New Act on the promotion of Japan’s economic security enacted

On May 11, 2022, the Diet of Japan approved the “Act on the promotion of national security through integrated economic measures” (“Act”). Key features of the Act include the establishment of (i) a system to ensure stable supplies of critical materials, (ii) a system to ensure stable provision of services using critical infrastructure, (iii) a system that supports the development of critical technologies and (iv) a secret patent system. The Act will enter into force on or before February 18, 2023.