Given Japan’s long economic stagnation, what business opportunities exist for western firms?
Thankfully, Japan’s long economic downturn seems finally to be over, though the heady days of 5-10% economic growth are gone. Also disappearing are many of the management practices that defined Japan during the 1960’s through the 1980’s, like lifetime employment and seniority-based promotions. The protracted recession of the 1990’s forced many Japanese industries to reinvent themselves. Many firms needed foreign investment and had to also accept the accompanying executive oversight. The most public example is Nissan. Nissan went from being Japan ’s proud number 2 auto-maker in 1990 to a subsidiary of Renault by 2000. Carlos Ghosn, the European CEO of Nissan has managed to return the firm to profitability and growth by drastically downsizing Nissan in Japan and changing the management culture. Beyond Nissan, the retail sector is also in the midst of a dramatic reorganization, largely spurred by the entry into Japan by Wal-Mart and Carrefour. The net result of all of the management chang
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