The Angel Plan was a policy introduced in 1994 by Japan's Prime Minister Tomiichi Murayama to stimulate the economy and encourage technological innovation and entrepreneurship among its small and medium-sized businesses (SMEs). The plan was implemented through several measures such as reducing corporate income taxes for SMEs, providing loan guarantees for start-up companies, increasing venture capital investments, creating government-backed incubators, encouraging research & development (R&D), reforming bankruptcy laws, improving access to capital markets for SMEs, providing incentives for foreign direct investment (FDI) into Japanese firms, and tax credits for research & development activities. Since its implementation, the Angel Plan has had a significant impact on Japan's economy by creating new jobs while also stimulating economic growth through increased investment in innovative technologies and businesses. Although there have been criticisms of the plan due to its perceived protectionist nature towards domestic firms over foreign ones operating within Japan's borders, overall it can be said that this policy has been successful