“Enhance the economic vitality.” That’s the mission of the Ministry of Economy, Trade and Industry. We stand before the Ministry of Economy, Trade and Industry METI. It’s a vital part of Japan’s government.
The Ministry of Economy, Trade and Industry headquarters is here in Kasumigaseki, Chiyoda Ward, Tokyo. The Ministry of Economy, Trade and Industry is known as METI for short.
METI was created in 2001. It happened during the Central Government Reform. The Ministry of International Trade and Industry merged with other agencies. These agencies were related to economic activities. One example was the Economic Planning Agency.
The Ministry of Economy, Trade and Industry has broad power. It handles Japan’s industrial and trade policies. It also deals with energy security and arms export controls. Even “Cool Japan” falls under its scope.
Leading METI is a big job. Yoji Muto currently heads the Ministry of Economy, Trade and Industry. Prime Minister Shigeru Ishiba appointed him in October 2024.
METI’s mission is to enhance the private sector’s economic vitality. It aims to develop the economy and industry. Smooth foreign economic relations are key. Stable development of mineral and energy resources is also crucial.
The Ministry of Economy, Trade and Industry has jurisdiction over many policies. These include macroeconomic, industrial, and trade policies. Trade control operations are included. Also industrial technology and distribution and energy policies are part of it.
Some METI bureaucrats work abroad. They’re based in the Japan External Trade Organization. They conduct research as industrial investigators.
METI’s history is interesting. Its predecessor was the Ministry of International Trade and Industry. That ministry operated from 1949 to 2001. It was reorganized to become METI.
In the past, the Ministry of International Trade and Industry drove economic growth. It was known as the “Economic General Staff Headquarters.” Some called it the control center of the Japanese economy or Japan Inc.
The Ministry of International Trade and Industry used licenses and administrative guidance. It focused on industrial policy. It allocated loans, budget allowances, and subsidies. It had authority in science, technology, trade, and patents. Energy policy and small business policy were included. It even touched monetary policy.
After Japan’s high economic growth ended, things changed. The Ministry of Economy, Trade and Industry launched many new policies. It is described as a “limited general government office”.
METI has many parts. There are bureaus, offices, and departments. Three agencies are also part of METI. These are the Agency for Natural Resources and Energy. There is also the Small and Medium Enterprise Agency. The Japan Patent Office is part of it too.
The Economic and Industrial Policy Bureau is important. So is the Trade Policy Bureau. The Trade and Economic Cooperation Bureau matters too. The Industrial Science and Technology Policy and Environment Bureau plays a role. The Manufacturing Industries Bureau is another key part. The Commerce and Information Policy Bureau matters. The Information Policy Division is also significant.
Many people have served as Minister of Economy, Trade and Industry. Takeo Hiranuma was the first in 2001.
In July 2019, METI restricted semiconductor component exports. This happened without consulting South Korea.
Recently, the government has focused on revitalizing local bookstores. Economy, Trade and Industry Minister Yoji Muto sees them as vital. They are key to national culture and regional revitalization.
METI supports efforts to help bookstores digitalize. Minister Muto stresses their importance. Bookstores are places where people encounter information. They learn about values and develop creativity.