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Appendix: Interviewees, by Industry
Industrial Goods Industries (65 companies)
Company Name Title Name Mo nth/Year
to Beverages (4 companies)
Building Materials, Glass (5 companies)
Chemicals (4 companies)
Asahi Breweries Ltd Kirin Brewery Co. Ltd Suntory Ltd Mercian Corp. Asahi Breweries Ltd
Chichibu Cement Corp. Tostem Co. Ltd Nippon Gaishi Inc. Asahi Glass Co. TOTO Ltd
Asahi Chemical Co. Ltd Mitsubishi Chemical Co. Ltd Shinetsu Chemical Co. Ltd Nippon Sanso Corp.
Chairman President President President Chairman
Chairman President Chairman President Chairman
Chairman Chairman President Chairman
Tsutomu Murai Hideo Motoyama Shininchiro Torii Tadao Suzuki Kotaro Higuchi
Kei Moroi Kenjiro Ushioda Junichi Takemi Hiromichi Seya Yoshio Koga
Kagayaki Miyazaki Eiji Suzuki Chihiro Kanagawa Hideo Mabuchi
Jun. 1987 Mar. 1991 Mar. 1992 Aug. 1992 Sep. 1994
Oct. 1988 Dec. 1988 Dec. 1990 Mar. 1993 Jun. 1994
Apr. 1988 May 1988 Jul. 1993 Aug. 1993
(continued on page 292)
Company Name Title Name Month/Year t o
Computer, Office Equipment (3 companies)
Electronics, Electric Equipment (11 companies)
IBM Japan Ltd President Fujitsu Ltd Chairman Nitsuko Corp. President
Nippon Electric Co. Ltd Chairman Mitsubushi Electric Corp Chairman FANAC Co. President Ushio Inc. Chairman Hitachi Ltd President Kyocera Corp. Chairman OMRON Corp. President Matsushita Electric Industries President
Co. Ltd Matsushita Electric Works President
Co. Ltd Nissin Electric Co. Ltd Chairman Hitachi Ltd President Murata Manufacturing Co. Ltd President
Takeo Shiina Takuma Yamamoto Toshio Egashira
Koji Kobayashi Sadakazu Shinto Seiemon Inaba Jiro Ushio Katsushige Mita Kazuo Inamori Yoshio Tateishi Akio Tanii
Toshio Miyoshi
Shin Komatsu Tsutomu Kanai Yasutaka Murata
Jun. 1988 Feb. 1991 Feb. 1995
Jan. 1987 Jul. 1987 Oct. 87 Dec. 1988 Aug. 1989 Sep. 1989 Oct. 1989 Feb. 1992
Oct. 1993
Feb. 1994 Dec. 1994 Mar. 1995
Food (5 companies)
Industrial Equipment (3 companies)
Machine, Precision Machine (3 companies)
Metal (3 companies)
Non-ferrous Metal (2 companies)
Ajinomoto Co. Ltd Nichirei Corp. Q.P. Corp. Nippon Flour Mills Co. Meiji Milk Products Co. Ltd
Mitsubishi Heavy Indstries Co. Ltd.
Ishikawajima-Harima Heavy Industries Co. Ltd Hitachi Zosen Corp.
NSK Ltd Komatu Ltd Citizen Watch Co. Ltd
Nippon Steel Co. Ltd Nippon Steel Co. Ltd Daido Steel Co. Ltd Sumitomo Metal Industries, Ltd
Sumitomo Electric Works Ltd Mitsubishi Metal Corp. Sumitomo Electric Works Ltd
President President President President President
Chairman
President
President
President President President
Chairman Chairman President Chairman
Chairman President Chairman
Katsuhito Utada Kozo Kaneda Chikao Fujita Fujio Hasegawa Hisashi Nakayama
Yotaro Iida
Kosaku Inaba
Yoshihiro Fujii
Toshio Arata Tetsuya Katada Michio Nakajima
Yutaka Takeda Akira Miki Kenji Tomita Yasuo Shingu
Masao Kamei Takeshi Nagano Tetsuro Kawakami
Sep. 1988 May 1991 Oct. 1992 Feb. 1993 Jul. 1994
Jul. 1989
Jul. 1991
Apr. 1994
Jul. 1992 Apr. 1994 Dec. 1993
Nov. 1987 Jan. 1991 Nov. 1994 Jan. 1995
Sep. 1987 Sep. 1990 Apr. 1992
to
(continued on page 294)
Company Name Title Name Month /Year -P̂
Motor Vehicles (3 companies)
Musical Instruments (1 company)
Petroleum Refining (2 companies)
Pulp and Paper (1 company)
Pharmaceuticals (4 companies)
Nissan Motor Co. Ltd Honda Motor Co. Ltd Nissan Motor Co. Ltd Mitsubishi Motors Corp.
Yamaha Corp.
Toa Nenryo Kogyo K.K. Cosmo Oil Co. Ltd
Chairman President President Chairman
President
President Chairman
Shinoji (now Oji) Paper Co. Ltd Chairman Shinoji (now Oji) Paper Co. Ltd Chairman
Printing (1 company)
SmithKline Becham Japan Ltd Eizai Co. Ltd Pfizer Pharmaceuticals Inc. Yamanouchi Pharmaceutical
Co. Ltd
Toppan Printing Co. Ltd
Chairman Chairman Chairman Chairman
President
Shun Ishihara Tadashi Kume Yutaka Kume Toyoo Tate
Hiroshi Kawakami
Nobuyuki Nakahara Yoshiro Nakayama
Fumio Tanaka Jiro Kage
Hachiro Koyama Yuji Naito Iwao Shino Shigeo Morioka
Kazuo Suzuki
Aug. 1987 Feb. 1989 Aug. 1991 Jun. 1992
Feb. 1990
Feb. 1987 Feb. 1988
May 1987 Aug. 1990
Jan. 1990 Jul. 1990 Jun. 1991 Sep. 1992
Apr. 1990
Rubber (1 company)
Scientific, Photographic, and Control Equipment (3 companies)
Soaps, Cosmetics (2 companies)
Textiles (3 companies)
Toys (1 company)
Bridgestone Corp.
