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  • Articles: Multimedia: Japan Society
    business and government met at Japan Society to discuss the March 11 earthquake and tsunami the ensuing accident at the Fukushima nuclear plant and the meaning of these events for Japan and its relationships with the rest of the world Read More Business Policy What Impact Will Monetary Easing Have on U S Global Economies February 3 2011 A distinguished panel of experts on financial markets gathered at Japan Society to discuss the Fed s second quantitative easing program known as QE2 Read More Business Policy What s Next for the Global Economies January 19 2011 Wilbur L Ross Jr Chairman CEO WL Ross Co LLC and Chairman Japan Society shares his thoughts on where our swiftly shifting economic world is going and how to make the best of it Read More Business Policy Ambassador Roos at Japan Society December 14 2010 U S Ambassador to Japan John Roos spoke at Japan Society about the U S Japan alliance and the complex challenges that the two countries share in a time of rapidly evolving economic and geopolitical dynamics in East Asia and across the globe Read More Policy Japan Korea Domestic Reform Geopolitical Shifts December 8 2010 William Overholt a Senior Research Fellow at Harvard s Kennedy School visited Japan Society to discuss the paths taken by Japan and South Korea since the 1990s and their implications for economic revitalization and the region s politics Read More Business Policy Wealth Managers Grapple with Japan s Shifting Generations November 10 2010 A distinguished panel of financial markets experts joined forces at Japan Society to explore the changing dynamics of retail investing in Japan Read More Post Crisis Wealth Management October 4 2010 Douglas Hodge of PIMCO spoke at Japan Society about the new normal in the post financial crisis world Read

    Original URL path: http://japansociety.org/content.cfm?page=/page/multimedia/articles&StartRow=41&SearchNum=10 (2016-02-14)
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  • Articles: Multimedia: Japan Society
    Richard Folsom May 14 2014 Read More Business Tapping Potential Encouraging Women s Empowerment in the U S Japan April 2 2014 Read More Business Unpredictable But Not Unmanageable Ensuring that a Corporate Crisis Does Not End in Corporate Ruin December 4 2013 Read More Business Policy A New Era for the Japanese Economy Will Abenomics Succeed November 1 2013 Read More Business LINE s Global Strategy A Paradigm Shift in Social Media October 17 2013 Read More Business Policy Where Does the Future of Investments Lie Ray Dalio on the Japanese World Economies September 6 2013 Read More Business Japan s Sustainable Growth Strategy May 22 2013 Read More Business Policy Lessons at the Zero Bound May 21 2013 Read More Business Investing in Japan Promoting Innovation Facilitating Changes May 1 2013 Read More Business Nuclear Energy Power Other Applications Future Prospects April 10 2013 Read More 1 2 3 4 5 Calendar of Events February 2016 S M T W Th F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Language Center Event Nihongo Chat Support

    Original URL path: http://japansociety.org/articles?lResourceFilterTopic=1323 (2016-02-14)
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  • Articles: Multimedia: Japan Society
    2014 Read More Policy Japan s New National Security Strategy Its Impacts on Regional Stability March 23 2014 Read More Policy Recent Developments in Japan s Economy Monetary Policy March 19 2014 Read More Policy Harvard Professor Joseph Nye on America s Rebalance Towards Japan China March 12 2014 Read More Policy The U S Japan China Triangle Building a Path to Trilateral Cooperation January 22 2014 Read More Business Policy A New Era for the Japanese Economy Will Abenomics Succeed November 1 2013 Read More Policy My Vision for Japan s Economic Future Sustainable Growth Through Structural Reform October 1 2013 Read More Business Policy Where Does the Future of Investments Lie Ray Dalio on the Japanese World Economies September 6 2013 Read More Policy Japan the United Nations in a Turbulent World May 29 2013 Read More Business Policy Lessons at the Zero Bound May 21 2013 Read More 1 2 3 4 5 Calendar of Events February 2016 S M T W Th F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Language Center Event

