Japanese companies maintain strong investment confidence in Thailand with 1,380 BOI-promoted projects worth 396 billion baht over five years (2021–mid-2026). Survey of 504 Japanese firms reveals a strategic shift: 59% plan machinery replacement, 31% efficiency upgrades, and 22% digital transformation—focused on upgrading existing factories rather than greenfield expansion. The semiconductor, electronics, and digital sectors remain robust; over 400 Smart & Sustainable Industry projects (55+ billion baht) underscore Japan's pivot toward automation, energy efficiency, and Industry 4.0 capabilities. Japanese investors seek government support for tax incentives (29%), domestic market promotion (26%), and FTA expansion (24%).