uncertainty. We are undergoing a once-in-a-century period of dramatic change, which has been described as the era of
VUCA, or volatility, uncertainty, complexity, and ambiguity,” heAt the 58th conference last fall—held virtually for the second
year in a row due to the pandemic—a key topic of discussion wasbilateral cooperation in the face of challenges from China.
“The struggle for supremacy between the United States andChina is expected to be prolonged, while the economies of China
and other countries are already deeply connected,” Hirano said.
“There is consensus among business leaders that decoupling is
unrealistic … with a slight difference [being that] Japanese businesses tend to be more cautious about risk due to Japan’s highlevel of dependence on China and its close geographical proximity. Their US counterparts take a more opportunistic stand.”
While this difference in risk aversion exists, the only way
to successfully deal with China, he proposed, is for likemindedcountries to continue acting together based on their sharedinterests and values.

”WHETHER WE LIKE IT OR NOT, WE WILL BE FORCED TO REMODEL
THE CURRENT SOCIOECONOMIC SYSTEMS THAT HAVE SUPPORTEDCAPITALISM UP TO NOW.“
said, adding that we are witnessing a crucial moment in history
with Russia’s invasion of Ukraine.
“A question we need to ask in today’s society is what rolebusiness leaders should play.”

Cooperation on China
As part of his work with the Japan–U.S. Business Council,
Hirano has been involved in the Japan–U.S. Business Conference, an annual event first held in Tokyo in 1961. The conference
makes recommendations to the Japanese and US governments
as well as related organizations.

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“Working with likeminded countries to reach out to China
has also affected the private sector. That’s what I believe,” hesaid. “In fact, last autumn, we jointly invited guests from the EU
government and European industries to the Japan–U.S. Business Council for the first time, to discuss rebuilding the global
order as well as sustainability.”
While China may not change course over the short term, inthe next few decades, he added, China may face socioeconomic
challenges, such as the declining birthrate and aging population. “These might substantially undermine China’s economic
growth potential,” Hirano explained. “History shows that thedistortions that occur alongside rapid economic
growth are concealed until the growth slows. Oncethe distortions are revealed, they then force major
structural reforms.”

Issues Uncovered
It has been more than two years since life as we knew
it hit the brakes due to Covid-19. Hirano said the pandemic has not only disrupted the global economicorder and increased political and geo-economic tension, but also revealed the global scale of the need toaddress sustainability issues. These include societal
divisions, social inequality, and climate change.
“These problems,” he reasoned, “are largely due
to globalization and excessive shareholder capitalism … Whether we like it or not, we will be forced
to remodel the current socioeconomic systems thathave supported capitalism up to now.
“However, we have no clear idea, yet, how to solve
many of the problems. This is partly due to differencesin values and principles among conflicting nations.”
This is where he sees the great asset that is the
US–Japan relationship, which is built on sharedvalues and principles. It is important, he stressed,
for US and Japanese business leaders to discuss
how to chart and navigate a course on issues such ascarbon-neutrality targets and convey their opinions
to local governments.
On this issue, he believes, it is very importantthat there be cooperation with other countries in
Asia, particularly members of the Association ofSoutheast Asian Nations.

In terms of Japan’s economy, the country’s future
may be in jeopardy, Hirano suggested, unless drastic
measures are taken to address the serious issues laidbare by the pandemic.
“To overcome this situation, the public andprivate sectors must act with a sense of urgency tomake large structural changes to socioeconomic systems, in particular, and to revitalize and restructureindustry through digitization and green transformation,” he stressed.

17

United by Trust
As a final point, Hirano noted that it is trust which
has allowed the United States and Japan to develop
such good relations and that, while close-knit cooperation between the governments is no doubt a hugepart of this, he believes a major factor is the humanconnection between the people of both nations,strengthened over many years.
And it is this trust, which “cannot be seen by justlooking at economic numbers,” that he considers to
be an extremely important asset as we move into afuture that is uncertain—not just for countries, but
for business partners as well.
“I’d like to conclude by expressing my sincere
hope that the business leaders of Japan and theUnited States will further deepen relations and ourmutual understanding which, in turn, will strengthen the relationship—the partnership—between our
two countries,” he said. “I also wish for the continued
prosperity and success of this excellent institution,
the ACCJ.” n

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EVENT

18

By C Bryan Jones • Photos by Andy Boone

Chubu Walkathon
Annual event raises millions of yen for charity on asunny day of food, friends, fun, and fitness in NagoyaOn May 22, more than 1,000 participants took part in the 31st Annual Chubu
Walkathon International Charity Festival. This year’s event took place on abeautiful Sunday in Nagoya’s Meijo Park and was also livestreamed. More than
¥7 million was raised to support local charities. The Walkathon’s mission is to improve
the lives of the less fortunate by creating an opportunity to increase awareness, recruit
volunteers, and raise funds at a family-friendly, international outdoor event. More than¥177 million has been donated over 31 years, and 18 charities received funds in 2021. n

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EVENT

By Julian Bashore

Final Frontier

19

Former astronaut Naoko Yamazaki shares her vision for bilateral spacecooperation and spaceports in JapanT

he United States and Japan share a long
history of collaboration in space, working together on projects such as the International
Space Station (ISS) and the Artemis program, whichaims to return astronauts to the moon by 2024 andcan also be seen as a preparatory stage for human
missions to Mars.
Cooperation between the two countries in thespace industry is growing stronger and represents agreat pathway for innovation in the bilateral relationship. A significant player in the space travel industry
in Japan is the Space Port Japan Association (SPJ),
which was established in 2018 and is attracting considerable attention on both sides of the Pacific.
SPJ co-founder and Representative Director
Naoko Yamazaki joined members of the American
Chamber of Commerce in Japan (ACCJ) on April 21
for an hour-long online discussion organized by the
Chubu Aerospace and Manufacturing Committee.

Licensed to Fly

SPJ, Yamazaki occasionally meets with government
officials in both the United States and Japan. For
example, US Ambassador to Japan Rahm Emanuelgreeted her and space startup leaders at the US
Embassy, Tokyo, in February to discuss bilateral collaboration on the space front.

Direct Connections
During the April 21 webinar, ACCJ members learned
that direct cooperation began with the signing of the1969 US–Japan Space Agreement and has since blossomed into a relationship involving many US-madeproducts. While a young organization, the SPJ has
already established relationships with four regional
governments interested in hosting spaceports. The
projects include:

Other cities in Japan are also interested in suchan investment in point-to-point suborbital spacetransportation hubs.
Besides sending future passengers to otherplanets, spaceports in Japan could become a launchpad from which to transport time-sensitive foodand cargo to other locations on Earth. For example,
Yamazaki pointed out, entrepreneur and investor
Elon Musk proposed in 2017 a plan to use his SpaceX
rockets to fly passengers from New York to Shanghai
in just 39 minutes.

Julian Bashore
General manager andrepresentative director
MacDermid Performance
Solutions Japan K.K.
Chair
Chubu Aerospaceand Manufacturing
Committee

Supporting STEM
Yamazaki is recognized as a space policy expert not
only in Japan but also in the United States. She wasrecently invited by the
University of Pennsylvania (Penn) as a visiting
fellow at the Perry World
House, a center forscholarly inquiry, teaching, research, international exchange, policy
engagement, and public
outreach on pressing
global issues. She islending her expertise toPenn so that its students
can develop and advanceYamazaki (right) with Soichi Noguchi andinnovative policy proStephanie Wilson in the ISS Destiny laboratory
posals, and hopes to see
during the Discovery STS-131 mission.
more Japanese students
benefit from the experience of studying abroad.
Finally, Yamazaki spoke about her involvementin the Japanese Rocket Society, where she chairs
the Sorajo Committee, whose name means womenin aerospace. She is a staunch advocate of inclusivity and gender equality in the Japanese aerospaceindustry—a goal very much aligned with the beliefsof the ACCJ and its member companies. Science, technology, engineering, and mathematics—or STEM—isa growing area of passion for this former astronaut,and we hope to see her and other members of the SPJ
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NASA