    Original URL path: http://japansociety.org/articles?lResourceFilterTopic=1327 (2016-02-14)
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  • Private Equity’s Next Opportunity: Seeing Japan through the Eyes of Richard Folsom: Articles: Multimedia: Japan Society
    portfolio investments as well as to make four new investments Exits When you talk M A with Japanese corporations it almost always implies buying and seldom implies selling We try to preach the gospel that it s both But that is still slow to come in some sense Markets The environment is a good one for helping portfolio companies to boost earnings getting some level of top line growth both domestically but also helping companies to access and develop overseas markets Deal Flow Major drivers of deal flow this year are expected to include corporate divestitures and founder succession the latter partly for estate planning purposes and partly for transition to professional management Mr Folsom explained Owners see the upward market trend as a signal that they can get an appropriate valuation if they sell Secondary buyouts that is buying from other funds will also play a role Public to private deals may see a little bit of slowing this year and restructurings and special situations will be a little bit more cyclical Performance of Portfolio Companies We pride ourselves on the fact that our portfolio in aggregate has significantly outperformed the market Mr Folsom said The portfolio didn t experience the same level of declines in the downturn and achieved a stronger uptick in the current market environment with our portfolio companies projecting an even higher level of growth in the current environment We attribute that to maybe a more intensely focused drive to make sure that we re getting the most in terms of profit margin cost control and going after whatever marginal topline revenue opportunities there are and doing that in a more intensified fashion than your average company in Japan has done The result is a significant difference Changing Attitudes Towards M A and Buyouts Historical barriers to M A and buyouts in Japan have lessened in several areas he said the cultural perception of M A being very negative the stigma of selling out the lifetime employment legacy also meaning that ownership doesn t change hands either Many cross shareholdings by their nature conducive to a lack of focus on shareholder value have been unwound In 1990 they were 30 or 35 percent of the market today less than 10 percent The slack has been taken up by foreign shareholders which was 5 or 6 percent and is now 25 percent of the market cap in Japan Mid 1990s deregulation in Japan not only made private equity possible but also has led to the mobility of human capital Layoffs and factory closings have become acceptable and commonplace responsiveness to performance incentives and more entrepreneurial opportunities have emerged as well M A activity in Japan was flat in 2010 11 in reaction to the financial crisis Deal volume is still five or six times higher than in the mid 1990s and Advantage Partners expects it to pick up again Private equity buyers are between 10 and 25 percent of M A deals in North America and

    Original URL path: http://japansociety.org/page/multimedia/articles/private-equitys-next-opportunity-seeing-japan-through-the-eyes-of-richard-folsom (2016-02-14)
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  • Tapping Potential: Encouraging Women’s Empowerment in the U.S. & Japan: Articles: Multimedia: Japan Society
    we need to create an environment in which women can thrive professionally and personally if we strive to change the percentage of women at the top of our firm which we do and we have Accountability Governance and Processes I very much agree with Sheryl Sandberg s advice to women to lean in and pursue the careers they dream of Ms Porat said However I think there is an important corollary to that advice If a woman leans in but is leaning against a door that is nailed shut no amount of leaning can bust down the door And so I think we must hold our organizations accountable where they control the doors by demanding clarity and transparency around succession planning We need to implement processes that are fair transparent and logical to develop and nurture the most diverse set of leaders Research indicates that the additional productive power of women entering the workforce since 1970 accounts for about one quarter of U S current GDP she said Other studies have found that the average return on equity for companies with high representation of women in executive committees was about 50 percent higher than for those without women on their senior leadership teams Role Models It s easy to underestimate the power of role models Ms Porat reflected There is a multiplier effect from every qualified senior female leader Madeleine Albright becomes the first woman to serve as U S Secretary of State Janet Yellen becomes the first woman to chair the Fed and when they do it becomes so Of course It should happen that way In the mid 1980s Ms Porat was newly married and commuting from New York to Philadelphia to finish her Wharton degree when she was hired as an associate in M A at Morgan Stanley Ten years later she was running the technology equity capital markets business and about to move to her next position within the firm From a colleague she learned about some of her reviews written by those who interviewed her back in 1986 Several of the reviewers at that time expressed concern that I just wouldn t have the stamina to make it past the associate level What really struck me then and I think of often is that even with strong credentials and what some have called a pretty absurd drive I didn t represent the image of what they thought was someone who would make it beyond the associate level Now I m quite confident I ve outlasted those men who questioned my stamina Not only that I ve surely defied the Neanderthal reviewers because I have three kids and I m still married to the man for whom I commuted to Wharton 30 years ago Never in my career have I seen more focus on this topic at the national level and at the corporate level I find it inspiring and encouraging she concluded Professor Gluck began the Q A What do you need in Japan concretely to close the gender gap Is Prime Minister Abe s goal of 30 percent by 2020 enough The changing of minds I think comes slowly Professor Kawaguchi responded Japan needs more women in the workforce and in leadership roles to survive literally Yet it does take time for some people whose husband has a nice income whose wife is at home in a beautiful home beautiful children to gain faith in a new set of customs and norms to become convinced that everyone women men companies will benefit Professor Kawaguchi sent her own children to a very good public daycare center with four teachers or nurses for 13 one year olds I felt that my children were much better off being there than under me she confessed Getting more centers up and running will take time Rules on things like minimum acreage may need to be adapted so daycare centers can be built right in the city near the stations where it is convenient for mothers who go to work to leave their children In the U S a national family leave policy is needed but would not be sufficient Ms Porat commented What s driving diversity and really empowering more companies to embrace the importance of diversity is it s a business imperative There has been quite a bit of academic research that says If you want innovation and an edgy approach to work you don t want people around you who all think like you Companies must be serious about succession planning Selection processes must be transparent so that you re addressing the unconscious bias that affects how a candidate is evaluated How do we get the women into these leadership positions These are very different conversations Ms Porat reflected It s a risk reward analysis And we see it quite a bit I think in business here in the U S If I have a fair shot at rising up through the ranks and working at something that I view as intellectually stimulating and consistent with what I did when I graduated from college and what I did before I had a child then it starts to become a real discussion If there isn t that fair shot I m not going to do it because it s very meaningful to be at home Professor Kawaguchi pointed out that in fact there is a whole group of women in Japan who started their careers when the Equal Employment Opportunity Law was passed almost 30 years ago who are well trained and able who are waiting who could be there if the opportunities are given to them I am rather optimistic about the change in 10 years time There was a big gap in the 1990s because the first group to get hit by the recession was women But still things can happen fast they re just not going to happen at the government say so Don t take this personally but the reason that big corporations like

