Today, I would like to talk about governance in the digitalized society with Minister Tang. In Japan, we defined “Society 5.0” as a human-centered society where high integration of cyberspace and physical space can promote economic growth and solve social issues. In the process of pursuing Society 5.0, we found that in order to implement innovation in society, it is necessary not only to develop technologies, but also to have such technologies accepted by society as something that improves people’s happiness or liberty. This is what governance is all about. We defined “governance” as the design and operation of technical, organizational, and societal systems by stakeholders with the aim of maximizing positive impacts on society while managing risks at a level acceptable to stakeholders. In this way, “governance” is broadly defined to include all institutions and mechanisms for maximizing positive impacts of innovation, including regulatory governance systems and corporate governance, the democratic systems, market mechanisms, and also the technologies used for governance.

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