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 Hisaaki Hashimoto (eds) (1995) Kakushin no Keieishi (Tokyo: Yuhikaku).

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