JETRO Invest Japan Report 2023
Chapter1. Inward FDI Trends in the World Section 1. Global Inward FDI Flow in 2022

According to the United Nations Conference on Trade and Development (UNCTAD), global FDI in 2022 decreased by 12.4% from the previous year to 1,294.7 billion dollars (based on the directional principle). Although it recovered in 2021 to the level before the spread of COVID-19, the recovery trend did not stabilize or expand in 2022. As a special note by country and region, of developed economies, Europe experienced a significant decrease and turned into an outflow. On the other hand, it increased in Japan by 31.9% (Chart 1-1).

Chart 1-1: Trends in Global Inward FDI Flow (Million US dollars, %)
Country/Region 2020 2021 2022 2022
Growth rate
(YoY)
World 961,983 1,478,137 1,294,738 -12.4
Developed Economies 315,461 597,243 378,320 -36.7
Hierarchy level 2 itemsJapan 10,703 24,652 32,509 31.9
Hierarchy level 2 itemsKorea 8,765 22,060 17,996 -18.4
Hierarchy level 2 itemsIsrael 23,109 21,486 27,760 29.2
Hierarchy level 2 itemsEurope 132,537 50,711 -106,770 *
Hierarchy level 3 itemsEuropean Union 115,623 152,381 -124,948 *
Hierarchy level 4 itemsGermany 56,204 46,468 11,053 -76.2
Hierarchy level 4 itemsFrance 11,359 30,885 36,413 17.9
Hierarchy level 3 itemsUnited Kingdom 58,237 -71,174 14,093 *
Hierarchy level 3 itemsRussia 10,410 38,639 -18,681 *
Hierarchy level 2 itemsNorth America 122,766 453,439 337,690 -25.5
Hierarchy level 3 itemsUnited States 95,882 387,780 285,057 -26.5
Developing Economies 646,522 880,894 916,418 4.0
Hierarchy level 2 itemsEast Asia 284,850 333,522 323,561 -3.0
Hierarchy level 3 itemsChina 149,342 180,957 189,132 4.5
Hierarchy level 3 itemsHong Kong 134,710 140,186 117,725 -16.0
Hierarchy level 3 itemsSingapore 72,903 131,151 141,211 7.7

Note: Figures for Japan in the chart are calculated by UNCTAD based on the directional principle. The data do not correspond to those in Chart 2-1. See "Measurement Principles." The marks of * in the chart show that one of the comparison data is negative and therefore growth rate is not applicable.
Source: UNCTAD data. Classification is also as defined by UNCTAD

[Column] Measurement Principles

1. Asset and Liability Principle

Investments from Japan to overseas are classified as "assets" (outward FDI), while those from overseas to Japan are classified as "liabilities" (inward FDI). In the chart below, " Investment" is recorded as inward FDI.

2. Directional Principle

Investments of a Japanese parent company in an overseas affiliate are classified as "outward FDI," and investments of an overseas parent company in a Japanese affiliate are classified as "inward FDI."

In the chart below, " Investment" is not recorded as inward FDI but is regarded as a recovery of the Japanese parent company's investment (negative outward FDI).

Compiled from the Bank of Japan website and the JETRO World Trade and Investment Report.Asset and Liability Principle. 1. Investments from Japan to overseas are classified as [assets] (outward FDI), while those from overseas to Japan are classified as [liabilities] (inward FDI). [Investments] are accounted for as inward investments. 2. Directional Principle. Investments of a Japanese parent company in an overseas affiliate are classified as [outward FDI,] and investments of an overseas parent company in a Japanese affiliate are classified as [inward FDI.] [Investment] is not recorded as inward investment, but is regarded as a collection of the investment of the parent company in Japan (negative outward investment).

Source: Bank of Japan (BOJ) website, JETRO Global Trade and Investment Report

JETRO Invest Japan Report 2023

  1. Introduction

  2. Chapter1.

    Inward FDI Trends in the World

    1. Section1.

      Global Inward FDI Flow in 2022

    2. Section2.

      Global Greenfield Investment in 2022

    3. Section3.

      Responses of Global Companies to Geopolitical Risks

    4. Section4.

      Changes in Global Investment Destinations due to Geopolitical Risks

  3. Chapter2.

    Trends in Inward FDI in Japan

    1. Section1.

      Trends in Inward FDI to Japan

    2. Section2.

      Trends in Inward FDI to Japan by Country and Region

    3. Section3.

      Trends in Inward FDI to Japan by Industry

    4. Section4.

      Trends in Greenfield Investment in Japan

    5. Section5.

      Trends in Inbound M&A in Japan

    6. Section6.

      Long-Term Trends in Greenfield Investment Projects in Japan

    7. [Column 1]

      JETRO's initiatives for the entry of semiconductor-related companies into Japan

    8. [Column 2]

      With the recovery of inbound tourism, Japanese tourism assets is once again in the spotlight

    9. [Column 3]

      Promotion of More Active and Desirable M&A in Japan

  4. Chapter3.

    Recent Government Measures

    1. Section1.

      Basic Policy on Economic and Fiscal Management and Reform 2023

    2. Section2.

      Action Plan for Attracting Human and Financial Resources from Overseas

    3. Section3.

      Green Innovation Fund Projects

    4. Section4.

      Fund for Advanced Semiconductor Production Infrastructure Development

    5. Section5.

      Project to Accelerate Biomanufacturing Revolution

    6. Section6.

      Subsidy for Development of Regional Data Centers

    7. Section7.

      R&D Project of the Enhanced Infrastructure for Post-5G Information and Communication Systems

    8. Section8.

      Innovative Information and Communication Technology Fund Project (Beyond 5G (6G) Promotion Fund Project)

    9. Section9.

      Establishment of a "New System" for Accepting Highly-Skilled Foreign Professionals (from April 2023)

    10. Section10.

      Startup Development Five-year Plan

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