Canon Inc. Fuji Photo Film Co. Ltd Ricoh Co. Ltd
Shiseido Co. Ltd Kao Corp.
Toray Industries, Inc. Atsugi Nylon Industrial Co. NISSHINBO Industries, Inc.
Nintendo Co. Ltd
Service Industries (28 companies)
Banking (4 companies) Sumitomo Bank The Dai-ichi Kangyo Bank Ltd The Dai-ichi Kangyo Bank Ltd Bank of Hachijyuni Industrial Bank of Japan
President
Chairman President President
President President
President President President
President
President President Chairman Chairman President
Akira Ieiri
Ryuzaburo Kaku Minoru Onishi Hiroshi Hamada
Yoshiharu Fukuhara Yoshihiro Maruta
Yoshikazu Ito Rokusuke Hori Tatsuo Tanabe
Hiroshi Yamauchi
Ko Komatsu Shinya Hakura Kunitsugu Miyazaki Haruo Kobayashi Yo Kurosawa
Mar. 1988
Jan. 1989 May 1992 May 1993
Apr. 1989 May 1990
Mar. 1987 Nov. 1988 Aug. 1994
Aug. 1988
Apr. 1987 Jan. 1988 Dec. 1992 Oct. 1993 Apr. 1995
to (continued on page 296) \Q
Company Name Title Name Month/Year Q\
Finance (1 company)
General Construction (2 companies)
Security (1 company)
Insurance (4 companies)
The Nomura Securities Co. Ltd Chairman Setsuya Tabuchi
Retailing (2 companies)
Kajima Corp. Chairman
Shimizu Corp. President
SECOM, Inc. Chairman
The Tokyo Marine and Fire President
Co. Ltd The Dai-ichi Mutual Life President
Insurance Co. Nippon Life Insurance Co. President The Meiji Mutual Life President
Insurance Co. Mitsukoshi Ltd President Ito Yokado Co. Ltd President
Rokuro Ishikawa Harusuke Imamura
Makoto Iida
Haruo Takeda
Takahide Sakurai
Sukenari Ito Kenjiro Hata
Yoshiaki Sakakura Toshibumi Suzuki
Jun. 1989
Jul. 1988 Jan. 1992
Mar. 1990
Mar. 1989
Jun. 1990
Oct. 1991 Apr. 1993
Dec. 1991 May 1995
Transportation (7 companies) Airline Railway
Shipping
Trucking
Tourist (1 company)
Utilities (2 companies)
Wholesaler (3 companies)
Total 92 companies
All Nippon Airways Co. Ltd East Japan Railway Co. Kinki Nippon Railway Co. Ltd Keio Teito Electric Railway
Co. Ltd NYK Line NYK Line Yamato Transport Co. Ltd Nippon Express Co. Ltd
Hotel Okura Co.
Nippon Telephone & Telegram Co. Ltd
Tokyo Electric Power Co. Ltd
Nissho-Iwai Trading Co.
Marubeni Corp. ITOCHU Corp
President Akio Kondo Dec. 1987 Chairman Isamu Yamashita May 1989 President Shigeichiro Kanamori Nov. 1990 Chairman Kenichi Kuwayama Mar. 1994
Chairman Kimio Miyaoka Apr. 1991 President Jiro Nemoto Nov. 1992 Chairman Masao Ogura Oct. 1990 President Shoichiro Hamanaka Nov. 1991
President Koji Sato Jun. 1993
Chairman
President
Akeo Yamaguchi
Sho Nasu
Sep. 1991
Jan. 1993
President/ Chairman Chairman President
Masaru Hayami
Kazuo Haruna Minoru Murofushi Total 100 Top mgt.
Dec. 1989
Nov. 1993 Oct. 1994
to
^1
Notes and References
1 Introduction
1. Yukio Noguchi, Baburu no Keizaigaku (The Economics of the Bubble) (Tokyo: Nikkei Shinbun-sha, 1992), pp. 21-59.
2 The Structure of Management
1. 'Portrait of The Boss', Business Week, 12 October 1992, p. 109. 2. 'After faulting US Workers, Japanese lay into bosses - high wage
levels are at issue, but "salary" definition proves elusive,' The Nikkei Weekly, 15 February, p. 11.
3. 'CEOs earns bigger bucks in US than in Japan, Germany, UK: Survey of top 200 companies found very little relationship between pay and performance', San Francisco, 4 October, 1994, p. D8 (business section) © 1994, Southam, Inc.
4. Akira Murata, The Wonder Stones (autobiography) (Tokyo: Nihon Keizai Shimbun, 1994), p. 46.
5. 'Restore the rein of the company to the Matsushitas?', Nihon Keizai Shinbun, 24 May 1996.
6. Yomiuri Shinbun, 17 July 1993. 7. Table of effective corporate tax rates for top Japanese corpora
tions,' Forbes-Japan, December 1993, pp. 58-61. 8. 'How to make hidden money through manipulating accounting
practices', Forbes-Japan (Gyosei Corp), December 1993 pp. 62-3. 9. 'Hiroshi Kawakami resigns as director of the board', Nikkei
Sangyou Shinbun, 20 March 1993, p. 1. 10. 'Major shareholders turn their back on the president', Nikkei
Shinbun, 15 January 1994.
