Abstract: This paper examines time series features of the fluctuation of Japanese economic policy uncertainty, using the micro data of Janpanese listed companies and an empirical model to analyze the influence of Japanese economic policy uncertainty on enterprise R&D. The main conclusions are as follows: Firstly, the increase of Japanese economic policy uncertainty has a negative impact on enterprises R&D; Secondly, the influences may vary due to industry differences; Thirdly, different economic policy uncertainty has different kinds of impact on Japanese enterprises R&D activities.The increase in the uncertainty of trade policy and financial policy has negative effects on enterprises R&D activities, while the increase in the uncertainty of fiscal policy and exchange rate policy will stimulate R&D. Compared with Japan, Chinese enterprises have less experience in R&D management and weak risktaking ability. The government should pay more attention to avoiding the wild fluctuation of economic policies, creating a good market environment, and taking effective measures to support enterprise innovation activities.

Key words: Japan , economic policy uncertainty, enterprise, R&D