Yes,
It is a take on Cool Britannia and a national branding effort, which has been completed or is underway in most developed countries and some of the developing ones as well. The term cool also circulates from place to place. Even Finland has its 4 Cs: Cretive, Credible, Contrasting - and Cool.

These efforts are often tied with attempts to enhance tourism, but like in the case of Japan (and Finland for
instance) the effort widens into a more general (and less-to-the target) project of national branding. In the case of Japan this was done by tapping into the already widely recognized and circulating slogan Cool Japan.

Best from Finland,
Katja