3 Efficient Returns on Human Resources
1. The Miike labour dispute centred on the loss of jobs in the coal industry, but became a critical dispute for the Japanese labour movement as a whole. Following the switch in government energy policy from coal to oil, many small and medium-sized coalmines were closed and a large number of workers lost their jobs. The Mitsui Coalmine Company decided to dismiss 1278 workers at its Miike mine. When the labour union called a strike,
299
300 Notes and References
the company organised a second labour union to try to divide the labour movement. The company also hired a goon squad, who stabbed several workers to death. The national labour organisation was very ideological and used the Miike dispute in its campaign against the Japan-US Security Treaty. However the organisation of Japanese labour into an in-house union meant that the Mitsui labour union failed to obtain the support of other miners' unions and finally surrendered.
2. Shikanai was once a secretary general and later became president of the Sankei Shinbun newspaper.
3. The Secret History of Industrial Relations after WWII, vol. 1 (Tokyo: Sankei Publishing, 1983), p. 180.
4. Komakichi Matsuoka was born in the Tottori prefecture on 8 April 1888. From 1917 onwards he was active in the labour movement. After the Second World War he joined the Socialist Party, and in 1950 became chairman of the General Council of Japan Trade Unions, and was also elected to the House of Representatives. He died in 1958.
5. 'Apology or No? US And Japan Differ on Daiwa', New York Times, 13 October 1995.
4 Japan's Capital Market
1. Yoshitaka Shikano, Nippon no Ginko to Kinyusoshiki (The Bank and Financial Organisation) (Tokyo: Toyo Keizai Shinpo, 1994). pp. 3-5.
2. Ibid., p. 229. 3. The 75 Year History of the Industrial Bank of Japan (Tokyo: In
dustrial Bank of Japan, 1982), pp. 250-479. 4. 'The principle of punishment and reward works because of mal
practices', Nikkei Sangyo Shinbun, 24 February 1993; 'What Tanii's withdrawal meant', Nippon Keizai Shinbun, 28 February 1993.
5. Kent E. Calder, Strategic Capitalism - Private Business and Public Purpose in Japanese Industrial Finance (Princeton NJ: Princeton University Press, 1993), p. 142.
6. Mitsubishi Bank merged with Tokyo Bank in April 1996 and is now called Tokyo-Mitsubishi Bank.
7. Minoru Segawa, Watakushi no Shoken Showashi (My memoir of securities history during the time of Show a) (Tokyo: Toyo Keizai Shinpo-sha, 1986), pp. 52-61.
8. The Dodge Line was a policy guideline of SCAP written by Joseph Dodge, it proposed that the Japanese government in 1949 should implement three major policies: (1) The total amount of the fiscal budget should be balanced.
What Dodge was aiming at was that Japan's fiscal budget, including general and special accounts, must be balanced
Notes and References 301
since deficits of trade and the national railways were supported by a special account, so there was excess money supply in the private sector and the drain of money supply from the special account needed to be closed by balancing the fiscal budget.
(2) Bringing governmental subsidies in to the open and reducing them. Dodge hoped that once all items of subsidies were revealed and then were gradually reduced, a controlled economy would cease and a free economic system would be introduced in Japan.
(3) Prohibiting the issue of reconstruction financial bonds of the reconstruction finance bank and lending money to the private sector. Dodge's purpose here was to decrease the amount of credits being created.
9. Margin trading: securities trading that allows the client to purchase or sell short in a margin account and permit a debtor-creditor relationship with the broker.
10. The Financial Research Institute of Bank of Japan, Waga Kuni no Kinyu Seido (The Financial System in Japan) (Tokyo: Nippon Ginko Kinyu Kenkyu-sho, 1995), p. 200.
11. Waido is an interest-bearing bank bond, and interest and principal are paid when the term of the bond expires. The term is five years and the yield is determined when the bond is purchased. These bonds are sold by long-term credit banks and financial institutions that are authorised to issue interest-bearing bonds. Biggu is a loan fund, and all returns and the principal are paid at the end of the term (two or five years). Every six months the returns are reinvested, so that the yield from this fund is higher than standard savings deposits.
12. Total realised compound yield is one of compound yields. When someone calculates a bond's yield at maturity, he takes account of reinvestment of interest of the bond. He considers various investment opportunities, at the same time he projects yield for each investment and calculates compound yield. A compound yield shows yield for one kind security, but this total realized compound yield can calculate various securities' yields. This approach calculating compound yield started to be used by insurance companies, trust banks, and pension funds after they experienced a huge exchange loss in 1985.
13. Richard Koo, Yoi Endaka, Warui Endaka (Good High Yen and Bad High Yen) (Tokyo: Toyo Keizai Shinpo, 1994), p. 23.
14. There is a long-standing business custom of pledging collateral when corporate bonds are issued. This custom was established after 1928 during the period of financial panic, since there were many defaults on corporate bonds and many investors made a
302 Notes and References
huge loss. From February 1979 corporate bonds were allowed to be issued without collateral. Most corporate bonds, apart from those of electric power companies, have recently been issued without collateral. See Bank of Japan Financial Institute, Waga kuni no Kinyu Sei do (Japan's Financial System) (Tokyo: BOJ Financial Institute, 1995), pp. 21-2, 477.
15. Companies that meet the conditions of the Employment Insurance Law or are specified by the Minister of Labour can receive employment adjustment subsidies that cover half the wages paid to temporarily laid-off workers. In the case of small and medium-sized companies the subsidies cover two thirds of wages.
16. 'Kishimu Nippon teki Kaikei' (The trembling Japanese accounting system), Nikkei Shinbun, 3 July 1996.
