Spain needed extra time earlier to defeat Netherlands, the 2019 runners-up, 2-1 to reach the last four for the first time in their history.
After the exits of Germany, Norway and holders United States, Japan had been the last remaining former champions.
They refused to go out without a fight, Honoka Hayashi pulling a goal back three minutes from the end of normal time to set up a frantic finish in front of more than 43,000 at Auckland's Eden Park.
Japan also missed a penalty and rattled the woodwork as the Swedes clung on for the second game in a row after holding off the USA and winning a penalty shootout in the last 16.
Sweden, the top-ranked side left standing at world No. 3, survived to reach the semi-finals for the third time in four World Cups.
They will stay at Eden Park to face Spain on Tuesday for a place in the final.
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