Entrepreneurs see big opportunities as Japan begins a new era paid JapanGov
The country celebrated the succession to the Chrysanthemum Throne of Emperor Naruhito, scion of the world’s oldest monarchy, and the beginning of the new imperial period, Reiwa. But there’s a lot more going on: the economy is experiencing its longest expansion since World War II, inbound tourism is at an all-time high, and there’s renewed emphasis on international openness as a means to help companies grow. It’s an ideal time to start a business in Japan.
“Corporate governance isn’t shareholders saying they have all the answers and managers must perform,” says Shibusawa. “In a global society, it’s a matter of multi-stakeholders and diversity.”“My great-great-grandfather’s mission was to increase the wealth and prominence of the nation via the private sector,” says Ken Shibusawa. “He felt that it was important for businesses to be responsible to both shareholders and society itself. In modern-day terms, he was a champion of sustainability.
“Corporate governance isn’t shareholders saying they have all the answers and managers must perform. In a global society, it’s a matter of multi-stakeholders and diversity,” says Shibusawa. “We’re in a new era of globalization. My hope is that Japan’s younger generation of digital natives will take advantage of the fact that the internet has no borders. That’s one way for Japan to thrive beyond 2020.
Balogh speaks at a Tokyo Metropolitan Government event after his company received a 2018 Tokyo Financial Award for helping to meet the financial needs of Tokyoites.“There are no impediments to doing business in Japan and engaging in the sort of collaborations and partnerships that we’ve been able to develop,” says Balogh. “Culturally, being a foreigner-led organization has not been a problem.
Balogh points to the increasing prominence of non-Japanese on the boards of small, midsize and large companies, and the 2014 launch of the JPX-Nikkei 400, an index of companies with good governance. Subject to periodical review, the index consists of businesses that meet criteria such as having at least one-third or a minimum of three independent outside directors.
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