    Original URL path: http://japansociety.org/page/multimedia/articles/tapping-potential-encouraging-womens-empowerment-in-the-us-japan (2016-02-14)
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  • Japan's New National Security Strategy & Its Impacts on Regional Stability: Articles: Multimedia: Japan Society
    outside the Japanese territorial waters To bolster its abilities to defend the Senkakus Japan is putting together an integrated amphibious operation capability building more ships for its Coast Guard and making plans to buy Osprey helicopters which can fly round trip between Okinawa and the Senkakus without having to refuel Challenges to the U S Japan Alliance On China Japan and the U S hold somewhat different perspectives on China s power Dr Nishihara said For one thing many Japanese tend to regard that China s economic growth has hit the peak whereas many Americans speculate that China will continue to grow and overtake the U S in the 2020s In the realm of geopolitics Japan is surprised to learn that high ranking officials of the U S government seem to acknowledge a new type of great power relationship apparently adopting language from President Xi Jinping s talk to President Obama in June last year In this talk President Xi also stated that the vast Pacific Ocean has enough space to accommodate the two big nations of China and the United States Such a division of the region into two spheres of influence with China controlling the western half of the Pacific would not be acceptable to Japan Dr Nishihara said Both Japan and the U S condemned China s establishment of its air defense identification zone ADIZ last year in the East China Sea Japan rejected China s demand that commercial flights submit their flight plans and hoped the U S would do likewise but the U S chose to comply On Abe s Conservative Stance I would like to see journalists including American journalists taking a more balanced approach to Prime Minister Abe s remarks and activities Dr Nishihara said For sure visiting Yasukuni in December last year he miscalculated the reaction of China and South Korea Yet few foreign journalists have reported on the visit s positive aspects particularly Abe s statement paying respect to the 2 5 million soldiers enshrined at Yasukuni and pledging to work for peace and no war Future Scenarios for the Asia Pacific Region What is important is for Japan and the U S to maintain the favorable balance of power vis à vis China Dr Nishihara concluded If U S power becomes weaker in the Pacific Japan should fill in the gap As Japan s National Security Strategy document indicates Japan together with the U S desires to strengthen the coalition with other like minded nations such as ASEAN Australia and India Japan needs to become stronger in economic and security fields so that it can work more efficiently and more effectively with those nations George Packard of the United States Japan Foundation who presided began the Q A As I read the polls in the Japanese press there seems to be a great deal of opposition to changing the interpretation of the constitution so Japan can engage in collective self defense Will this cost Abe san politically if he pushes

