In Asian countries, the demand for infrastructure is said to be around 8 trillion dollars, which has not been well satisfied due to various risks in the region. Although Japanese private and public sectors have technologies to build and maintain high-quality infrastructure in Asia, they have not been able to get good opportunities to do so. Since Japanese markets are shrinking due to the declining population, grabbing such business chances is also important for Japan. In this paper, I try to clarify, from the viewpoints of risks, issues concerning the infrastructure in Asia, and identify reasons for why the Japanese firms fail to seize the big chances. The Japanese government is now proposing the“ all-Japan strategy” in which the Japanese firms and government cooperate more tightly to win the infrastructure deals. I claim that such an old-fashioned strategy can delay the Japanese firms’ globalization. What I call the “globalization strategy”, in which the Japanese firms try hard to find the best partners in the world to win the infrastructure contracts, under various supports of the government, is a much better strategy for the future of Japan as well as for the Asian countries.