I think "incremental improvements" is a big part of that. They don't do revolutions. Each class has something new, but no class has too much, so development risk is reduced.
Haven't they recently been increasing their submarine force without increasing the building rate? They can do that because they're retiring subs which still have life in them: they just delayed retirement. They have to increase operational expenditure, e.g. more crews, but no extra building costs.
You're correct, they haven't been increasing the build rate.
What Japan was doing, when the fleet level was set at 16 boats, was that each year a new boat commissioned, the oldest dropped off the bottom 'one in, one out' and that maintained the active fleet of 16.
With the announcement a couple of years back to increase the active fleet to 22 boats, they started performing life extensions to the oldest of the
Oyashio class still in commission. When the latest of the
Soryu class commissions next month (March) the total active fleet will increase to 20 (11
Soryu and 9
Oyashio). Over the years ahead they will have to perform life extension to all of the older boats at some stage to allow for that new service life of 22 years.
What I think is impressive with the Japanese submarine build program is that they have their two yards, MHI and KSC, producing a new boat that commissions in March of every year, each yard has a
2 year drumbeat, but they alternate, one yard is doing odd years, 1, 3, 5, etc, the other even years, 2, 4, 6, etc.
It's worth having a look back at the various classes, starting with
Soryu and see how regular they are at commissioning a new boat every year:
Sōryū-class submarine - Wikipedia
Have a click in the link in the side box for the
preceded by class, you can do this for each previous class (you can pretty much go back 40 years and regular as clock work a new boat produced, prior to that it wasn't exactly yearly).
For the RAN and the future
Attack class, it will be interesting to see how
regular and sustained the construction/commissioning drumbeat will be. If the future HMAS
Attack is to be launched in 2030, commission in 2032 and be operational by 2035 and the last boat launched in 2050, then the drumbeat has to be a bit less than 2 years (on average over the construction of the class).
Cheers,