    Original URL path: http://japansociety.org/page/multimedia/articles/japans-new-national-security-strategy-its-impacts-on-regional-stability (2016-02-14)
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  • Recent Developments in Japan's Economy & Monetary Policy: Articles: Multimedia: Japan Society
    purchases ahead of the consumption tax hike were one factor Another was fuel imports which rose materially as Japan s nuclear plants remained shuttered If the current account deficit persists and Japan s domestic saving and investment balance shifts from a surplus to a deficit the advantage Japan has achieved by financing its deficits through ample domestic savings might change in the long run Savings and Investment Balance Once deflation has been overcome excess savings in the corporate sector will likely show a clear decline as companies become willing to borrow and make investments he continued And with an aging population economic theory says that the household savings rate will go down though that may be less of an issue if one takes into account transfer payments from the government and the corporate sector In sum we should be mindful of a possible decline in domestic excess savings when the QQE succeeds and Japan moves out of the deflationary equilibrium If the government cannot borrow enough domestically it will have to borrow abroad at higher costs or cut spending In practice the end of deflation will generate higher tax revenue as the nominal growth rate rises That is obviously good for fiscal consolidation Thus I repeat that it is best to avoid getting trapped by pessimism Interest Rates vs Growth Rates To gauge fiscal sustainability it makes sense to compare growth rates not in terms of long term bond yields but rather the average cost of the government s borrowing Mr Sato said That cost could be higher or lower than the growth rates of the economy Indeed the government s borrowing costs have consistently been declining since the beginning of the 1990s when long term bond yields began trending downward Most recently those costs are around 1 percent well below the nominal growth rates Under such circumstances the government has benefitted from an interest rate bonus A pessimist might think it more likely that the government would suffer an interest rate onus where the government s borrowing costs remain higher than the nominal growth rates Mr Sato added In his view however we will still have some time to avert such risks Potential Impact on the Financial System If real rates remain more or less the same a change in nominal rates may not be detrimental he said Less optimistically however abrupt changes in nominal rates might make the fiscal situation severer and possibly have an effect on the financial system To avoid such a scenario the Bank has been stress testing the robustness of Japan s financial system taking into account possible changes in the interest rate environment Furthermore it has urged financial institutions to reinforce their risk management and take measures to enhance profitability Ultimately it is the market judgment that matters rather than the central bank s intention Mr Sato commented Japan s spending on social security is not significantly high relative to that in other economies at the moment However it is vital that the

    Original URL path: http://japansociety.org/page/multimedia/articles/recent-developments-in-japans-economy-monetary-policy (2016-02-14)
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  • Harvard Professor Joseph Nye on America's "Rebalance" Towards Japan & China: Articles: Multimedia: Japan Society
    that are going to matter in this 21st century whether it s climate change or international financial stability or avoiding pandemics or what have you these are not things which any one country can solve by itself They are things that are going to require cooperation Containment vs Integration During the Clinton administration Dr Nye serving as Assistant Secretary of Defense for International Security Affairs authored a report on East Asia security issues that was published in 1995 as the East Asia Strategy Report There were a number of people who said we should contain China we should try to hold China back that China will be a danger Stop them before it s too late Professor Nye told the Japan Society audience The reaction that we had in the Clinton administration was that would be a mistake The U S chose to pursue China s integration into the international system America would champion China s joining the WTO accept massive trade with China including a trade deficit and welcome 200 000 Chinese students to American universities We would hold out a hand of openness to China to join the international system and act responsibly but in case China didn t we would have the U S Japan Security Treaty as a guarantor for Japan and for the U S as well as other countries Some were doubtful How can you integrate China when you should be containing China My answer to that was there is only one country that can contain China China If China does become a bully it will antagonize its neighbors and drive them into an alliance against it he declared Threats to Stability North Korea This is a truly bizarre state in which you have left over from the 1950s a young untested leader who has already replaced half of the existing inherited leadership and where there is a high degree of acceptance of risk as you saw with the sinking of the South Korean frigate the Cheonan and the shelling of the islands Professor Nye said This is a point of worry and concern which is why it s so important for Japan and South Korea to improve their relationship and really start thinking of how to work together to deal with this possible threat from North Korea Sooner or later it will collapse and we don t know how that will happen Japan China and the Islands Dispute I think both leaderships distinctly don t want war over the Senkaku Islands Diaoyu as referred to in China Professor Nye said The danger is not that an order will go out from Beijing or from Tokyo to do something but that it will come from the bottom up and the leaders in Tokyo and Beijing will be trapped by nationalism in their own societies into being unable to back down A case in point is the 2010 collision of a Chinese trawler and a Japanese coast guard vessel The collision actually there were two

    Original URL path: http://japansociety.org/page/multimedia/articles/harvard-professor-joseph-nye-on-americas-rebalance-towards-japan-china (2016-02-14)
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