At Shiseido’s grand unveiling of its new plant in the southern port of Fukuoka last month, its chief executive Masahiko Uotani flaunted the branding power of its “Made in Japan” products for its consumers in Asia.
Since 2019, the cosmetics giant has spent ¥145bn ($1bn) on the construction of three new plants in Japan, sparking debate over whether the yen’s drop to a 24-year-low against the dollar has triggered “reshoring”.
The narrative is an alluring one. Prime Minister Fumio Kishida has positioned economic security at the heart of his economic agenda, pushing for the return of production from overseas with an explicit intention to reduce the country’s reliance on Chinese supply chains.
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