The accomplishments of Yamazaki, who participated
as a panelist at the ACCJ Women in Business Summit
in 2014, are impressive. Currently she is a member of
the Committee on National Space Policy at JapanesePrime Minister Fumio Kishida’s Cabinet Office. And
as a former astronaut with the Japan Aerospace
Exploration Agency (JAXA), she became the second
Japanese women to fly into space when she took partin an assembly and resupply mission to the ISS in2010 aboard the space shuttle Discovery. She retired
from JAXA in 2011.
Besides appearing in the media to promote the HOSPO (Taiki, Hokkaido Prefecture) Spaceport Kii (Kushimoto, Wakayama Prefecture) Shimojishima Spaceport (Okinawa Prefecture) Spaceport Oita (Beppu, Oita Prefecture)EVENTS

20

1

2

3

4

5
1. Tokyo Stock Exchange President Hiromi Yamaji spoke at the
Fourth Annual ACCJ Shareholder Forum on June 7 at Tokyo
American Club.
2. During a congressional delegation visit to Japan on April 13,(from left) ACCJ Vice President Douglas Hymas, ACCJ
Chair Eriko Asai, US Senator Ben Cardin, US Senator Bill
Hagerty, ACCJ President Om Prakash, ACCJ Governor Mari
Matthews, and ACCJ Vice President Amy Jackson met to
discuss economic security and strengthening the US–Japaneconomic partnership.
3. ACCJ President Om Prakash (center) along with ACCJ
Economic Security Task Force Chair Arthur Mitchell andVice-Chair Megumi Tsukamoto (far right) and Vice-Chair
Shuichi Izumo (far left) presented the ACCJ Principles
for Promotion of Economic Security to Minister Takayuki
Kobayashi on April 21.

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4. TELL Lifeline Services Director Vickie Skorji (right) and
Outreach Coordinator Selena Hoy helped facilitate the twoday ACCJ–TELL Mental Health Summit, hosted as a hybrid
event at Tokyo American Club on April 8 and virtual only on
April 9.
5. The ACCJ–Kansai Executive Committee held its offsite
strategy meeting at WeWork Midosuji Frontier in Osaka on
April 1. It was a full house with 20 participants, including a
special guest appearance by US Consul General Richard Mei.
6. ACCJ–Kansai members visited Food Bank Kansai on June 8
in support of their new initiative to convert food waste into
compost and harvest pesticide-free, organically grownvegetables for donation to families in need.

7. From left: ACCJ Chair Eriko Asai, President Om Prakash,
Executive Director Laura Younger, and Governor–Tokyo
Victor Osumi visited Washington, DC, for the first DC
Doorknock since before the pandemic from June 14 to 16.
8. The ACCJ held its annual farewell evening for departing
US Embassy liaisons on June 22 at Tokyo American Club.
Government Relations Committee Chair Mark Davidson
presented a certificate of appreciation to Karin Lang,departing Minister Counselor for Consular Affairs.
9. The ACCJ Marketing and Public Relations Committee
welcomed journalist, writer, and investigator Jake Adelstein(center) on June 27 to speak about communications,marketing, and reporting in Japan. Also pictured from left:
ACCJ Executive Director Laura Younger, committee ViceChair Campbell Hanley, Chair Ted Katagi, Vice-Chair Deborah
Hayden, and ACCJ President Om Prakash.
10. The ACCJ–Chubu Independent Business Committee kicked
off its Ten Points on Business series at Coat of Arms Bar &Restaurant on May 14 with Bryce Conlan, president of H&R
Consultants K.K.
11. Jason Morgan (right), formerly known as The Meat Guy, wasthe guest speaker at the second installment of the Ten Points
on Business series on June 16.

6
7

8

10

9

11

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Inflation!
ECONOMY22

By Jesper Koll, global ambassador, Monex Group Inc.

Who’s afraid of the big I? Not Japan.

A

specter is haunting the world economy, the shadowy specter
of inflation. Economists are fiercely debating from where it
has come, politicians are busy blaming their opponents and, as
always, the average citizen is left with no choice but to pay up. Yes, we allknow inflation is lurking all around when you now must pay $50 for your
$40 haircut that you used to get for $25 when you had hair.
Japan stands out as the one economy in the world with arelatively benign inflation shock. Whereas in the UnitedStates consumer prices are up by almost nine percent
from a year ago, Japan’s consumer price index prints
barely above two percent. This may come as asurprise, given the global nature of the inflation shock: excess money and credit, supply
bottlenecks, the war in Europe, the surge inpent-up demand as the pandemic abates.
Further, the global cost-push pressures—from rising energy, electronic component,
and food prices—have been compounded
by a falling yen.

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JOURNAL •• VOL.
VOL. 59
59 •• NO.
NO.22••SUMMER
SUMMER2022
2022

Oil and Oligopoly
In the United States, the price of oil is up about 60 percent in US
dollars compared with the end of December. In Japan, the yen
price of oil is up almost 85 percent. And yes, the United States is
a net exporter of energy—and food—while Japan is one of theworld’s largest importers of energy—and food.
So, how come, despite greater and more severe exposure to
global inflationary pressures, Japanese consumers are muchless affected by the global inflation tsunami than their Americancounterparts?
There are two primary reasons: The government here is not afraid to intervene in markets topreserve the purchasing power of the people Japan’s industrial structure is more cutthroat competitive
The net result of this seeming contradiction—government
intervention going hand in hand with extraordinary competition—is a much lower inflation equilibrium here in Japan
compared with what we get in the less interventionist and moreoligopolistic US economy. There, a few producers are priceleaders and effectively control the market.

THAT JAPANESE POLITICAL LEADERSACTUALLY CAN — AND DO — MOBILIZEFISCAL RESOURCES IN A TIMELY MANNER
ALLOWS MUCH GREATER FLEXIBILITY
FOR JAPAN’S CENTRAL BANK.
Let’s start with the industrial structure. In the United States,of all the industries in the services and the manufacturing sectors—from hairdressers to pharmacies to steelmakers and semiconductor companies—on average, the top four players in eachsector control about 32 percent of their respective total market.
In contrast, here in Japan, the leading four companies command
less than 15 percent. Clearspeak: Japan is much more fragmented
and more competitive, while the US industrial structure has been
consolidated and has, de facto, become more oligopolistic.
The net result is significantly lower price power for suppliers of goods and services in Japan relative to the United States.
No matter how differentiated a product or service you offer inJapan, within days or weeks, a competitor will follow suit offering something similar but at a lower price point. Remember:
every two weeks, a new soft drink is launched, and just about
every 12–15 years, the equivalent of the entire central Tokyo
grade A office supply comes onto the market. Good luck raising
soft drink prices or rent.

Capitalism without Costs
There are, of course, complex reasons that excess competition
has prevailed in Japan. The first investment report I ever wrote
in Japan, back in the late 1980s, was entitled Capitalism without
Costs. In it, I argued that corporate Japan effectively had no costof-capital constraint. In contrast to those in the United States,
owners of capital in Japan simply did not hold corporate executives accountable to maximize return on capital.
Today, this still holds true, because just as the changes incapital stewardship and corporate governance have shifted
private-sector capital allocation closer to the US model ofdemanding higher returns, Japan’s public sector intervention incapital markets has been stepped up dramatically. The Bank ofJapan has purchased up to 10 percent of the TOPIX equity market
as well as capped the cost of long-term debt at just about zero foralmost a decade.
Whether this public sector provision of a cushion in capital
markets is good or bad policy is subject to debate. But, for the
purposes of trying to determine whether Japan does or does not
face an inflationary threat, there is no question that the reality ofa relatively low cost of capital has kept many marginal companies
afloat. This, in turn, continues to restrict the price power of Japan
Inc. in the domestic market. If your competitors don’t have tocare about delivering a proper return or profit, whoever raises
prices is doomed to lose customers and market share.
Which gets us right back to the first reason Japan is not afraidof inflation: government intervention and de facto price controls.
When you analyze Japan’s consumer price index, you quickly
find that about one-quarter of the goods and services for which
Japanese consumers pay are subject to government rules andregulation, i.e., de facto price controls.
Healthcare services and pharma are an obvious important
example, as is education, much of transportation, and several
staple foods. For the last of these, the Japan Agriculture Cooperatives, commonly known as the JA Group, plays akey part in expertly balancing fiscal support
for producers while preserving the people’spurchasing power.

