Out on the Town Once Again

Live sports and in-person gatherings bring back a sense of normalcy

The scoreboard in Aoyama Gakuin Memorial Hall read 95–94 with 0.5 seconds remaining. The visitors had the lead. After a hard-fought game, it seemed that the Sunrockers Shibuya of Japan’s pro basketball B.League would fall a point short. The crowd cheered and then held its collective breath as a quick pass and a long three-point shot whooshed through the net and sent the Ibaraki Robots home with a 97–95 loss.

It was an exciting way to spend a Sunday in late November, and a reminder to me that life was starting to return to normal. Having spent most of the past three years in my countryside studio, peering through a screen to talk to friends and colleagues—and to watch sports—it was refreshing to take in a game in person.

It was also a chance for me to meet one of our new American Chamber of Commerce in Japan (ACCJ) company members, Sunrockers, Ltd., who joined the chamber in September. They provided courtside seats as part of the ACCJ’s Member to Member Offers and put us so close to the action that I even caught a stray ball!

Chamber events have also added to the feeling of normality. The ACCJ Charity Ball returned to its in-person format at the Hilton Tokyo in Shinjuku, where the Charity Ball Committee put together a spectacular Chicago-themed bash. It’s clear from the photos that all who attended had a blast, including US Ambassador to Japan Rahm Emanuel, a Chicago native.

January brings us the ACCJ Shinnenkai at the Imperial Hotel for the first time since 2020. I remember that last gathering on January 29 and the energy that filled the room as we did not yet know of the pandemic that would soon come. It will be wonderful to properly kick off a new year together once again! The Kansai chapter will host their Shinnenkai in person for the first time in three years as well.

And perhaps the biggest sign that we’re getting back to normal is the number of people traveling again, in and out of Japan, heading home to see loved ones, and arriving to do business. It took a long time and a lot of effort to get to the point where Japan’s borders reopened, but the benefits are already being felt. We look back at that journey, and to the path ahead, in our cover story. Here’s to a happy, prosperous, and healthy 2023!

Do Androids Dream of Electric Sheep?

Rethinking DEI in an age of rapidly expanding artificial intelligence

I have always been fascinated by the idea of artificial intelligence (AI). I remember chatting back in the 1980s with a version of Eliza for Commodore 64. Eliza is a program created in 1964 by German American computer scientist Joseph Weizenbaum at the MIT Artificial Intelligence Laboratory. Rudimentary by today’s AI standards, Eliza is a natural language processor that converses with the user based on their input. It tries to mimic a real person and was one of the earliest applications to attempt what has come to be called the Turing test, a way of gauging a machine’s ability to exhibit intelligence. Passing this test, developed by English scientist Alan Turing, means a machine can conceal its identity, making a human believe it is another human.

I’ve been thinking back to that experience because we are now at a point where we must start considering how we will coexist with and treat truly intelligent machines. We’re not quite there yet, but the rapid advance of AI, and its integration into so many aspects of life, means this is a question that is no longer the providence of science fiction. It will be a real part of our future. Machine identity and rights will one day be an extension of the diversity, equity, and inclusion (DEI) that we talk about in this issue of The ACCJ Journal.

AI is beginning to create content that is sparking questions about ownership. For some time, companies have been using AI-powered tools to give computers the task of writing articles, social media posts, and web copy. Now, AI-powered image-generation engines, such as Stable Diffusion, Midjourney, and the Deep Dream Generator, have hit the mainstream. You may have seen some of their creations in the news. As these engines are trained on existing art, often scraped from the internet, there are questions about copyright and plagiarism. Stock media giant Getty Images announced on September 21 that it is banning AI-created art over these concerns.

Eventually, I believe, the visuals that machines create will become less obviously imitative and will express a view of the world unique to the creator, in the same way that the work of a human artist is an expression of the inner working of their mind. And when that happens, we really will have to ask ourselves what distinguishes us from machines.

Back to the Present

We still have some time before that question must be answered. For now, our focus can remain on the people who make our companies successful and our societies prosperous.

We explore DEI initiatives in this issue, along with sustainability efforts that can help ensure that our world has a healthy future.

I take to the road and the air on page 26 to explore the future of transportation and sustainability initiatives by member companies. I also talk to Bank of America’s Japan country executive and president of BofA Securities Japan, Tamao Sasada, on page 18 about the importance of diversity and the company’s efforts in the areas of DEI; environmental, social, and corporate governance; and sustainable finance.