5 Management Benchmarks
1. Otojiro Matsuo (ed.), Wagakuni shokagyo no genzai oyobi shorai - Kigyo shuchu to kokka (The Present and Future of Commerce and Industry in Japan - Concentration Movements and the State) (Tokyo: Ministry of Agriculture and Industry, 1914), p. 2.
2. Makiko Yamada, 'The Emergence of Organized Lobbying', in Keiichiro Nakagawa (ed.), Government and Business (Tokyo: University of Tokyo Press, 1980), p. 173.
3. In October 1992 Jyujo Paper merged with Sanyo Kokusaku Pulp and changed its corporate name to Nippon Paper.
4. Zaibatsu were family-owned groups composed of several key sectors - for example basic industries, foreign trade and banking - under a holding company.
5. Johannes Hirschmeier and Tsunehiko Yui, The Development of Japanese Business 1600-1973 (Boston: Harvard University Press, 1975), pp. 176-7.
6. James Sterngold, 'Elusive Price Cuts Intrigue Japan', New York Times, 9 November 1994, p. D9.
7. Ibid. 8. Yoshinori Akiba, 'Gyoho kaisei no daitenkan ni kakanni idomu
"Tokyo Kaijyo Kasai Hoken"', Forbes Japanese edition, December 1996 (Tokyo: Gyosei), p. 123.
9. Ibid., p. 124. 10. Article 10 of the Law Concerning Non-Life Insurance Rating
Organisations requires a rating organisation, when it has calculated a premium rate, to notify the Minister of Finance and submit a document containing (1) the pure premium rate, (2) the loading rate (3) the method of calculation, and (4) other matters specified by a Minister of Finance ordinance.
11. The first area covers insurance such as an old age and a whole
Notes and References 303
life insurance. The second area covers insurance such as motor vehicle, fire and casualty insurance.
6 Scenarios
1. Workers are released from work but are paid 60 per cent of their monthly salary, without bonuses, until retirement age.
2. Ministry of Health and Welfare, Institute for Issues of Demographic Structure in Japan, Nippon no Shorai Jinko (Future Demographic Structure in Japan) (Tokyo: Ministry of Health and Welfare, March 1987).
3. Sherryl WuDunn, 'When Lifetime Jobs Die Permanently', New York Times, 12 June 1996, p. D8.
4. Sheryl WuDunn, 'Merger To Create New Japan Bank, World's Largest', New York Times, 29 March 1995, p. Al .
5. Nikkei, 11 November 1996, p. 3. 6. 'Build New Materials From What's Lying Around', Business Week,
11 November 1991, pp. 168-70. 7. VLSI is a process technology for putting thousands of micro
electronic circuit elements onto a single chip. 8. The Ministry of International Trade and Industry, the Ministry
of Education, the Ministry of Post and Telecommunication, the Ministry of Agriculture, Forestry and Fisheries, Ministry of Health and Welfare, and the Science and Technology Agency.
9. William H. Honan, 'Spared by Washington's Budget Cutting, Research Universities Fear the Ax', New York Times, 16 June 1996, Section B, p. 6.
10. 'Hateshinaki Yenyasu Jidai' no Hajimari' (The Beginning of an Endless Era of the Weak Yen)', Sentaku, October 1996, p. 91.
11. 'Keiretsu Connections', Business Week, 22 July 1996, p. 54.
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Yui, Tsunehiko, and Jonannes Hirschmeier (1975) The Development of Japanese Business: 1600-1973 (Harvard, Mass: Harvard University Press).
Index
Accelerated depreciation, 19 Accounting, 56 Acerola, 106-9 Age structure
inverse trapezoid, 88 pyramid-shaped, 88
Ageing, 87 society, 15
AIG, 206 Ajinomoto, 33 Alcohol tax, 61 Allest, Frederic d', 217 Allied occupation, 4 Allowance, 92 American International Group,
206 Annual general meeting, 57
sokaiya, 55-7 Annual negotiations, 71 Annual salaries, 52 Anti-monopoly, 18 Anti-Monopoly Act of 1962, 12 Anti-Monopoly Law, 191-2 Applied technologies, 13 Arata, Toshio, 231-2 Arianespace, 217 Asahara, Hideo, 107 Asahi Breweries, 49, 50, 139,
173 Asahi Chemical Industry, 22,
23, 24 Asahi Draft, 49 Asahi Dry, 49 Asahi Glass, 142 Asahi Kasei, 176 Asia, 15
Assessed income, 61 Association of Super-Advanced
Electronics Technologies (ASET), 277
AT&T, entry to Japanese market, 241-4
Audit committee, 51-6 Auditing, 54, 56 Autonomous work group
system, 83
Baby-boomers, 88, 123, 250 Bad debts, 14, 53, 61, 176,
265-8 Bandwagon tendency, 12 Bank Act of 1943, 130 Bank of Hanover, 136 Bank of Japan, 4, 10
and bond market, 145 Bank of Nippon Saiken Shinyo,
135 Basic industries, 19 Basic pay/salary, 51, 88, 92-3 Batsu, 12, 105 Becker, Gary, S., 79 Big Bang, 264-73 Blank cheque, 52 Board committees, 50 Board of directors, 8, 22, 43,
44, 46, 50, 52, 62, 63, 65 Bond Agreement Committee,