Line in the Sand
The willingness to fight immediately against
threats of inflation that undermine consumer
well-being was just demonstrated by Prime Minister Fumio Kishida. In April and May, he drew a line in
the sand for the consumer price of regular gasoline at ¥170 per literand passed, in record time, a supplementary budget to fund thisprice-keeping operation.
Again, the contrast with US government priorities could not
be greater. Not only does the Japanese government see its primary mandate as protecting its citizens from economic shocks,
but it also has the necessary parliamentary control and supermajority to act decisively and quickly. It is both the willingness to act
and the ability to act that, in my view, make Japan’s parliamentarydemocracy and model of capitalism a worthy role model for thefree world.
Be that as it may, practically speaking, the fact that Japanesepolitical leaders actually can—and do—mobilize fiscal resourcesin a timely manner allows much greater flexibility for Japan’scentral bank. Where the de facto political gridlock in Washington
makes it unlikely that government policies can be mobilized tocushion US consumers against the ills of inflation, here in Japanthe government can be counted on. No wonder, then, that theUnited States must rely on the Federal Reserve as the lone fighter
against inflation, while here the Bank of Japan gets plenty of backing from all the other parts of the policy toolkit available.
All said, the current strong surge in global inflation is very
real and is definitely having a strong impact on Japan. However,the Japanese system is responding well to the challenges and isdoing so on its own terms. Resilience to shocks is what Japan
excels at and, in my view, the inbuilt systemic priority placed onpreserving consumer purchasing power makes it unlikely that
inflation will force another lost decade. n

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23

FEMTECH

By Kathryn Wortley

DIGITIZINGWOMEN’SHEALTH

24

STARTUPS AND ENTREPRENEURS LEVERAGE TECH TO
IMPROVE CARE AND EQUALITY FOR WOMEN IN JAPANI

n recent years, Japan has seen a boost in femtech. The portmanteau of female and technology refers to services using tech and products that help improve women’s health. Government support and media coverage
have enabled femtech business offerings to move from niche to mainstream. But how soon might the fledgling
industry take off as it has in the United States and Europe? The ACCJ Journal spoke with experts to explore
prospects for femtech in Japan.

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In 2021, the word femtech was nominated for
publisher Jiyu Kokumin Sha Co., Ltd.’s Word of theYear, an annual award for language best representing
life in Japan over the previous 12 months. The word
eventually lost out to phrases related to US-based
baseball superstar Shohei Ohtani, who made a splash
in 2021. Yet the nomination alone is significant.
Awareness of femtech has remained low in Japan
since the term was first coined in 2016 by Danish entrepreneur Ida Tin, founder of period- and fertilitytracking app Clue. But 2022 might see that change.
A February 2021 survey by Sompo Himawari
Life Insurance Inc. shows that only 1.9 percent of its
1,000 working female respondents recognized theterm. Once it was explained to them, however, morethan half said they were “interested in” or “hopeful”
about the concept.
Fast-forward to year-end, and 47.5 percent of respondents said they were aware of the word femtech.
Though this is positive for the market, a Statista
survey of 3,068 girls and women carried out in
December 2021 and January 2022 also shows a long
way to go, as just 15.3 percent of those polled reportknowing the meaning.

Raising AwarenessStill, the increase is welcome for industry players.
They say the market can grow only with an uptick inpublic awareness of, and willingness to talk about,women’s health—a topic that remains taboo in“Women want to know how their body works, suchas its rhythms and hormones, and [want] to live
better lives … exposure of the word and its different
solutions will catch women’s attention.”Indeed, consumers have been quick to noticefemtech offerings entering the market. Almost 80
percent of some 10,000 working-age women in Japan
said they knew of at least one femtech product orservice, according to a 2021 Statista poll. Most familiar
were sanitary shorts (48 percent), cloth sanitary pads
(47.9 percent), ovulation test kits (40.9 percent), period
tracker apps (40 percent), and sleep bras (38.3 percent).
These products are the result of several earlystage femtech startups that emerged in 2019 andwent on to release products and services in 2020
and 2021 in what can be considered “the first movement of the femtech industry,” according to Tomoko
Minagawa, founder of industry association Femtech
Community Japan and a leading investor in the
femtech domain.

25

Yoko Fukata
Investment director
Sony Innovation Fund

Improving Gender Equality
Now many players in Japan, including enterprisecompanies, are starting to launch new femtech businesses, Minagawa explained. Their motivation has
been boosted by policies from a national governmentthat sees the femtech industry as one method of addressing the country’s poor record in gender equality.
Japan ranks 120th among 156 nations in the World
Economic Forum’s 2021 Global Gender Gap Report,

Tomoko Minagawa
FounderFemtech Community
Japan“FEMTECH CAN EMPOWER WOMEN BY EXPOSING THE GAP
BETWEEN THE NEED FOR, AND AVAILABILITY OF, FEMTECHPRODUCTS AND SERVICES, AND BY LEADING DISCUSSIONSON FEMTECH’S NECESSITY AND ADVANTAGES FOR SOCIETY.”
Japan. Progress over the past 12 months has been attributed to the launch of new products and services,
exposure in media and social media, events, andother activities that support conversations about
women’s health.
In March 2022, awareness-raising events Femtech Japan and Femcare Japan were held in Tokyo,
while Japan Sports Week 2022, an industry event
held in May, saw an area dedicated to femtech products and services supporting women in sports.
Promotion has already begun for Femtech
Tokyo, an inaugural event to be held October 20–22
at Tokyo Big Sight, Japan’s largest international
exhibition center. It will usher in what are expected
to be annual trade fairs, designed to welcome thegeneral public and businesses interested in “solving
various problems in women’s life stages,” according
to organizers.
“The term femtech is getting more recognition
among women in Japan than ever before,” said Yoko
Fukata, investment director at Sony Innovation
Fund, which supports femtech startups in Japan.

far behind its G7 counterparts (which place between
11th and 63rd) as well as many of its Asian neighbors.
The study, which tracks gender equality in four areas,
evaluated Japan highly in health and education, butvery low in economic participation and opportunity,
as well as political empowerment.
Minagawa said the main reasons for Japan’sranking are the lack of: Support for women in balancing their professional and private lives
 Consciousness of the very deep chasm between
the experiences of men and women
She added that femtech can empower women by
exposing the gap between the need for, and availability of, femtech products and services, and by leading
discussions on femtech’s necessity and advantages
for society.
Indeed, Minister of State for Gender Equality Seiko Noda, in her message on International
Women’s Day 2022, listed “promoting femtech”

Kathy Matsui
General partner
MPower Partners

Yuko Kidoguchi
Operating officer andhead of communications
Bayer Holding Ltd.
(Japan)Vice-chair
ACCJ Healthcare
Committee

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26

as a government measure to improve Japan’s gender equality
performance. Boosting women’s health by supporting the femtech
industry is part of its efforts for “the realization of a society inwhich women live with dignity and pride,” one of the Japanese
government’s four pillars in its Fifth Basic Plan for Gender Equality.
Government support includes the Subsidy Project for Demonstration Projects for Femtech and Similar Support Services
that distributed a combined subsidy of ¥150 million to 20 femtech companies in 2021. According to the Ministry of Economy,
Trade and Industry, which runs the program, the goal is to prevent events, such as the unwanted turnover of working women(triggered by life turning points, including pregnancy, childbirth,and menopause); to improve the well-being of individuals; and toincrease the diversity of human resources at companies.
A healthy femtech industry, therefore, supports not only asocietal need, but an economic one.

