Abstract: The RussiaUkraine conflict has caused great uncertainty to the world economy, and the impact was quickly transmitted to Japan through trade and investment channels. The Japanese economy has been hit hard by the RussiaUkraine conflict. At the macro level, Japans real GDP has relapsed into recession, with high prices, sluggish consumer demand, and the current account balance turning from positive to negative. At the micro level, the business environment of enterprises has seriously deteriorated, especially for the small and mediumsized enterprises. Due to the squeezed profit margins, those enterprises are facing a crisis of survival. In response to the shock, Japan adopted relatively active economic countermeasures. However, these internal and external economic policies present various contradictions, exposing the internal structural difficulties of the Japanese economy. Currently, Japan takes the RussiaUkraine conflict as an opportunity to accelerate the promotion of economic security. But the real problems for Japan do not come from external uncertainties, but are rooted within the Japanese economy. Once the economic security strategy turn towards industrial protectionism, it will not only fail to guarantee basic economic security, but will bring even greater crises to the Japanese economy.

Key words: Japanese economy, Russia-Ukraine conflict, economic policy, economic security