146 Bond market, 271-2 Bonuses, 51 Bottom-up decision-making, 8,
43
311
312 Index
Brain drain, 278 Bridgestone Tyre, 21, 35, 234-6 Bubble economy, 1, 5, 87 Bunshaka, 64 Bureaucrats, 58, 59 Business ethics, 71 Business education, 109
Calder, Kent E., 138 Canon, 21, 274 Carbon fibers, 6 Career paths, 110
clerical/general/specialist, 114 women's, 114-17
Cartels, 3, 12, 190 directory, 192
Caterpillar, 289-90 Cement, 67 Central Federation of Societies
of Commerce and Industry, Japan, 75
Central Labour Relations Board, 73
Ceracon, 33 Chairman, role of, 122-4, 52, 63 Chambers of Commerce, 19,
196 Chief Executive Officer (CEO),
29, 30, 47, 51 CILC (Closed Institution
Liquidation Committee), 144
Clique, see batsu Closed markets, 40 Closed society, 99 Clubs, see batsu Cold War, 17 Commercial banks, 4 Commercial Code
Article 230-10, 47, 48, 49 Article 265, 62 Article 272, 62, 63 Article 270, 43 Article 274, 56 Article 309, 56
Committees Audit, 54-5 Compensation, 51-2 Nominating, 52-3
Community groupism, 97 US corporations and, 52
Company-oriented attitudes, 98 Compensation committee, 51,
52 Competence allowance, 93, 94 Competition, excessive, 11-13
global, 100 productivity and labour costs,
89 in salary system, 94
Comprehensive system, 92 Computer numerical control
(CNC), 38 Concrete ceiling for female
employees, 109 Confederation of Electric
Power-Related Industry Workers' Unions of Japan, 93
Confederation of Japanese Automobile Workers' Unions, 69
Consensus, 65, 103, 104 Construction industry, 35, 58,
59 Consumer service businesses,
120 Contract-out workers, 123 Convoy system, 129 Cooperation, 19, 78, 103 Corporate accounts,
manipulating of, 58 Corporate assets, 10 Corporate debt, 270-1 Corporate governance, 51 Corporate identity, 107 Corporate information
disclosure laws, 11, 12, 180-4
Index 313
Corporate pension funds, 176 Corporate secretaries, 56 Corporate tax rate, 60, 61, 62 Cost control, 86 Cost of living, 30 Cost-saving innovations, 19 Cross shareholding, 5, 11, 151,
178 Crystal, Graef, 29-30 Cultural differences, 97 Current profits, 11, 65
Daido Engineering School, 80 Daido Steel, 80, 228 Daiichi Mutual Life Insurance,
123 Daiwa Bank, 56, 97 Daiwa Securities, see securities
companies Dango, 12 Dankai generation, 88, 126, 250 Dargan, Barry, 6 Decentralisation, 63, 64 DENSAN, 73 Deregulation, 14, 289
insurance industry, 202-6 Diet, 12 Directors, Board of, 45, 56
directors/executive officers, 50, 52
Discrimination, see women Diversification, 14, 36, 39, 40,
57, 67, 106 Dividend, 67 Dodge Line, 146 Duty allowance, 93 Dyke, Richard V., 96
Early retirement, 65 Education, 26-9, 84, 279-82
reform of, 15-16, 281-2 Efficiency (plant layouts), 89 Egalitarianism, 52, 84, 96 Eizai, 33, 199 Elites, 22, 27
Employment middle-aged and older
people, 286-8 overemployment, 252-3,
258-62 Entertainment expenses, 59 Entrepreneurs, 8, 24, 29, 32,
35, 37, 40-2 post-war, 20, 21 women, 117
Environmental protection groups, 52
Equal Employment Act of 1986, 114, 121, 123
Equity finance, 172-3 Excess liquidity, 170, 185 Excessive competition, 12, 13 Executive committee, 64 Executive compensation, 29, 30, 31 Executive officers, 44, 45, 49,
56, 63 Expense allowances, 29 Exports, 15, 18-19, 41, 89
Faction, see batsu Factor automation, 38 Fair Trade Commission, 57 Fanuc Ltd, 37, 38 Federation of Electric
Industries Unions of Japan, 73
Federation of Independent Unions, 18
Female human capital, 109-25 Finance, 38, 56 Financial institutions, 7, 10, 11,
14 Financial statements, 54 Ford Motors, 263 Foreign exchange, 61 Founders of companies, 32, 73 Fringe benefits, 29, 51, 80 Fuji Film, 11 Fuji Management Development
Centre, 75
314 Index
Fujii, Yoshihito, 132 Fujii, Yoshiro, 7, 82 Fujita, Chikao, 35, 36, 37 Fujitsu, 38 Fukuzawa, Yukichi, 26
Household allowance, 93 Housing loan companies, 185 Human capital, 9 Human nexus, 103-5, 120 Human relations, 71 Human resources, 8, 10
Game software market, 216 General Council of Japanese
Trade Unions, 18 General Electric, 38 General Motors, 38 Global competition, 71, 85, 100 Globalisation, 13, 15, 34, 229 Gososendan hoshiki, 129 Government advisory councils,
75 Governmental authorities, 75 Green Cross scandal, 200 Group dynamics, 102, 106 Group leader, 102 Groupism, 97
Hachijyuni Bank, 24 Hamada, Hiroshi, 189 Harmony, 78, 98, 102 Hazama, 58 HCLC (Holding Company
Liquidation Committee), 143-4
HFSP (Human Frontier Science Programme), 238