Startups have responded well. For example, lots of them
have emerged that measure employee stress—now a legal requirement for companies in Japan. In the area of mental healthsupport, companies are offering services, such as the outsourcing of care for children and elderly parents, she added.
Yuko Kidoguchi, operating officer and head of communications at life science company Bayer Holding Ltd. (Japan), whichis active in women’s health policy advocacy, is also seeing morecompanies supporting the health and well-being of staff. Someare providing education on women’s health topics, including
infertility treatment for women and men. Others are connecting
female employees with gynecological care or providing financial
support for women’s health treatments.
It’s all part of improving productivity and carrying out
healthy management, Kidoguchi said.

Business Cost

With the needs and demand for femtech in Japan firmly established, what does the future hold? Japan’s femcare and femtech
market grew from ¥57.5 billion ($428 million) in 2019 to almost¥60 billion ($448 million) in 2020, and further development ofLoss of productivity, resulting from improperly treated healthissues experienced by women working in Japan, is estimatedat ¥2.7 trillion ($20 billion). According to Minagawa, the figure
includes ¥323 billion ($2.4 billion) from menstruation, ¥672
billion ($5 billion) from fertility, and ¥1.75 trillion ($13 billion)
from menopause.
With employees’ physical and mental health front of mind
due to the acceleration of new work styles stemming from thepandemic, many companies are looking to the femtech industry
for solutions to some of Japan’s long-running problems.
Kathy Matsui, general partner of MPower Partners, Japan’s
first global venture capital fund focused on environmental,social, and corporate governance, told The ACCJ Journal that
health and well-being has “become the priority” for more companies, particularly during the pandemic.

Gradual Growth

the market is projected to generate an economic impact of about¥2 trillion ($14.9 billion) in 2025, according to Statista.
In global terms, though, Japan’s market is tiny, with Asia accounting for only eight percent of the world’s femtech companies.
Compare that with North America, which is home to 55 percent.
Sony Innovation Fund’s Fukata predicts that Japan’s femtech
market will “grow gradually, not exponentially,” in part due tothere being fewer female founders and investors than in the
United States and some other countries.
Still, the industry consensus is that women femtech founders can make a big impact in both this industry and the wider
healthtech domain.

Awareness of femtech products orservices among Japanese women
While knowledge of femtech has increased in recent years, analog items continue todominate in Japan, according to a September 2021 Statista survey.
Sanitary shorts

48%

Cloth sanitary pads

47.9%

Ovulation test kits

40.9%

Period tracker apps

40%

Sleep bras

38.3%
Source: Statista, Most commonly known female care and female technology (FemTech) products among women in Japan as of September 2021

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27

“Women are often key decision-makers when it
comes to household spending, and this is especiallytrue in Japan,” according to Nuala Connolly, co-chair of
the American Chamber of Commerce in Japan (ACCJ)
Women in Business Committee and an ACCJ governor,
as well as being head of talent, and the regional diversity, equity, and inclusion lead at AIG Japan Holdings.
“Having women in leadership positions in startups
and in femtech—and in every other sphere of business—means having leadership who represent thisimportant consumer base and can innovate directly
to optimally meet the needs of women. This, in turn,leads to the development of new products and markets, and boosts and elevates the overall economy.”
Fukata also cites the general population’s lack ofdeep understanding and the early stage of the industry as dampers on femtech growth, alluding to the factthat most femtech companies are focused on femcare,such as period underwear, rather than the technology aspect. She suggests this may be due to data thatshows women are most concerned about periodrelated issues when it comes to women’s health.
Alternatively, it might be due to the ease with which
consumers can see, touch, and use such products.
“I think [femcare is] the starting point. Oncethey get accustomed to using those products and get
to know more about the industry and the solutions
there are in the world, there will be more people whowant to focus on using femtech in different stages of
their life,” she said.
Femtech Community Japan’s Minagawa agrees
that most companies are providing non-tech products and services, but she is seeing some movementin the tech space, such as apps to track period cycles
or to chat remotely with medical experts, as well as
expansion into fertility treatments and early detection and support of menopause symptoms.

Lanex is putting a modern spin on Japan‘smaternal and child-health handbook.

E-MCH
One area of women’s healthcare in Japan that isgetting digital attention is the maternal and childhealth (MCH) handbook, a printed booklet that canbe obtained from a ward office or city hall which isused by doctors to track the results of pregnancy andpost-birth health checks.
Lanex Co., Ltd. has developed an electronic versionof the process—the E-MCH—an innovation for which
the company won the From Japan and Beyond Award atlast year’s ACCJ Healthcare x Digital competition.
“We analyzed the actual trend of existing digital
healthcare solutions and found that most were notdirectly applicable to maternal and child healthcare, so we came up with the idea to digitalize theJapanese MCH,” explained software developer andproject manager Boubacar Sow. “The E-MCH canplay a significant role in tackling public health issues
in both urban and rural areas of Japan. Our digitalmaternal and child healthcare system can collectand manage data from checkups during pregnancy,
track the baby’s development, and enable women
to communicate efficiently with their doctors andmonitor their pregnancies.”
Sow said that femtech and supporting female entrepreneurship contributes to women’s empowerment

Nuala Connolly
Head of talent and reg
ional DEI lead
AIG Japan Holdings
Co-chair
ACCJ Women in
Business Committee
and ACCJ governor

Boubacar Sow
Software developer andproject manager
Lanex Co., Ltd.

Dr. Amina Sugimoto
CEO
Fermata Inc.

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

There are people living with illness,
people fighting pain.
And then there are people
who walk beside them, offering care.
Each with their own anxieties and worries,
they’ re feeling their way through the dark.
At AbbVie, we aspire to lighta beacon of hope in these lives.
Our diverse team has always been,
and continues to beunited in creating new medicinesand healthcare approaches
through world-class science,
working to seek new solutions for patients.
And looking ahead,to make the tomorrow we hope for even brighter,
AbbVie will work hand in hand with people
who share our aspirations.
Doing our part to serveand support our communities
and protect the environment,
making a lasting impact
that's felt within healthcare and beyond.
So that everyone in society
can live true to themselveswith a smile on their face.

Raising a smile
for tomorrow,
together.
AbbVie GK
3-1-21 Shibaura, Minato-ku
Tokyo 108-0023, Japan
https://www.abbvie.co.jp/

29

Photo: Hidetoshi Ito

Femtech Community Japan hosted a US and Japanese members meetup on June 23 at Plug and Play Shibuya and via Zoom.

and helps to achieve gender equality. “Specifically in Japan,
femtech will boost the role of women in bettering healthcare
and related activities. Femtech can be seen as one of the pillarsof achieving gender equality in healthcare and bringing equal
opportunities to women.”

The Road Ahead
There remains a long way to go, however. A full-fledged femtech
market includes all kinds of hardware and software, including: Medical devices
 Wearables
 Telehealth and digital platforms
 Therapeutic drugs
 Vitamins and supplements

added. But she aims to change that with Fermata’s mission “toturn taboos into triumphs” by facilitating more openness on
women’s health.
“If people could talk about [women’s issues] more freely, themarket would slowly start to grow—companies and startups
would get ideas to come up with new products,” she believes.
The public would also benefit from understanding women’sbodies better, said Kidoguchi, a vice-chair of the ACCJ Healthcare Committee and the brainchild behind Bayer’s gynecologicalhealth education program in Japan. Inspired by the country’s
limited female health literacy and access to gynecological carecompared with what is available in other nations, the program
has been delivered to more than 50,000 students in 200 highschools, from Hokkaido to Okinawa, over the past seven years.
Such schemes that educate both men and women can act as

