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Out of crisis springs new order
 Japan's industrialists - until recently feted as heroes of the country's post-war economic miracle - are suffering a crisis of confidence. The economic system they built appears broken and probably cannot be fixed without radical overhaul. It may have worked well during the high-growth 1960s and 1970s when Japan was catching up with the developed world, but in the-low growth 1990s the system no longer appears capable of allocating capital, labour, land or technology in an efficient manner. ...more
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Recession squeezes out tiddlers
At first glance, Kamata seems just another typical suburban town on the outskirts of Tokyo. Tidy houses line tranquil roads, and passers-by can hear the laughter and screams of children playing in a local park. But the placid facade is deceptive - behind the doors of many of these modern homes are small living-room size "workshops", where large unwieldy machines can be glimpsed. ...more
THE FINANCIAL ENVIRONMENT:
Reform of capital bases
Masao Nishimura, president of Industrial Bank of Japan, leans forward in his chair and waves a pile of papers with vigour. Inside lie details of a pathbreaking alliance between IBJ, Fuji and Dai-Ichi Kangyo which was first unveiled in August. ...more
FOREIGN INVESTMENT:
Outside forces of change
Traditionally, the UK government has provided aid and incentives to Japanese groups wanting to invest in the UK. But at Hisayama, on the island of Kyushu, the relationship has been turned on its head. The government-backed Development Bank of Japan has provided Virgin Cinemas with loan guarantees to build a multiplex cinema in this sleepy town of 7,000 souls. ...more
E-COMMERCE:
Web spurs on ailing economy
Aki Minami, a thirty-some-thing administrator at a Japanese media company, recently made her first online purchase: luggage from a store in Las Vegas. "Next time, I am going to check out whether I can buy a Hermes scarf from an online discount shop," she gushed. Ms Minami is in the vanguard of Japanese online shopping. ...more
AUTOMOTIVE:
Carmakers struggle
The Japanese automotive industry has moved out of a slump and into a lull. After a year in which Nissan, the number two carmaker, linked up with Renault of France, and several parts makers fell under foreign control, the rumour mill has slowed. The sharp appreciation of the yen has damaged profitability, but carmakers took the losses in their stride. ...more
SHISEIDO:
Sweet smell of ambition
When Shiseido, the Japanese cosmetics and toiletries maker, launched in September a range of products that suppress unpleasant odours associated with older men, Japanese women rushed out to buy them. ...more
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