The Ministry of Economy, Trade and Industry (formerly the Ministry of International Trade and Industry) is the government agency that has been responsible for Japan’s industrial policy, but in recent years, all the missteps have continued. Perhaps the biggest is sloppy support for the semiconductor industry. Japan’s semiconductor industry, which once boasted the top share in the world, rapidly lost its competitiveness after the 1990s and was completely defeated by the late Koreans and Taiwanese. The Ministry of Economy, Trade and Industry has set a brave goal of “reviving Hinomaru semiconductors” and has urged the establishment of national semiconductor companies such as Elpida Memory, Renesas Electronics, and Japan Display, or joint ventures equivalent to them, and has invested a large amount of public funds through government-affiliated funds. It was. However, Elpida goes bankrupt. Renesas also faced a financial crisis for a while, and Japan Display is still running a huge deficit at this point. ■ Is high growth really thanks to policy? In addition, the ministry is suspected of having illegally intervened in a shareholders’ meeting to support Toshiba in a financial crisis. The ministry has denied intervention, but it has already severely damaged national interests when the government suspected fraudulent intervention in the capital markets. The Ministry of Economy, Trade and Industry’s industrial policy is a so-called targeting policy that focuses on specific industrial fields and fosters them through various subsidies, tax incentives, and restrictions on the entry of foreign companies. It is claimed that Japan’s high growth was achieved by a series of policies, but a calm analysis of the history of postwar industrial development does not necessarily mean that. Certainly, in some industries, the support of the Ministry of Economy, Trade and Industry was successful, but on the other hand, the ministry considers many domestic automobile manufacturers unnecessary and attempts to reorganize through the Act on Temporary Measures for Promotion of Specific Industries in the 1960s. (If the industry had accepted the ministry’s request, the Japanese automobile industry would have disappeared).