Has Japan Inc. really restructured enough to regain its global stature?
It depends on which part of Japan Inc. you’re talking about. There has been a true revival in the competitiveness of the biggest multinationals, particularly in electronics, steel, and autos. Nissan Motor Co. (NSANY ), for instance, had a near-death experience but was revived by foreign capital and world-class managers such as CEO Carlos Ghosn. Today, Nissan is enjoying record profits. Ghosn sees enormous potential in Japan given its educated and diligent workforce, engineering smarts, and manufacturing prowess. “Every problem has a solution,” he says. “The key is getting people thrilled about what’s going on in the company.” Other Japanese outfits have relied on homegrown managerial talent to pull out of the rut. At Matsushita, CEO Kunio Nakamura has closed or streamlined dozens of plants, cut the workforce by 20% since 2000, and last year poured some $5.5 billion into research and development on products such as camera phones and flat-screen TVs. Even Old-Economy mainstays are gettin
