security, as ecosystem services like clean air, water filtration, and crop pollination are essential to sustaining life and livelihoods. Japan’s oceans and marine ecosystems face significant threats as well. Coral bleaching, driven by rising ocean temperatures, poses a severe risk to Japan’s coral reefs, particularly in the southern regions of Okinawa and Kyushu. 44 Without intervention, coral bleaching could lead to the collapse of these fragile ecosystems, affecting fish populations and disrupting oceanic food chains. Four decades ago, Japan was one of the largest fishing nations in the world, pulling in over 12 million tons of fish annually during the 1980s. 45 In 2022, this figure dropped to a low of 3.9 million tons. This decline is exacerbating job losses in the fishing and aquaculture industries, with the workforce shrinking by more than 30 percent in the last decade, from 180,000 workers in 2013 to 123,000 in 2022. 46 Additionally, the rising costs of fresh seafood are hitting Japanese households hard, with food inflation reaching a 47-year high and fish prices increasing by 14.8 percent in May 2023. 47 Although Japan is known for its love of fish and seafood, per capita consumption is declining in stark contrast to global trends. 48 The depletion of fish stocks is a global concern, but Japan’s Exclusive Economic Zone (EEZ) is faring worse than average. The percentage of fish stocks within biologically sustainable levels has declined from 90 percent in 1974 to 65.8 percent in 2017. 49 To combat this, innovative financial instruments, such as blue bonds, are being deployed. Japan’s first blue bond was issued in 2022 by the Maruha Nichiro Corporation to fund an inshore salmon aquaculture initiative in Toyama Prefecture, in partnership with the Mitsubishi Corporation. 50 Food Security Although Japan has one of the world’s highest food security rates with only 3.4 percent of the population experiencing food insecurity, it relies heavily on food imports. Japan’s self-sufficiency rate is currently 38 percent, a fact that means less than half the calories needed to feed the Japanese population are produced within the country. Japan is therefore one of the most import-dependent developed countries today. Because of this distinction, rising global food prices—aggravated by supply chain disruptions and currency depreciation—pose serious challenges. In contrast, Canada has a self-sufficiency rate of more than 200 percent and the United States and Australia are over 100 percent. 51 Additionally, climate change threatens Japan’s agricultural output. Rising temperatures, droughts, and extreme weather events are expected to diminish crop yields, particularly
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Ten Years in the Making
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