On January 18, 2024, Japan's Ministry of Health, Labour and Welfare and the Ministry of Land, Infrastructure, Transport and Tourism jointly issued the Special Support Plan for Promoting the Safety Renovation of Old Elevators, officially launching a financial subsidy policy for the renovation of old elevators. The policy implementation cycle is from April 1, 2024 to March 31, 2026, covering all prefectures in Japan. The core contents of the policy include: First, the scope of application of subsidies, which is clearly applicable to passenger elevators and freight elevators that have been used for more than 20 years in buildings in Japan, focusing on residential areas, hospitals, nursing homes, schools, government office buildings and other people's livelihood and public building scenarios, and giving priority to elevator renovation projects with barrier-free facility upgrading, seismic safety reinforcement and energy saving and consumption reduction transformation; Second, subsidy standards and proportions: for eligible elevator renovation projects, the government provides financial subsidies of 30%-50% of the renovation cost, among which the maximum subsidy proportion for barrier-free facility adaptation and renovation projects is 50%, the maximum subsidy proportion for old elevator renovation projects in public buildings is 45%, the maximum subsidy proportion for old elevator renovation projects in residential communities is 40%, and the upper limit of subsidy amount for a single elevator is 5 million yen; Third, the subsidy application conditions require that the elevator renovation project must comply with the latest safety standards of Japan's Elevator Structure Specification (JIS A 4301). After the renovation, it must pass the safety performance inspection and acceptance of the Japan Building Center. The applicant is the building owner, property management party or owner committee, and must complete the subsidy application filing before the project starts; Fourth, supporting measures: Japan's Ministry of Land, Infrastructure, Transport and Tourism has established a technical guidance system for the renovation of old elevators, issued the Technical Guide for the Renovation of Old Elevators, provided technical specification support for renovation projects, and promoted local governments to establish one-stop application service windows to simplify the subsidy application process and shorten the approval cycle. The launch of this policy is expected to promote the completion of the renovation of more than 100,000 old elevators in Japan, greatly improve the overall safety level of elevators in Japan, and bring significant market increment to the elevator renovation market.