I hope you enjoy this special issue and find useful ideas to help you achieve your own DEI and sustainability goals.

Sincerely yours, Eliza.

Healthy Pursuits

Entrepreneurship sprinkled with innovation is changing the future of food and health through technology

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The intersection of health and technology has become an important part of my life. They say that when you turn 40 your body starts to fall apart. They also say that 40 is the new 20. I say that neither is true, not entirely, but as you age you do have to work harder to stay fit. As I turn 50 this year, a decade of navigating that forties-fitness maze has helped me figure out how to apply tech to the challenge.

I’ve been a techie since I was 10 years old and my great grandparents gave me a Commodore 64 computer for Christmas, so I’m always at the front of the line, eager to jump into the pool of latest innovations. Apple Watch and the Oculus virtual reality headset are already part of my health and fitness routine, and there’s plenty more out there to be excited about and to help us live longer, healthier lives.

In this issue of The ACCJ Journal, we embrace the vision, ideas, and creations of those entrepreneurs and companies who are developing solutions to the wellness challenges facing society.

The theme was inspired by the great success of the American Chamber of Commerce in Japan (ACCJ) Healthcare x Digital (HxD) competition and the incredible work and dedication of the organizing team. Preparation is well underway for the third annual event, which will take place later this year. The theme this time is Empowering Elderly Patients through Digital Health and will expand the format to include both an ideathon and a hackathon.

A couple of last year’s winners are included in features in this special health and technology issue of The ACCJ Journal. Oishii kenko Inc., winner of the Empowering Patients Award and People’s Choice Award for their nutrition app, shares thoughts on future food, while From Japan and Beyond Award winner Lanex Co., Ltd. talks about digitizing women’s health.

Steppin’ Out

The other big theme of this issue comes in the form of photos, not words. A surge of energy has been flowing through the ACCJ as we begin returning to in-person events, and you’ll find pages filled with scenes of networking, information sharing, and just plain fun. For me, it was a joy to produce this issue for that reason alone. After more than two years with very few (often zero) photos from such gatherings, I may have gone a bit overboard with my layouts. But I wanted to share with you the excitement that is in the air. This is what the ACCJ is all about: people coming together to share, explore, innovate, collaborate, and build the best possible business community and society.

For those who could not attend, I’ve recapped two major in-person events (which were also livestreamed to remote viewers). At one, the ACCJ presented the Person of the Year Award to former Mitsubishi UFJ Financial Group, Inc. chair, president, and group chief executive officer Nobuyuki Hirano. At the other, we welcomed US Ambassador to Japan Rahm Emanuel with a VIP session and luncheon. For me, it truly felt like I had fallen through a time portal to 2019. Walking into the New York Ballroom at Tokyo American Club and seeing so many people talking, exchanging business cards, listening to presentations, and eating felt like time had been paused and suddenly restarted. It was a great experience.

And let’s not forget about the Chubu Walkathon, our annual charity fundraiser organized and hosted by the ACCJ Chubu chapter. They did a wonderful job of adapting to the pandemic and embracing the mantra that I know so well from my years as an orchestral musician: the show must go on. This year, they kept the livestreaming aspect but were able to bring back much more of the activity to Nagoya’s Meijo Park. I couldn’t attend, but the photos tell the story as more than 1,000 people participated and raised over ¥7 million.

So, here’s to the new normal of more in-person events and to the health and fitness needed to embrace the activity as we go steppin’ out into the light。

Crossing the Bridge

A quarter of the way into 2022, the transition to the new normal feels real

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A lot has happened during the three months since the last print edition of The ACCJ Journal was published. The landscape of global business—still littered with obstacles from the ongoing coronavirus pandemic, but making positive strides toward recovery—has been shaken again by the conflict in Ukraine.

As the editor of this magazine, the business impact is very much on my mind. Due to the conflict, we have seen many companies pause or end their operations in Russia, a move not even on their radar just months ago. This sudden shift will, no doubt, send ripples through global business, as resources, supply chains, travel routes, financial transactions, and more are disrupted.

We’re already seeing some of that impact, but I am confident that our community will weather the storm and find ways to help where possible.

Workstyle Reform

With that positive view in mind, I’d like to share more about this issue’s content. For most of the past two years, we’ve been writing about overcoming the challenges of the pandemic. While the threat of Covid-19 continues, and will likely remain with us for a long time, we’ve adapted and are learning how to function and flourish in a changed world. This includes adjusting how we work.

