What question did this study set out to answer?

Quantify the total value of capital stock in Japan reliant on reliable, affordable electricity to measure the implicit credit embodied in long-lived investment commitments.

August 16, 2026Open Access

Half the Capital Stock, One Premise: Japan's ¥1 Quadrillion of Implicit Power-System Credit

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KNKoji NomuraKeio University

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Implication

Economic analysis reveals half of total capital stock depends on electricity, indicating power reliability underpins national investment.

Key Points

Quantify the total value of capital stock in Japan reliant on reliable, affordable electricity to measure the implicit credit embodied in long-lived investment commitments.
Applied a bottom-up classification framework across more than 170 asset categories including fixed assets, inventories, and household durables using 2019 data.
Calculated electricity-dependent capital stock across baseline and alternative asset dependency weightings.
Electricity-dependent capital stock reached ¥1,000.8 trillion in 2019, accounting for 49.8% of measured capital stock and 1.8 times annual GDP.
Alternative dependence weighting models produced an electricity-dependent capital stock range between ¥403.4 trillion and ¥1,830.7 trillion.

Cite This Study

Koji Nomura (2026) studied this question.

synapsesocial.com/papers/6a817ab4f2fb91fc834aec28 https://doi.org/10.5281/zenodo.21959344

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Half the Capital Stock, One Premise: Japan's ¥1 Quadrillion of Implicit Power-System Credit

Discussion

Member takes

Implication

Key Points

Cite This Study

Half the Capital Stock, One Premise: Japan's ¥1 Quadrillion of Implicit Power-System Credit

Discussion

Member takes

Implication

Key Points

Cite This Study

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