This study explores the multifaceted concept of "public good(s)" in the context of Japanese higher education. Through interviews with 11 stakeholders, including policymakers, representatives from academic associations, and institutional leaders from two national universities, the research reveals that "public good(s)" are perceived as societal benefits transcending individual interests, emphasizing inclusivity and open access. It underscores higher education and research's diverse roles in fostering "public good(s)" by cultivating enlightened citizens, generating knowledge, and promoting collaboration. The study highlights the evolving government-higher education relationship in Japan, transitioning from traditional intervention to strategic planning and policy guidance while maintaining a delicate balance between financial support and institutional autonomy. Personal backgrounds and identities shape stakeholders' interpretations and recommendations, contributing to the nuanced understanding of "public good(s)" in Japan's higher education landscape. The research also draws comparisons with global trends, emphasizing Japan's distinctive reliance on government funding, STEM focus, and commitment to global contributions rooted in cultural values. Ultimately, this study provides valuable insights into the complex dynamics of government-higher education relationships and the concept of "public good(s)" in Japanese higher education.