Workstyle reform is a bridge that some companies had been afraid to cross. When you’re comfortable on one road, after all, why change to an unfamiliar route? But with workers now accustomed to the better work–life balance afforded by working from home, flexibility is expected and companies must adapt to attract and retain top talent.

To explore this new reality, we’ve put together four features that focus on various aspects of work and the expectations now shaping the path to success. We speak with experts to learn what issues are key to hiring in 2022 and beyond, while we talk to professionals and new graduates about what they are now looking for in an employer. Then we offer tips on how to keep your team engaged in a world where hybrid workstyles are the norm. Lastly, we ask whether Japan could experience a Great Resignation—that revolt against traditional workstyles that Covid-19 sparked in the United States.

More Inspiration

While workstyle reform is our theme, we certainly cover additional ground. For me, this has been a very interesting issue to prepare as a writer. I got to visit American Chamber of Commerce in Japan (ACCJ) President Om Prakash at the Northrop Grumman office to talk about a range of topics, and I learned about some incredible innovation on the medical front as I recapped the second annual ACCJ Healthcare x Digital (HxD) competition, which brought together startups and entrepreneurs with top pharma executives.

You’ll see how the five HxD finalists showed that innovation is alive and well in Japan. I was particularly impressed by Moonshot Prize winner Ayush Balaji, an 18-year-old from Japan who is a first-year medical student at the University of York in the United Kingdom. While still a high school student in Japan and inspired by the circulatory system of the octopus, he came up with a way to assist people with heart failure. Watching his presentation truly inspired me and reinforced my belief in the potential of the human race—something I very much needed in the face of the conflict playing out in Europe as well as other ongoing struggles around the world.

Digital Journal

There’s one other bridge that we’re crossing, and I’d like to invite you along for the journey. In the December issue, I shared that The ACCJ Journal would be moving to a digital format with quarterly print editions, of which this is the first.

We have a new home for The ACCJ Journal online, which you can find at journal.accj.or.jp, designed to make it easier to explore and share. We’ve begun publishing digital-only content that highlights members, committees, and chamber advocacy, and have some exciting opportunities available. If you are a committee leader looking to raise awareness of a timely topic, a member wanting to share your business experiences in Japan, or if you have an idea for a story, I’d love to hear from you. Feel free to reach out to me any time at cjones@accj.or.jp.

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A Transformation of Our Own

The ACCJ Journal expands from print to become a digital platform in 2022

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Transitions have been a way of life over the past two years. The coronavirus pandemic has forced companies to rethink how they operate, how they manage staff and workflows, and how they communicate. The ways in which we share information have also been evolving thanks to the internet, social media, and shifting consumption preferences. This, of course, began before Covid-19 forced an acceleration in digital transformation, but the crisis has made things that had been optional a necessity.

From my perspective, this evolution in workstyle and communication has been most welcome. That’s because, for me, it is old hat. I spent 2006–15 working entirely remotely. I embraced cloud-based workflows and project management tools in 2006 as well. And I began podcasting in 2010, launching a podcast network that involved hosts and content production spread across many countries. I was ahead of the curve, and I’ve been waiting a long time for what I consider normal to become so for everyone.

Finally, though the catalyst is an unfortunate one, we are here.

Turn the Page

The winds of change have also rustled through the pages of The ACCJ Journal. Since bringing the magazine in house at the start of this year, we’ve made some adjustments and additions that have allowed us to better meet the needs of chamber members and communications. This has been a prelude to a bigger shift.

As we head into 2022, The ACCJ Journal will undergo a transformation of its own as it moves beyond being simply a print magazine to become a digital platform. While we will continue to produce periodic print editions with focused themes, our primary medium will be digital.

“Providing adequate and timely coverage can sometimes be difficult when tied to a cyclical print schedule. Through The ACCJ Journal digital platform, we’ll be able to react at the right time and share the messages and views of the chamber more effectively.”

This will benefit the ACCJ and members in many ways. Perhaps the biggest benefit is flexibility. The pace of activities, discussion, advocacy, and business quickens all the time. Providing adequate and timely coverage can sometimes be difficult when tied to a cyclical print schedule. Through The ACCJ Journal digital platform, we’ll be able to react at the right time and share the messages and views of the chamber more effectively.

