Can Japan Reshape Its Research Funding?
If done right, Japan’s new national endowment fund to support university research could yield massive benefits. But the next several years will be critical for putting its asset portfolio on a better footing, selecting appropriate recipients, and setting conditions to shape how its resources are deployed.
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TOKYO – Rightly concerned about a decline in Japanese universities’ research capabilities, the Japanese government has created a ¥10 trillion ($67 billion) fund to address the problem. While cash accounts for around 11% of the new University Fund of Japan (UFJ), the remaining 89% takes the form of a 20-year “loan” from the government, which borrowed the money from the market at a very low interest rate.