BAYER’S GYNECOLOGICAL HEALTH EDUCATION PROGRAM IN JAPAN … HAS
BEEN DELIVERED TO MORE THAN 50,000 STUDENTS IN 200 HIGH SCHOOLS,FROM HOKKAIDO TO OKINAWA, OVER THE PAST SEVEN YEARS.
These items support everything from menstrual and reproductive health to pelvic, uterine, and sexual health to wellness
and longevity.
Reaching that stage might not be smooth sailing, though, according to Dr. Amina Sugimoto, CEO of Fermata Inc., a platformand ecosystem designed to help domestic and overseas femtech
companies enter the Japanese market.
Pointing to a lack of understanding, she explained: “People
think there is nothing in the market and try to come up with
their own services. But the problem is the market is not there.”She added that it is unlikely the 90 percent of women in Japan
who choose sanitary pads during their period would be interested in a device to predict fertility if it requires insertion.
Consumers are also largely unaware of, or uncomfortablediscussing, what their personal health issues might be, Sugimoto

seeds for the future growth of Japan’s femtech market by creating more individuals who are open about, and understand,
women’s health issues.
Minagawa said the current lack of understanding and cultural non-acceptance by investors, mainly dominated by men,is the structural impediment for investment in the femtech
domain in Japan.
This was one driver for her to establish Femtech Community
Japan, which connects investors, startups, enterprises, research institutions, government, and media for networking and discussion.
With the growth of such forums that support the development of an open conversation around femtech in Japan, it surely
won’t be long before the term graduates from its current status
as a year-end listing on language trends to being a topic of everyday conversation. n

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

HEALTHTECH

By Julian Ryall

STATE
OF MIND30

HOW ARTIFICIAL INTELLIGENCE IS HELPING IDENTIFYMENTAL HEALTH CONCERNS FOR BETTER TREATMENTF

or millions of people around the world who were already struggling with mental health issues, the past
two-and-a-half years of the coronavirus pandemic have been a further trial. Isolation, a sudden shortage of opportunities to interact with friends or family in person, additional stresses in the workplace or
the home, new financial worries, and difficulty in accessing appropriate mental healthcare have taken
their toll, experts in the field told The ACCJ Journal.

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

However, in the battle against mental healthcomplaints, this time of adversity has also served to
fast-track development and adoption of a new tool:
artificial intelligence (AI). While the technology may
be relatively new to the sector, the potential is huge,according to companies that are applying it to assist
physicians with diagnosis and treatment.

A Tool for Our TimeAI has come a very long way since the first chatbots
appeared back in the 1990s, and early mental healthmonitoring apps became available, explained Vickie
Skorji, Lifeline services director at the Tokyo-based
TELL Lifeline and counseling service. And it is urgently
needed, she added.
“When we have something such as Covid-19 comealong on a global scale, there is inevitably a sharp increase in anxiety, stress, and depression. The mental
healthcare systems that were in place were simply
flooded,” she said.
“A lot of companies were already playing aroundin the area of AI and mental healthcare, but the pandemic has really pushed these opportunities to theforefront,” she explained. “If, for example, a physician
is not able to meet a client in person, there are now
ways to get around that, and there has been an explosion in those options.”

Instead of using natural language processing(NLP), Kintsugi’s unique machine learning models
focus on signals from voice biomarkers that are
indicative of symptoms of clinical depression andanxiety. Producing speech involves the coordinationof various cognitive and motor processes, which canbe used to provide insight into the state of a person’s
physical and mental health.
In the view of Prentice Tom, chief medical officerof the Berkeley, California-based company, passive
signals derived from voice biomarkers in clinical calls
can greatly improve speed to triage, enhance behavioral health metadata capture, and benefit the patient.
“Real-time data that augments the clinician’s ability to improve care—and that can be easily embedded
in current clinical workflows, such as Kintsugi’s voicebiomarker tool—is a critical component necessary for
us to move to a more efficient, quality-driven, valuebased healthcare system,” he explained. The technology is already in use in the United States, and Japan ison the waiting list for expansion in the near future.
Chang, the company’s chief executive officer, isconfident that they are just scratching the surface ofwhat is possible with AI, with one estimate suggesting that AI could help reduce the time between theappearance of initial symptoms and intervention by
as much as 10 years.

31

Vickie Skorji
Lifeline services
director
TELL Japan

Prentice Tom
Chief medical officer
Kintsugi“REAL - TIME DATA THAT AUGMENTS THE CLINICIAN’SABILITY TO IMPROVE CARE … IS A CRITICAL COMPONENTNECESSARY FOR US TO MOVE TO A MORE EFFICIENT,QUALITY - DRIVEN, VALUE - BASED HEALTHCARE SYSTEM.”
Not every purported tool is effective, she cautions,and there are going to be questions around client
confidentiality and keeping data current. The clinician must also become sufficiently adept at interpreting a client’s genuine state of mind, which might
be different from the feelings that are communicatedthrough the technology. On the whole, however,
Skorji sees AI as an extremely useful weapon in theclinician’s armory.

Voice Matters
One of the most innovative solutions has recently
been launched by Kintsugi, a collaboration between
Grace Chang and Rima Seiilova-Olson, engineers who
met at the 2019 OpenAI Hackathon in San Francisco.
In just a couple of years, the company has gone froma startup to being named in the Forbes list of North
America’s top 50 AI companies.
Kintsugi has developed an application programming interface called Kintsugi Voice which can be
integrated into clinical call centers, telehealth platforms, and remote patient monitoring applications.
It enables a provider who is not a mental healthexpert to support someone whose speech indicates
they may require assistance.

“Our work in voice biomarkers to detect signs ofclinical depression and anxiety from short clips of
speech is just the beginning,” she said. “Our team islooking forward to a future where we can look backand say, ‘Wow, I can’t believe there was a time when
we couldn’t get people access to mental healthcare
and deliver help to people at their time of need.’“My dream and goal as the CEO of Kintsugi is that
we can create opportunities for everyone to accessmental health in an equitable way that is both timely
and transformational,” she added.

The Power of Data
Maria Liakata, a professor of NLP at Queen Mary
University of London, is also the joint lead on NLP
and data science for mental health groups at the UK’s
Alan Turing Institute. She has studied the use andeffectiveness of AI in communicating with the publicduring a pandemic.
Liakata’s own work has focused on developing
NLP methods to automatically capture changes
in individuals’ mood and cognition over time, as
manifested through their language and other digitalcontent. This information can be used to construct
new monitoring tools for clinicians and individuals.

Grace Chang
CEO
Kintsugi

Maria Liakata
Joint lead
NLP and data science
for mental health
Alan Turing Institute

Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

TELL COUNSELING
We proactively support the international community in Japan with licensed therapists who provide
world-class, professional, and confidential psychotherapy and testing/assessment services.

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33

The Kintsugi talk therapy app for mental health uses voice biomarkers to measure and predict well-being.

But, she said, a couple of other projects have caught her eye.
One is Ieso Digital Health, a UK-based company that offers
online cognitive behavioral therapy for the National HealthService, utilizing NLP technology to analyze sessions and provide data to physicians. And last October, US-based mental andbehavioral health company SonderMind Inc. acquired Qntfy,
which builds tools powered by AI and machine learning thatanalyze online behavioral data to help people find the most appropriate mental health treatment.
“There has definitely been a boom over the past few years
in terms of the development of AI solutions for mental health,”
Liakata said. “The availability of large fora in the past 10 years
where individuals share experiences about mental health-related issues has certainly helped in this respect. The first work thatdifferent domains and platforms, such as Reddit versus Twitter.
“I think there is also some reluctance on the part of clinicians to adopt solutions, and this is why it is very important that
AI solutions are created in consultation with clinical experts.”
Over the longer term, however, the outlook is positive, andLiakata anticipates the deployment of AI-based tools to help
with the early diagnosis of a range of mental health and neurological conditions, including depression, schizophrenia, anddementia. These tools would also be able to justify and provide
evidence for their diagnosis, she suggested.

