Japanese companies have been facing multiple geoeconomic risks in the past year — from the war in Ukraine to rising uncertainties involving Taiwan and the friction between the United States and China.

Those were the key takeaways from a survey conducted by the Institute of Geoeconomics from mid-November to early January, covering 79 Japanese companies that it believes play an essential role in national economic security and are susceptible to changing economic security dynamics.

It was the second such survey, following one carried out by the Asia Pacific Initiative, the institute’s predecessor, in December 2021, covering 100 Japanese firms and research organizations.