Hidden assets, 11, 173-4 Hidden losses, 268-9 Hierarchical structure, 44 High technology, 14, 274-7 Higuchi, Hirotaro, 49, 50 Hira-torishimariyaku, 44 Hitachi, 41, 63, 64, 65 Hitachi Zosen, 7, 82, 132 Holding companies, 246 Honda Motors, 21 Honda, Soichiro, 21 Honorary chairman, 67 Honshu Paper, 192
IBM Japan, 11, 40 IC (integrated circuit), 7 Ichimitsu Kogyo, 143 Ide, Shousuke, 2 Idemitsu Kosan, 21 Idemitsu, Sazo, 21 Ieiri, Akira, 234-6 Iida, Makoto, 7, 21, 24, 221-2 Iketani, Masaharu, 201 IMF-JC, 69 Impact loans, 136 In-house auditing, 54 In-house services, 120 In-house unions, 18 Inaba, Kosaku, 215 Inaba, Seiemon, 37, 38 Inamori Kazuo, 7, 11, 21, 24 Incentives, 78 Incremental innovation, 8 Individual job rights, 82 Individualism, 16, 97 Industrial associations, 12, 19 Industrial Bank of Japan (IBJ),
53, 63, 128, 135, 187 Industrial and Labour Round
Table Conference, 76 Industrial relations, 71 Industrial reorganisation, 19,
20, 42 Industrialisation, 81 Informal groups, 103, 104, 108 Information disclosure act, 50 Information systems, 259 Institutional investors, 33, 52,
66 Insurance industry, 4
and Bang Bang, 272-3 deregulation of, 202-6
Index 315
life insurance, 66, 123 Interest groups, 52 Interest-bearing financial
bonds, 135 Interlinking hierarchy, 103 Intermediate financing, 4, 5,
128 International Bank of Japan,
147 International markets, 89 International University of
Japan (IUJ), 281-2 Investment in training, 110 Invisible leadership, 39 Ippiki ohkami, 102 Ishibashi, Shojiro, 21 Ishikawa, Rokuro, 32, 35, 56 Ishikawajima Harima Heavy
Industries, 176, 215-16 Ito, C. Corporation, 141 Ito, Masatoshi, 21 Ito, Sukehiro, 7 Ito, Yosikazu, 6, 214 Ito Yokado, 7, 11, 21, 35,
142 Iwato Keiki, 148
James Capel Pacific, 6 Japan Association of Corporate
Executives, 75, 198 Japan Chamber of Commerce
and Industry, 35, 199 Japan Council of the
International Metal Workers' Federation-Japan Council, 69
Japan Federation of Economic Organisations, 75, 198
Japan Federation of Employers' Associations, 71, 199
Japan Iron and Steel Federation, 201
Japan Pharmaceutical Manufacturers Association,
199 Japan Productivity Centre for
Social and Economic Development, 75
Japan Securities Holding Association, 157
Japan Trade Union Confederation, 18, 76, 121
Japanese Commercial Code, 44 Japanese Confederation of
Labour, 18 Japanese Confederation of
Shipbuilding and Engineering Unions, 69
Japanese construction industry, 56
Japanese Electrical, Electronic and Information Union, 69
Japanese Federation of Iron and Steel Unions, 69
Jinmu Keiki, 148 Job-based pay system, 91 Job category, 91 Job classification, 91, 93 Job description, 91, 259-62 Job function, 93, 100 Joint venture, 41 Jujo Paper, 192 Jusen financial scandal, 185,
266-8
Kaizaki, Yoishiro, 235 Kamei, Masao, 39 Kamijyo, Aiichi, 73 Kanagawa, Chihiro, 11, 230-1 Kanai, Tsutomu, 63 Kaneda, Kozo, 106-109 Kao Corporation, 219-21, 259 Karoshi, 261 Kashima, 32-5, 56 Kashima, Ume, 34 Kasuga, Kazuyuki, 152 Kawakami, Genichi, 65 Kawakami, Hirosi, 33, 65
316 Index
Kawakami, Tetsuro, 38, 39 Kawasaki Kisen, 136 Keidanren, 75, 198 Keio University, 26 Keiretsu, 138-42, 225 Keisha seisan hoshiki, 111 Keizai Doyukai, 198-9 Kennedy shock, 155 Kimura, Takashi, 57 Kirin Brewery Company, 57,
142 Kisai Kai, 146 Kiuchi, Takahashi, 256 Knowledge-intensive
technologies, 78, 80 Know-how, 74 Kobayashi, Haruo, 24 Kogyo Kurabu, 198 Komatsu, Shin, 87, 225-8 Koo, Richard, 2, 172 Korean War, 17, 18 Kuroneko Yamato Takkyubin,
32 Kurosawa, Yo, 63, 187 Kyocera, 7, 11, 21, 24
Labour Union Act, 73 Labour, 74, 75
costs, 65 disputes, 9, 71, 72, 74 lay-offs, 74, 82 management, 19, 20 market, 8, 9, 18 negotiations, 285 relations, 71 unions, 9, 19, 52, 69, 73, 74,
78, 81, 98 Land, 10, 11, 14 Leadership
charismatic, 39 managerial initiative, 86, 87 philosophy of, 42
Liberalisation, banking and securities business, 169
Liberalisation, interest rates,
165 Liberalisation, non-life
insurance, 206-7 Liberalisation, reform of the
Foreign Exchange Control Law, 169
Life insurance industry, see insurance industry
Life-long employment, 5, 9, 18-19, 44-5, 72-4, 81, 87-8, 92, 98-101, 109-10, 249-52
Loan Trust Act, 129 Lobbying, 12 Long-Term Credit Act, 129 Long-Term Credit Bank of
Japan (LTCB), 135 Long-term credit banks, 4, 10 Long-term loans, 49 Long working hours, 260-2
Maeda, Katsunosuke, 7 Main banks, 5, 10, 82, 132 Male-dominated society, 10 Managerial initiative, see
leadership Managerial positions, lack of,
250 Managerial skills, 103 Managers' union, 254 Maruta, Yoshiro, 219 Matsuo, Otojiro, 190 Matsuoka, Komakichi, 73 Matsushita Electric
(Panasonic), 21, 35, 137 Matsushita Electric Work Co.
