The Fifth Generation https://en.wikipedia.org/wiki/Fifth_Generation_Computer_Syst... was another notable failure. OTOH MITI did also organise the Japanese VLSI project https://www.asianometry.com/p/the-rise-and-peak-of-japanese-... https://dspace.mit.edu/bitstream/handle/1721.1/47985/fromimi... , which was apparently a smashing success. (I am not an expert on anything.) On the third hand, according to Johnstone https://www.hachette.co.uk/titles/bob-johnstone/we-were-burn... the success of Japanese consumer electronics had very little to do with MITI and government industrial policy, as MITI despised the consumer-electronics firms and doted on the "real" computer companies.

Right at the moment I assume that the Japanese government is probably still kicking itself for not spending whatever it took to keep Nikon's EUV-machine development going: apparently Nikon wasn't that far behind ASML. https://www.youtube.com/watch?v=8_OOta7Y6Ik Likely it's determined not to make that mistake again; and it's not as if the US is in any position to complain about Japan having an activist industrial policy in semiconductors at the moment.