Japan vies to be 'number one again through web3 innovation'

May 30, 2023 | News On Japan

May 30, 2023 (Yahoo Finance) - Once recognized as a global leader in car manufacturing and electronic goods, Japan's economy has been stagnant since the 1990s. Now, the Japanese government has outlined a national strategy aimed at reclaiming its top position through web3 innovation.

The Crypto Mile's Brian McGleenon speaks with Sota Watanabe, the founder of Astar Network and a member of the Japanese Government's web3 task force. Watanabe explains that Japan missed out on the web2, lacking its own versions of Google, Meta, and Amazon, unlike China, which boasts Tencent, WeChat, and Alibaba. He suggests that due to an aging population and a contracting domestic market, Japanese companies need to refocus on international markets. This episode explores how Japanese firms are attempting to compete with their East Asian neighbors, South Korea and China, through web3 and AI advancements. Watanabe asserts that Japan produces world-class intellectual property, but warns that without producing a groundbreaking web3 company, the nation's economy could contract further.

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