Reports earlier this year suggested Sharp was planning to introduce OLED TVs to its production lines, but just a month later South Korean rival LG, already a leader in OLED products, revealed its plans to invest a further 7.8 trillion Korean won ($7 billion) into its OLED businesses over the next three years.

Tai said he plans to consult the government about forming the all-Japan alliance, as well as discuss potential investment in JOLED, an affiliate of Japan Display, which has recently made headlines for its plans to mass-produce "printed" OLED panels.

There's a huge demand for OLED products, both from manufacturers and, increasingly, consumers. But with only one or two key players producing them, it's been a challenge taking the technology mainstream. This "Japan alliance," if successful, could make strides in opening the market for everyone.