Ltd, 42 Matsushita, Konosuke, 21 Matsushita, Masaharu, 35 Mazda, 263 MCA, 138 Meiji Restoration, 7, 13 MELCO, 72, 83 Middle-aged employees, 91 Middle-aged women, 122
Index 317
Miike labour dispute, 71 Minister of International Trade
and Industry (MITI), 191 Ministry of Education, 84 Ministry of Finance, 10, 12 Ministry of Health and
Welfare, 41 Ministry of Labour, 76, 99 Minority groups, 53 Mitarai, Tsuyosi, 21 Mitsubishi Chemical Industries,
142 Mitsubishi Electric
Corporation, 72, 83 Mitsubishi Heavy Industries,
69, 87, 118, 142, 289 Mitsubishi Material, 273 Mitsubishi Motors, 142 Miyaoka, Kimio, 232-3 Miyazaki, Kagayaki, 22, 23, 24 Miyoshi, Toshio, 42 Mobil Oil, 68 Mobile labour market, 257 Mochiai Kabunushi, 151 Morale, 83 Morioka, Shigeo, 236-7 Mortgage loans, 11 Motoyama, Hideo, 57 Multinationalisation, 15 Murata Manufacturing, 11, 33 Murata Seisakujyo, 34 Murata, Akira, 34 Murata, Yasutaka, 11, 33, 34 Murofushi, Minoru, 141 Mutual assistance system, 99
Nagano, Takeshi, 273-4, 285 Naito, Yuji, 32, 199 Nakahara, Nobuyuki, 66, 67, 68 Nakajima, Dotaro, 35 Nakane, Dotaro, 35 Nakane, Chie, 103 Nakayama, Sohei, 53, 128,
262-3, 282, 284 National Land Use Planning
Law, 185 National League of Chambers
of Commerce, 196-8 National Tax Administration
Agency, 59 National labour federation, 75 National unions, 72 Nemawashi, 104 Nemoto, Jiro, 71, 234, 285 New inventions, 86 New materials, 6, 7 New technologies, 21 New types of business, 21 New York Stock Exchange, 12,
54 Nichirei Corporation, 106-9 Nikkeiren, 71-5, 92, 199, 284-5 Nintendo, 7, 11, 24, 33, 216 Nippon Kokan K.K., 85 Nippon Kyodo Securities,
156-7 Nippon Life Insurance, 7, 204 Nippon Paper, 194 Nippon Reizo, 106-7 Nippon Steel, 61, 91, 174-5,
176 Nishio, Suehiro, 73 Nishiyama, Motoaki, 60 Nissho, 199 Nissin Electric, 87, 225-8 NKK, 85 Nominating committees, 52, 53 Nomura, see securities
companies Non-banks, 5, 185 Non-conformism, 85 Non-tariff barriers, 41 NSK, 231-2 NTT, 241, 244-6 NYK, 232-4
Office of US Trade Representatives (USTR), 206
Ogura, Masao, 32, 201
318 Index
Oil crises, 87, 161 Oji Paper, 192-5 Old-boy network, 27 Omron, 32 On-the-job-training, 122 One-man management, 38, 42 Onishi, Minoru, 11 Optoelectronics, 39 Organisational climate, 100 Organisational men, 42 Organisational politics, 22, 104
•* Organised lobbying, 194-200 Outstanding capital, 59 Overemployment, white-collar,
258-62 Overloaning, 128, 132
Part-time workers, 122 Patron-client relationships,
105-9, 120 Pay
by ability, 74, 91 by function, 91, 94 by job, 94 female/male, 121 incentives, 51 rises, 69, 70-5, 88, 93-4 structures, 78, 99
Peers, 38, 106 Penicillin, 42 Pension funds, 176 Personnel, 4, 73, 251-4 Pfizer Inc, 40-2, 236 Pharmaceutical industry, 40-2,
236-42 Plan-do-see cycles, 83 Plant democracy, 82 Plaza Accord, 170 Point of sales (POS), 32 Political parties, 59 Postwar managements, 19 President, role of, 1, 22-4, 63, 66 Price-earnings ratio, 11 Priority-production policy, 127 Product quality, 83, 86
Production processes, 85, 89 Productivity, 72-5, 81-3, 86-9,
96 Productivity Centre, 75 Professionalism, 35, 79, 256-7 Profits, 61 Protective regulation, 129-30 PTA system, 101 Public auditing, 54 Public works projects, 58 Purchasing power parity, 288
QP corporation, 35, 36, 37 Qualifications, 9 Quality control, 81, 88-7
R&D, 41 Racketeer, 56 Ratings (Moody's Investor
Service for banks), 269-70 Rationalisation, 19 Raw materials, 18, 38 Real estate boom, 184 Rebates, 57 Reconstruction, 6, 11, 17-20,
71 Reformed Insurance Business
Law, 202 Rengo, 18, 75 Representing director, 22-4,
43-5, 62-4 Research and development,
joint effort by government and corporations, 276-7
Research institutes, 59 Reshaping, 1 Resolution matters, 47, 48, 49 Restructuring, 5, 8, 9, 14, 61,
74, 82 Retained earnings, 67 Retirement, 74, 78, 88 Return on equity, 11, 67 Return on investment, 11 Ricoh, 189, 228 Robots, 89
Index 319
ROE, 67 Roshi-kosho, 285 Routine jobs, 121
Saji, Keizo, 21 Sakakibara, Eisuke, Director of
International Finance Bureau at MOF, 3, 97
Sakurada, Takahide, 123 Sakurada, Takeshi, 73 Sammon, William L., 236 Sanwa Bank, 82 Science and technology
basic science, 14 research at universities,
280-1 SCLC (Securities Coordinating
Liquidation Committee), 143
