Japanese firms have submitted 1,380 investment promotion applications worth 396 billion baht to Thailand's BOI over five years (2021–mid-2025), signaling sustained commitment despite short-term economic caution. Investment focus is shifting toward upgrading manufacturing bases, with 59% planning new machinery replacement, 31% efficiency improvements, and 22% digital transformation spending. Semiconductor and electronics sectors show strong demand. Japanese investors seek tax incentives (29%), domestic market support (26%), and FTA expansion (24%) to navigate evolving global trade conditions. This signals robust interest in Thailand as a high-value industrial hub, though policy uncertainty remains a monitoring concern.