To Assist, Not Replace
Elsewhere, AI tools will be deployed to monitor the progressionof mental health conditions, summarize these with appropriate

AI TOOLS WILL BE DEPLOYED TO MONITOR THE PROGRESSION
OF MENTAL HEALTH CONDITIONS, SUMMARIZE THESE WITH
APPROPRIATE EVIDENCE, AND SUGGEST INTERVENTIONS LIKELYTO BE OF BENEFIT.
came to my attention and sparked my interest in this domain
was a paper in 2011 by the Cincinnati Children’s Hospital. It was
about constructing a corpus of suicide notes for use in training
machine learning models.”
Yet, as is the case during the early stages of any technology
being implemented, there are issues that need to be ironed out.
“One big hurdle is the availability of good quality data, especially data over time,” she continued. “Such datasets are hard tocollect and annotate. Another hurdle is the personalization of
AI models and transferring across domains. What works well, let’ssay, for identifying a low mood for one person may not work as wellfor other people. And there is also the challenge of moving acrossevidence, and suggest interventions likely to be of benefit. These
would be used by both individuals, to self-manage their conditions, and clinicians.
Despite all the potential positives, Skorji emphasizes that AI
needs to be applied in conjunction with in-person treatment formental health complaints, rather than as a replacement.
“The biggest problem we are seeing around the world at the
moment is loneliness,” she said. “Technology is useful, but it
does not give people access to people. How we deal with problems, what the causes of our stress are, how can we have healthy
relationships with other people—we are not going to get thatfrom AI. We need to be there as well.” n

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

FOODTECH

34

By Malcolm Foster

SUSHI
SINGULARITY
3D PRINTERS OFFER A VISION AND TASTE OF FUTURE
FOOD—BUT WILL CONSUMERS EMBRACE IT?

I

Photo: Natural Machiness this a glimpse of the future of food? Japanese scientists and companies are developing 3D food printers
to produce sushi, wagyu, and a host of other foods. They say the technology holds great promise for personalizing food to meet nutritional needs, reducing food waste, and even providing something to eat duringextended space travel. “I think there’s huge potential. Food itself will probably change,” said Yamagata
University’s Hidemitsu Furukawa.

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The soft and wet materials-engineering scientist
is developing a 3D food printer dubbed the Laser Cookthat heats and hardens liquid food poured into a mold.
He envisions the equipment being used in convenience
stores within the next 10 years to prepare customdesigned food for consumers. He is even in initial discussions with Seven & i Holdings Co. Ltd., the ownerof the 7-Eleven chain, about doing just that.
As Japan’s population ages, the technology could
also prove useful for feeding elderly people withspecific nutritional needs or providing softer foodfor those who have trouble chewing and swallowing,
Furukawa and other developers have noted.
The sushi and wagyu projects are still works inprogress, and there are obvious questions about how
receptive consumers will be to food that may seemindustrial or artificially engineered. But already, 3D
food printers are being used at universities, restaurants, and food companies in Japan and around theworld. Developers predict they will become fixturesin household kitchens within a generation.
“We’re trying to create a competitive food culture
for the 21st century,” observed Ryosuke Sakaki, whofounded Open Meals, a venture backed by ad agency
Dentsu Inc., which is pursuing seven projects thatinvolve 3D food printers, including some that essentially squeeze sushi and wagashi (Japanese confections) out a nozzle.

of paste-like or liquid food to be squeezed througha nozzle to produce a three-dimensional shape thatcan be eaten or baked. The method lends itself tocreating cookies, cakes, chocolates, and other confection. Some dessert shops have already started todisplay them.
But many machines can also handle mashedvegetables and even minced meat. The Foodini, a 3D
food printer designed by Barcelona-based Natural
Machines, comes equipped with capsules that users
can fill with almost any sort of food, as long as it’s
relatively soft.
The technology is not as foreign or far-out as it
might sound, Chief Executive Officer Emilio Sepulveda
told The ACCJ Journal. And it is already widely used infood processing plants. “These printers use the sameprocesses and same technology that major food brands
use to create pasta or meat patties,” he explained. “It’sbasically 3D printing, but no one calls it that.”

35

Hidemitsu Furukawa
Scientist
Yamagata University

Tackling Food Waste
The Laser Cook printer being developed by Yamagata
University’s Furukawa operates differently. It combines water with dehydrated, powdered food, whichis poured into a vessel and then zapped with a laser
to cook or harden it.
In this way, 3D printers can help reduce foodwaste, Furukawa and others have said. Instead of

Ryosuke Sakaki
FounderOpen Meals

THE TECHNOLOGY IS SOMETHING THE JAPANESEGOVERNMENT IS GETTING BEHIND AS WELL …
AND SOME DEVELOPERS ARE RECEIVING
GOVERNMENT RESEARCH FUNDING.
Sakaki remarked that getting the taste andtexture right have been huge challenges, and he has
enlisted the help of sushi chefs in this regard. But
he acknowledges that the results will never measure
up to the sushi we are used to. “We’ll never be able
to match that,” he admitted, adding that the fish or
seafood portion of printed sushi may be crispier andmay be placed on top of regular pats of rice shapedby a machine. “We’ll need to think of it as a new kindof sushi experience,” he concluded.
Still, Sakaki has high hopes. By year-end, Open
Meals plans to hold an event at which printed
sushi and wagashi can be eaten and the technology
demonstrated. If it is well received, he hopes to open
a restaurant serving the food in the not-too-distantfuture. The name? Sushi Singularity.

Mini Food Factories
These Japanese ventures aim to join a number ofstartups from Europe, the United States, and Chinathat have taken the lead in this nascent business.
Food printers, which emerged 10–12 years ago,
work in a variety of ways. The dispensing function
operates like that of 3D printers with which we may
be most accustomed. But, whereas the latter create
plastic shapes, the function here causes capsules

discarding food that isn’t sold at the supermarket—
or the “ugly” vegetables that don’t even get to thestore, because they’re not the ideal shape—it can beturned into powder and saved for future use. “If wethink differently … and convert food into powder, it
becomes an on-demand item and there’s little waste,”
Furukawa explained.
There’s also potential here for use in space, he
added. Transporting lightweight powder is easy. It
doesn’t require refrigeration and it can last several
years. “So, when we go to Mars—a journey that could
take two or three years—this kind of food could be
used. You can make it just by adding water.”
The technology is something the Japanese
government is getting behind as well. One goal of the
Cabinet Office’s Moonshot Program is to reduce foodwaste, and some developers, including Furukawa,are receiving government research funding.

Emilio Sepulveda
CEO
Natural Machines

Jennifer Perez
Venture capitalist
Future Food Fund

Personalized Nutrition
Another benefit, scientists and developers say, isthat ingredients can be customized to meet individual nutritional needs. That might include vitamins
and other supplements.
It could be particularly helpful, in Japan andother developed nations, for the growing ranks of

Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

36

elderly people, who may not get enough nutrition as their stomachs and appetites shrink. Producing softer food can also help
elderly people who have dysphagia, or difficulty swallowing, acommon problem for those with Parkinson’s disease. “With thistechnology, you can make dense nutrition,” Furukawa explained.
Athletes and soldiers could also benefit from specially designed food. Perhaps during disasters, the technology could also
be used to feed people who lack provisions, developers say.
“The opportunity and potential to use this in hospitalsettings, in homes for the elderly, where consumers need very
specific nutrients, and where nutrients must be provided at specific times—that’s a huge market,” said Jennifer Perez, a venture
capitalist at the $20 million Future Food Fund, established byonline food delivery service Oisix ra daichi Inc., which invests infood-technology ventures.

with Shimadzu Corporation to develop chunks of synthetic, or
cultured, wagyu, Japan’s famous marbled beef.
The complicated process involves injecting stem cells from
fresh meat into a gelatinous bath. The cells are then exposed tostimulating chemicals to differentiate them. Some become tinymuscle fibers just 500-microns wide, while others become tissue, such as fat and blood vessels.
The muscle fibers are then assembled to create tiny piecesof meat—72 strands, for example, create a tidbit just 5 millimeters x 5 millimeters x 1.5 centimeters. Matsusaki has not beenable to do a taste test yet, because he hasn’t received clearance
from the university’s ethics committee. But his team aims tocomplete the project for demonstration at World Expo 2025 in
Osaka, where they hope to offer visitors tiny edible pieces ofsuch printed wagyu.

“THE OPPORTUNITY AND POTENTIAL TO USE THIS IN HOSPITALSETTINGS, IN HOMES FOR THE ELDERLY, WHERE CONSUMERS
NEED VERY SPECIFIC NUTRIENTS, AND WHERE NUTRIENTS MUSTBE PROVIDED AT SPECIFIC TIMES — THAT’S A HUGE MARKET.”
So far, the fund hasn’t invested in any 3D food printing companies, but Perez sees great potential. “This technology is a dreamof the future, but it’s starting to happen right now,” she added.

