The year 2023 has so far been one of both ups and downs for the Japanese market. The country emerged at last from a global pandemic only to be hit with an economic downturn caused by the war in Ukraine and related supply chain shocks.

But the overall impact of these events on Swedish companies in Japan over the last year seems weighted towards the positive, with both profitability and investment intention up from 2022.

Companies were optimistic when asked to estimate their total potential growth in Japan in the longer term. Two-thirds (65 per cent) think that by overcoming key barriers, they could, at the very least, potentially double revenues, and almost one-third (31 per cent) think they could increase revenues by over five times. This represents a massive opportunity for the Swedish business community.

In an interesting disconnect, a majority (69 per cent) of Swedish companies in Japan see a high value in using the “Swedish” brand image to further their business; however, unlike in most global markets, sustainability and environmental credentials do not seem to be core to this branding. Successfully leveraging sustainable values to increase the attractiveness of Swedish products and services remains a key challenge for the Swedish business community.

Please download the report to fully overview the results with a detailed analysis. 


The Business Climate Survey is a key tool used by Team Sweden to check in with the representatives of Swedish businesses across the globe – especially important in turbulent times such as these. The survey is conducted in over 20 countries across the world each year and seeks to increase the understanding of Swedish companies’ performance in different global markets. The answers present an overview of the opportunities and challenges faced in each country and how those could be addressed through cooperation, knowledge sharing and open dialogue.

We hope the results of this report will be useful to you and your business in the coming year. Please do not hesitate to reach out to any of us in Team Sweden with ideas, questions, thoughts or requests – we are always happy to support Swedish business success in whatever ways we can.

Lastly, we would like to extend our most sincere gratitude to all participating companies, respondents and experts who have contributed to our effort this year.