The 5th Japan's Science and Technology Basic Plan was adopted at a Cabinet Meeting on January 22, 2016, and became operational on April 1 of the same year. Taking into account 20 years of previous Basic Plan experience, and recognizing that we will be entering into an era of drastic change, four pillars have been identified to structure the 5th Basic Plan as follows: 1. Preparing for major change: the future of industry and society; 2. Addressing socio-economic and global challenges; 3. Investing in the “fundamentals”: people and excellence; 4. Empowering Science, Technology and Innovation (STI) systems. Preparedness and a forward-looking approach have been considered as key in shaping this plan. Also, given the potential of STI to transform our industry and society, working with a wide spectrum of parties-including the government, academia, industry, and citizens-became imperative from conception to implementation of the 5th Basic Plan. This paper outlines the preparation process of the Plan within the Council for Science, Technology and Innovation (CSTI). After a brief summary, key characteristics of the Plan are presented, followed by a conclusion with a future perspective.