Synthetic Wagyu
Japan is on the cutting edge in one particular area: developing“structured” synthetic meat that contains ripples of fat, blood,and sinew, just like the steaks we might buy at the supermarket.
While food printers have been able to process fresh andsynthetic ground meat for some time, Osaka University bioengineer Michiya Matsusaki is spearheading research and working

Matsusaki said he’s received inquiries about his researchfrom a number of companies around the world. “We’re getting
lots of interest from Singapore, Dubai, and the United States,”
he shared. “Companies that make synthetic meat don’t have thetechnique to make this shape.”
Key reasons for the project include concern about the environment and the possibility that the world will face a shortageof meat in the future, making it difficult to feed the growing
population, Matsusaki explained. Increasing the number ofcattle—and expanding grazing land to meet their needs—would
lead to the destruction of more forests. And cows produce a lotof methane, a potent greenhouse gas.
The equipment being developed with Shimadzu would allow
consumers to manipulate the percentage of fat they want intheir meat. “If you had one of these machines in your home, you
could decide on the fat content and shape you wanted,” he observed. “Press a button and it would be done the next day. That’s
the kind of future we’re trying to create.”

Very Analog
But how does such food taste, and will consumers go for it?
Japanese are quite open-minded about robots and other applica-

Japan’s famous marbled beef, wagyu, could become moresustainable thanks to 3D printing and Matsusaki’s research.

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

37

1

Photos: Natural Machines

2

Foodini opens up a world of possibilities: 1. Chef plating a chocolate spiral;
2. Nautilus dish printing by Food Ink; 3. Hummus pot with carrots; 4. Icelandic
Sustainable cod langoustine by Chef Viktor Andrésson of Lux catering.

3

4
tions of technology, but when it comes to food they
have very high standards for quality, texture, taste,
and freshness.
Tetsuya Nojiri, CEO of Oishii kenko Inc.—creatorof the app that goes by the same name and who is
not involved in 3D printer development—said he cansee some positives in the technology, particularly foraddressing nutritional needs of the elderly. However,
he believes it won’t appeal to most Japanese consumers, and that it would take many years to be accepted. “Most people want food that is natural, safe,
and tasty,” he stated. “That’s very analog, not digital.”Aiming to contribute to health and healthcare issues through dietary management is the Oishii kenko app, which won the Empowering Patients Award
and People’s Choice Award at last year’s American
Chamber of Commerce in Japan Healthcare x Digitalcompetition. The app’s name means “tasty health”
and it provides recommendations for nutritionallybalanced, delicious meals using artificial intelligenceand Big Data.
Nojiri suggested that, if the equipment to make3D printed foods is fun and easy to use, he can see
some consumers using it to make niche products
such as chocolates and other confections. He canalso see it being put to work in larger-scale settings,
such as hospitals and universities. “These printers

have potential, but it’s hard to imagine that theywould be used to prepare food for the ordinary
person,” he added.
Perez of the Future Food Fund feels that moretime and research is needed to gauge consumer
receptivity. “Consumers are curious but, ultimately,
it comes down to: Is the product going to taste good?”
Taste and texture are indeed very difficult, if not
impossible, to replicate on a food printer. Chocolate
and baked goods are easier on that score, but synthetic meat—or hybrid meat mixed with soy or otherplant products—has generally proved disappointing. “It doesn’t really taste like meat yet, so that’s a
problem,” Matsusaki remarked.

Michiya Matsusaki
Bioengineer
Osaka University

Price, Speed, Scalability
The 3D printers currently being used have builtin limitations on what they can produce, Sakaki
explained. “Food made with certain ingredients willharden and taste good, but [made with] others will
not. There are also limitations on how you can design
the food to come out. And it takes quite a while to
make each piece, so that raises the price.”
Yes, as with any new technology, price is an issue.
Natural Machines’ Foodini sells for about ¥800,000
at current exchange rates ($6,000), although thecompany also offers less expensive subscription
plans for set periods of time. The Laser Cook being
developed by Furukawa costs roughly ¥1 million(about $7,500). Other machines being developed inJapan, such as the wagyu and sushi printers, do not
yet have price tags.

Tetsuya Nojiri
CEOOishii kenko Inc.

Suraj Gujar
Principal analyst for
disruptive technologies
Meticulous Research

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Still out there making surepeople have enough food.

Thank you.
SECOND HARVEST JAPANwww.2hj.org

39

The Laser Cook printer combines water with dehydrated,powdered food, which is poured into a vessel andthen zapped with a laser to cook or harden it. Creator
Furukawa sees potential for the device to reduce foodwaste and to support extended space missions.

Speed and scalability are other problems, according toPerez. Printing a simple round cake can take seven to 15 minutes, and making just one more complex structure can take 45
minutes to an hour. “When you compare that to what you can doon the standard factory line, it doesn’t make a lot of sense,” shesaid. “When you look at the logistics, it doesn’t quite work yet.”On the flip side, once you have a successful product, it’shighly reproducible, Perez pointed out. And that data could
be shared with other machines to create the same product onanother continent—or in outer space.

that into the computer,” Gujar explained. “If it’s for a cake, I
would be happy to have it. But if it’s for daily food, I’m skeptical.”
To counter negative impressions that printers generate“plastic food,” Natural Machines’ Sepulveda said that, mostoften, fresh ingredients are used with the Foodini, several dozenof which are already being put to work in Japan at food companies, universities, hospitals and restaurants.
To win the trust of consumers in Japan, it’s important towork with established food brands, Sepulveda noted. Natural
Machines is working with Hankyu and Dentsu. “Japanese corpo-

DESPITE THE OBSTACLES, DEVELOPERS SAY GROWING CONSUMER
AWARENESS AND CONCERN ABOUT ENVIRONMENTAL, HEALTH,AND SUSTAINABILITY ISSUES ARE MAKING THEM MORE RECEPTIVE
TO THIS NEW TECHNOLOGY.
Suraj Gujar, principal analyst for disruptive technologies at
Meticulous Research in Pune, India, sees 3D printers as remaining a relatively niche product used by bakeries, caterers, hotels,
and restaurants—but not the wider public.
The equipment is far too expensive, hefty, and slow to catchon among ordinary consumers, at least for the foreseeable
future, he offered. Also, most printers don’t have a cooking feature, so that involves another step, adding more time and work.
And some can be tricky to operate, he added.
“The consumer has to be tech savvy, because if you want toprint food, it means you have to give a command to a machine.
And if you want a customized design, then you have to programrates are super open and looking for partnerships that can bringthem this extra value that they have not been able to develop on
their own,” he added.
And demand in the region is on the rise: Asia has overtaken
North America as the Foodini’s top market.
Despite the obstacles, developers say growing consumerawareness and concern about environmental, health, andsustainability issues are making them more receptive to thisnew technology. “Sustainability is getting more attention,” said
Open Meals’s Sakaki, “including concerns about fish catch andresource use. 3D printing is one way to address that, so I thinkpeople will be receptive.” n

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RECOVERY

40

From Disasterto Tech Hub

The bold ambitions of Japan’s Fukushima Innovation Coast FrameworkFor his first-ever trip to Japan, in 2011, Warren Buffett chose
to visit Iwaki City, Fukushima Prefecture. What attracted
the world’s most celebrated investor to a former mining
community of some 300,000 residents far away from the bright
lights of Tokyo? The Sage of Omaha came in person to show his
support for Tungaloy Corporation, a leading maker of cutting tools.
Tungaloy also happens to be owned and operated by a company led
by Buffett. Just a few months after the Great East Japan Earthquakeof March 11, 2011, devastated much of the surrounding region,
Buffett stood in front of Tungaloy’s Iwaki headquarters holding asign that read, “Never give up, Fukushima!” The act underscoredhis commitment to the company, its employees, and the community that hosts them.
Tungaloy President Satoshi Kinoshita explained: “Companies
are only as good as their people. The workers here in Iwaki City
are bright, diligent, and ambitious. They are filled with creativeideas. This wealth of local talent on our doorstep—combinedwith very supportive local communities and government agencies—makes the case for investing in Fukushima so compelling.”

