We have been carrying out the FLAGSHIP 2020 Project to develop the Japanese next-generation flagship supercomputer, the Post-K, recently named “Fugaku”. We have designed an original many core processor based on Armv8 instruction sets with the Scalable Vector Extension (SVE), an A64FX processor, as well as a system including interconnect and a storage subsystem with the industry partner, Fujitsu. The “co-design” of the system and applications is a key to making it power efficient and high performance. We determined many architectural parameters by reflecting an analysis of a set of target applications provided by applications teams. In this paper, we present the pragmatic practice of our co-design effort for “Fugaku”. As a result, the system has been proven to be a very power-efficient system, and it is confirmed that the performance of some target applications using the whole system is more than 100 times the performance of the K computer.