SECOM, 7, 21, 24, 221-2 Securities and Exchange Act,
130, 144 Securities and Exchange
Commission (SEC), 52 Securities companies, rapid
growth in 1950s, 151-2 Big Four, 152
Security, 102 Self-denial expenses, 58-61 Sematech, 277 Semiconductor Leading Edge
Technologies Inc. (Selete), 277
Senior executives, 51, 63 Seniority, 74, 78, 101-3 Seniority-based pay and
promotion, 5, 9, 18-19, 44-5, 71, 73-4, 79, 87, 88, 91-2, 96, 98, 109-10
Separation of financial services, 130
Separation of board of director and executive officers in US, 47
7-Eleven Japan, 222-4
Shan shan sokai, 57 Shareholders, 8, 43, 47, 66 Shareholding, family, 35 Shareholding, main bank, 137 Shibusawa, Eichi, 196 Shiina, Takeo, 11, 40, 41 Shiji karuteru, 192 Shikanai, Nobutaka, 73 Shikano, Yoshiaki, 134 Shimizu Corporation, 45, 46,
56 Shimizu Kensetsu, 35 Shin-Etsu Chemical, 11, 230-1 Shin-Oji, 194 Shino, Iwao, 40, 41, 42 Shinohara, Yoshiko, 118-19 Shinto, Sadakazu, 72 Shitofumeikin, 58, 59, 61 Shopfloor decision-making, 81 Shudan-shugi, 97, 100 Shunto, see Spring dispute Skilled workers, 74, 78-9, 81,
84, 89, 98 Slush fund, 58-9 Small group movements, 86, 87 Soft drink business, 107 Software, export, 24 Software, game, 24 Software industry, 217-19 Sogoketteikyu, 92 Sokaiya, 55, 56, 57 Sole authority, 63 Solvency margins, 272 Sophisticated training, 85-7 Special emergency loans, 158 Special Law on the
Reorganisation of Specific Industries, 193
Specialisation, 79 Specialist inspectors, 83 Spring dispute, 40, 69, 72-4, 92 Standard Vacuum Oil
Company, 66 Standard of living, 92 Standardisation of job
320 Index
categories, 260 Stock market, rise of, 149,
176 Stock market, control by BQJ
and city banks, 153 Stock market, manipulative, 12 Stock options, 51 Strategic alliances, 289-90 Strikes, 71 Structural shakeout, 87 Study groups, 59 Subcontractors, 58 Subordinates, 102 Sueno Group, 185 Sumitomo Electric Industries,
38, 39, 40 Sumitomo Electric Works,
226-8 Sumitomo Holding Company,
38 Suntory, 21, 33 Superior-subordinate relations,
official, 105, 106 Supreme Commander Allied
Power (SCAP), 143 Suzuki, Saburosuke, 33 Suzuki, Nobuyuki, 58 Suzuki, Toshibumi, 7, 11,
222-4
Taito, 41-2 Takaezawa, Shinichi, 2 Takeda, Haruo, 203 Takesue, Hisaya, 108 Takeuchi, Fuijio, Governor of
Tochigi prefecture, 46 Tanabe Seiyaku, 42 Tanaka, Fumio, 192 Tanji, Akio, 137 Tateishi, Yoshio, 32 Tax deductions, 19 Teamwork, 78, 101, 102 Teikoku Suisan Tasei, 106 Tejima, Tadashi, 108 Telecommunication industry,
241 Temporary staff, 118-19 TEPCO, 92, 93, 245 Terada, Shinzo, 107 Tilton, Mark, 201 Toa Nenryo Kogyo K.K., 66,
67, 68 Togen-sha, 185 Tokiwa, Fumikatsu, 220 Tokubetu Sangyou Kozo
Chosei Rinji Shochi Ho, 193
Tokumoto, Teruhito, 69 Tokyo Electric Power, 92, 93,
245 Tokyo Marine and Fire
Insurance, 203-4 Tokyo Mitsubishi Bank, 180,
265 Tokyo Steel, 201 Tomita, Kanji, 80 Tonen, 66-8 Top management, 1-2, 32, 39,
56 Toray Industries, 6, 176, 214 Torii, Shinichiro, 33 Toshiba, 176 TOSTEM, 21, 24, 29 Total quality circles, 86 Toyo Pulp, 192 Toyota Motor Corporation, 69,
207-8 Trade surplus, 89 Trade unions, see unions Trading companies, 61 Training
general, 79-80 programmes, 74, 101 specific, 79
Tsuhuba University, 281 TTNet (Tokyo Tsushin
Network), 245
Unemployment, 15
Index 321
Uniformity, 84 Union
company-based, 73 enterprise, 73 in-house, 73 industrial, 72
Unit labour costs, 87, 89 University of Chicago, 79 University of Tokyo, 26, 27 US labour unions, 82 US market, 19 US-Soviet confrontation, 17 US workers, 94 Usioda, Kenjiro, 21, 24, 29 USTR (Office of US Trade
Representatives), 206
Vertical society, 103 Vogel, Ezra F., 2 Voluntary associations, 59
Wages, see pay Women
concrete ceiling for, 109
corporate investment in, 109-25 discriminatory personnel
policy, 109, 114-17 entrepreneurs, 117-20
Worker participation, 81
Yamaguchi, Haruo, 244 Yamaha, 33, 65-6 Yamaichi Securities, 157-8 Yamanouchi Pharmaceutical,
236-7, 240 Yamato Transport, 32, 201 Yamauchi, Hiroshi, 7, 11, 24,
33, 216-17 Yen, falling value of, 288-9 Yokosuka Shipyard, 98 Yoshino, Teruzo, 45, 46, 56 Yui, Tsunehiko, 2 Yukashoken Hokokusho, 180-4
Zaibatsu, 4, 17-18, 20, 38, 198 Zaikai, 19, 198 Zenkoku Rengokai, 196-8 Zero defect (ZD) campaigns,
86, 87
Recommended