Implications of reported investment in 17 strategic areas

Research evidence excerpt

Implications of reported investment in 17 strategic areas

22 June 2026

Mizuho Securities Equity Research Cross-sector Research / Investment Strategy

Industry Overview

Listed companies set to benefit from policy support (Frontier Research view)

In this report, the Mizuho Securities unlisted/frontier research team looks at theSenior Analyst:

companies that are likely to benefit from the government’s plan to invest moreTomoki Akiyama

than ¥370t in 17 strategic areas through public-private collaboration under the+81 3 6202 8048

tomoki.akiyama@mizuho-sc.com government’s growth strategy, which has been reported in a number of articles

in the Nikkei online edition since the evening of 19 June.

Analyst:

Mitsuki Nakata For AI as a whole, focus on SoftBank and other companies

+81 3 6202 8379 investing in Japan AI Foundation Model Development

mitsuki.nakata@mizuho-sc.com We believe Japan AI Foundation Model Development, which was established

in April 2026, will be a central project and play an important role in a

wide range of AI fields, including AI robotics. This company’s initiatives

have already garnered government support at the ¥1t level, and we believe

there is a strong possibility that support will grow further. This should

yield substantial benefits for the four core players: SoftBank (which led

the company's establishment), NEC, Sony Group, and Honda. The initial

shareholder composition is reportedly set to be finalized within June, with

around 30 companies said to be considering investment. We are watching

developments at Asahi Kasei, Yaskawa Electric, Fujitsu, and Mitsubishi Heavy

Industries, whose names have been specifically mentioned in reports.

NTT in the data center field

In the data center space, we expect SoftBank to play a key role given its