In June 2023, the Japanese government's Ministry of Economy, Trade, and Industry (METI) updated the Basic Hydrogen Strategy. As part of this strategy, the government aims to drive over 150 trillion yen in public and private sector investments into GX-related initiatives over the next decade by providing initial investment support of 20 trillion yen. The updated strategy sets ambitious goals for hydrogen consumption, targeting approximately 3 million tons annually by 2030, an interim target of about 12 million tons per year (including ammonia) by 2040, and around 20 million tons annually by 2050. Additionally, it establishes a target for global water electrolysis capacity of companies related to Japan at 15 GW by 2030. It is not difficult to see that the Japanese government still attaches great importance to the development of hydrogen energy.

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​Recently, Japan has passed the Hydrogen Society Promotion Act that will provide a 15-year subsidy for Japanese-produced and imported low-carbon hydrogen. The government intended to offer the subsidy to low-carbon hydrogen and derivative producers and importers, with preference planned to be given to industries such as power generation, iron production and chemical production.