Fukushima Reimagined
Iwaki City is just one of a string of towns and cities in the Hamadoriarea, Fukushima Prefecture’s coastal region facing the Pacific Ocean
which was hardest hit by the earthquake, tsunami, and nuclear
disasters. Soon after the catastrophe, the Ministry of Economy,
Trade and Industry (METI) began coordinating a wide range ofefforts to revitalize this former disaster zone. METI’s revitalization

initiatives were raised to a new level with the launch of the
Fukushima Innovation Coast Framework in May 2017.
Under the framework, the ministry is attracting innovatorsin six core sectors through financial and other types of aid. The
core sectors include: Decommissioning Robotics and drones Energy, environment, and recycling Agroforestry and fisheries
 Medical care
 Aerospace

Future Tech Hub
In the 11 years since the earthquake, recovery has focused on
restoring businesses to their original locations in Fukushima
through business and livelihood restoration efforts; but that
doesn’t provide a vision of Fukushima’s future. The Fukushima
Innovation Coast Framework aims for “creative reconstruction”
by developing new industries in the prefecture’s coastal region.
“As we attract outside companies, we also want locals torestart their businesses. True creative reconstruction is only
realized once local companies successfully mesh with new partners and drive the creative cycle,” explained Masami Miyashita,
director of METI’s Fukushima New Industries and Employment
Promotion Office.

A Leg Up for Robotics
One of the cutting-edge research anddevelopment facilities is the Fukushima
Robot Test Field. It offers experimental
equipment and development facilities
such as tunnels, bridges, and runways foraircraft to test the performance of robots
for infrastructure inspection and communication towers for drones.
Sou Yanbe, growth manager of theventure capital Real Tech Fund, explained:“Test environments that can assess the
durability of devices are indispensable forthe commercial rollout of hardware suchas robots and drones. But most startups
can’t afford to own and operate the facilities needed to conduct these tests. Robotics startups aiming for mass production
should first consider setting up a base in
the Hamadori area of Fukushima.”

Warren Buffett (center) in Iwaki City in November 2011, holding a sign cheering on Fukushima.

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

41

The 50-hectare Fukushima Robot Test Field provides all sorts of real-world test environments critical to testing.

Big Hydrogen Plants
Take for example the small community of Namie,
which has been reimagined as Hydrogen Town Namieand houses one of the world’s largest-capacity hydrogen plants: Fukushima Hydrogen Energy Research
Field. Sucking up an enormous amount of energy
generated by solar panels, the field applies this solar
energy to produce enough hydrogen fuel daily topower about 150 households or to fully charge 560
fuel-cell vehicles.
In response to the national government’s
2050 Carbon Neutral Declaration, whichis expected to encourage even further the
introduction of renewable energy in Japan,
Namie has declared itself a zero-carbon city,
aiming to achieve virtually no carbon dioxide
emissions by 2050. While this will promote
the generation and use of renewable energy, thekey to achieving their 2050 goal is found in the“create local, use local” strategy for clean Namiehydrogen produced at the Fukushima Hydrogen
Energy Research Field.

develop and commercialize long-range, unmanned
drones by the end of 2023.
Matsuura envisions a disaster management
system where fixed-wing drones capable of long-distance flight share images and 3D models generated
from aerial surveying with a special analysis team,which then passes them on to government bodies.
“No other facility is so well equipped with not
only an airfield and testing facilities, but also ancillary

Presented inpartnership with

Drones to the Disaster Response
Meanwhile, the startup Terra Labo is addressing the other side of the coin: disaster
preparedness. Investing just over $2 million to builda research, development, and manufacturing hub
next to Fukushima Robot Test Field, Terra Labo
Chief Executive Officer Takahide Matsuura aims toChildren interact with the Aruku Mechatro WeGo robot.

facilities,” Matsuura said, noting how critical thefacilities are to his vision. “This makes it ideal for adevelopment-centered company. It must not havebeen easy to secure the site.”Engaging Education
But it’s not all billionaires, venture capitalists, andentrepreneurs. The next generation of Fukushimaresidents is just as involved. In the classroom of a local
school, children’s eyes light up when one palm-sized
robot bows. The robot attracting their attention is
the Aruku Mechatro WeGo, designed to help children
learn programming.
Classes such as these are held regularly in Fukushima for elementary and middle school students withthe hopes that some will grow up to be the innovatorsof the future. And perhaps, in the years to come, one
of Buffett’s successors will visit Fukushima and be
inspired by local creativity and entrepreneurship toinvest more in the vibrant Fukushima of the future. n

Learn more about the
Fukushima Innovation
Coast Framework
www.fipo.or.jp/en

Listen to this story
journal.accj.or.jp/podcast

Fixed-wing drones will scan disaster-struck areas.

THE ACCJ JOURNAL • VOL. 59 • NO. 2 • SUMMER 2022

Corporate Sustaining
Member Companies
The ACCJ thanks these organizations for their extensive participation, which provides a cornerstone in the chamber’s efforts topromote a better business climate in Japan. Information as of June 27, 2022.

PRESIDENT’S CIRCLE

3M Japan Limited

Facebook Japan

NetAppAbbott Laboratories/Abbott Japan LLC

Federal Express Japan Godo Kaisha

Nippon Boehringer Ingelheim Co., Ltd.

AbbVieFreshfields Bruckhaus Deringer Tokyo

Nissan Motor Co., Ltd.

Adobe KK

GE Japan

Northrop Grumman Japan

Aflac

Gensler and Associates/International, Ltd.

Novartis

AIG Companies in Japan

Gilead Sciences K.K.

NTT

Amazon Japan G.K.

Goldman Sachs Japan Co., Ltd.

Oak Lawn Marketing, Inc.

Amway Japan G.K.

GR Japan K.K.

P&G Japan G.K.

APCO Worldwide G.K.

Hard Rock Japan LLC

Pattern Energy Group LP

AstraZeneca K.K.

HiltonPfizer Japan Inc.

Asurion Japan Holdings G.K.

IBM Japan, Ltd.

Prudential Financial, Inc.

Bank of America

IHG ANA Hotels Group JapanPwC Japan

Bayer Yakuhin, Ltd.

IQVIA

Qualcomm Japan LLC

Boeing Japan K.K.

Johnson & Johnson Family of Companies

Randstad K.K.

Bristol-Myers Squibb K.K.

KPMG

Robert Half Japan

Carlyle Japan LLC

Kraft Heinz Japan

Robert Walters Japan K.K.

Caterpillar

Lenovo Japan Ltd.

Salesforce Japan Co., Ltd.

Chevron International Gas Inc. Japan Branch

Lockheed Martin

Squire Patton Boggs

Citigroup

Mastercard Japan K.K.

State Street

Coca-Cola (Japan) Co., Ltd.

McKinsey & Company, Inc. Japan

Stryker Japan K.K.

Cummins Japan Ltd.

MetLifeThomson Reuters

Deloitte Touche Tohmatsu LLC

Microsoft Japan Co., Ltd.

Uber Japan Co., Ltd.

Delta Air Lines, Inc.

Mitsuuroko Group Holdings Co., Ltd.

Visa Worldwide (Japan) Co., Ltd.

Discovery Japan, Inc.

Morgan, Lewis, & Bockius LLP

The Walt Disney Company (Japan) Ltd.

ELC Japan K.K.

Morgan Stanley Japan Holdings Co., Ltd.

Western Digital Japanen world JapanMSD K.K.

White & Case LLP

EY Japan

Naigai Industries, Inc.

Zimmer Biomet G.K.

Want to join the American Chamber of Commerce in Japan?
We offer membership programs for entrepreneurs, executives, individuals, and companies of all sizes—
from small and medium-sized enterprise to multinational companies.
For details, visit accj.or.jp/join-us.

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