The Japanese AI sector is experiencing rapid growth, with market revenue reaching ¥388.3 billion in 2022 and projected to hit ¥1,103.4 billion by 2027. The government is actively promoting AI development, allocating ¥164 billion for fiscal year 2024, a 44% increase from the previous year.
Japan’s regulatory approach focuses on ‘agile governance,’ allowing the private sector to self-regulate while relying on existing laws. The establishment of the AI Strategy Council in May 2023 emphasises the importance of AI research and development.
Japan aims to lead global AI governance, highlighted by the Hiroshima AI Process initiated during its G7 chairmanship in 2023, resulting in the publication of guiding principles and a code of conduct for organizations developing advanced AI systems.
source: Lexology
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