Kyoto-based Mitsufuji got its start nearly 70 years ago as a weaver of decorative belts for kimonos. One day soon, it could be spinning high-tech fibres to shield fighter jets from electromagnetic interference.
The company, whose core business is making consumer-facing wearable gadgets, is one of dozens of small ventures that have caught the Japanese government’s eye in recent years as it looks for dual-use technologies to beef up its military capabilities.
Cultivating a home-grown defence industry was a key plank of Japan’s 43 trillion yen ($275 billion) military build-up strategy launched in 2022 to counter escalating security threats from China, Russia and nuclear-armed North Korea.
But it faces a challenge. Unlike some of its allies, Japan has no defence industry champions, such as Lockheed Martin Corp (LMT.N), opens new tab in the U.S. and BAE Systems (BAES.L), opens new tab in Britain, that depend on military work for almost all of their sales. Even at Mitsubishi Heavy Industries (7011.T), opens new tab, Japan’s leading defence contractor, sales of combat aircraft, warships and other military equipment account for less than a fifth of revenue.
SOURCE: Reuters