We’ll also be bringing stories to life in ways not possible on the printed page. This year, we added audio to The ACCJ Journal with narrated versions of stories available for streaming on our website and as a podcast. In 2022, we’ll be expanding this with more audio-first content and video which supports ACCJ advocacy and global business in Japan. And where the written word is concerned, a wider range of options will help us provide leaders with the best tools for achieving their goals.

Next Chapter

It’s an exciting time to be a publisher, and I’m looking forward to bringing many approaches that I have long used for other publications to The ACCJ Journal. But make no mistake: as the magazine spreads its wings beyond print, it carries with it a 58-year history of supporting the chamber. And it’s that history on which we will build a publication that’s fully at home in this age of digital transformation.

I’d like to close out the year by thanking you for supporting The ACCJ Journal—especially those who so generously give their time to share expertise and insights with our writers and readers. Although there will be fewer print editions of The ACCJ Journal, I know that this latest evolution of the publication will bring even greater access to the incredible knowledge of our members and the broader business community.

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Stepping Back into Reality

At last, one foot on the other side of the pandemic

Most members of the American Chamber of Commerce in Japan (ACCJ) will agree that a greatly missed part of business life over the past two years has been meeting fellow professionals in person. I know that, as a writer and editor, covering the chamber’s events is a highlight of putting together each issue of The ACCJ Journal. It’s been a long road through the pandemic but, thankfully, the ACCJ is once again hosting in-person sessions.

The number of these events is limited, but it is wonderful to see that opportunities for networking in the physical world are returning.

What’s even more exciting to me is that these events include a virtual component—and one that goes beyond the typical online meeting. The hybrid experience will allow the flexibility that we have enjoyed during the pandemic to remain. This will make attending events much easier for busy professionals, as well as those based far from the ACCJ hubs of Tokyo, Osaka, and Nagoya.

One such major event in Tokyo took place on November 1, when economist Jesper Koll presented a look at the road ahead and opportunities for Japan in 2022–23. Koll’s events are among my personal favorites, and sharing his engaging energy and deep knowledge is a wonderful way to take a big step back into “normal.”

Speaking of Koll, he has once again written an insightful column for us, which you will find on page 22. More on that later.

Charity Ball

One event that, unfortunately, won’t be returning to an in-person format this year is the ACCJ Charity Ball. Organizing the annual gala is a major undertaking with a long lead time, and the uncertainty that has defined life in Tokyo throughout 2021—with a near-continuous state of emergency—means a virtual format is once again the best option. Last year, the Charity Ball Committee did a phenomenal job of staging a fun and successful online event that, having raised ¥7.4 million, actually exceeded the funds raised at 2019’s traditional evening.

This year, the Charity Ball will take the form of an online auction and raffle, running December 1–11. Many wonderful items will be up for grabs, including a large collection of artwork by ACCJ-Kansai member Royi Akavia and six other artists, as well as private musical performances by Rambling Steve Gardner and Felix Sonnyboy.

Many companies have stepped up to back this very important fundraising event, which supports the ACCJ Community Service Fund. And one thing that the past two years have shown us is that keeping that fund healthy is a must, because you never know when the community is going to need our help to overcome unexpected circumstances.

We have a preview of the Charity Ball starting on page 16, so please take a look and find out how you can help the chamber continue to take care of the community that supports our businesses.

Eyes on Japan

Last but certainly not least, a few words about the overarching theme of this issue: foreign direct investment (FDI). It’s a great topic to look at as we start to emerge from the pandemic and Japan begins to reopen its borders. I don’t want to put the cart before the horse, as Covid-19 remains—and probably for some time will continue to be—a threat. But as vaccination numbers rise and the risk of transmission drops, the business world can focus more attention on the long term. FDI is a critical part of Japan’s road map to a prosperous future, so, we hope, more companies from abroad will choose to invest here.

Doing so is, of course, not always easy—even without a pandemic. While attractive, Japan can be difficult to navigate. We wanted to explore the FDI landscape, and you’ll find extensive coverage in this issue. Starting with Koll’s column on page 22, four in-depth stories focus on the current state of affairs, the obstacles that must be overcome, promising business ventures now underway, government efforts to boost FDI, and more.

I hope you’ll enjoy reading this issue of The ACCJ Journal and look forward to seeing you at a future in-person event.

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Nurturing Ideas and Creative Minds

We take a look at the entrepreneurial spirit in our business community

Ever since third grade, when my stepfather took me to a store where we bought a rubber stamp emblazoned with Jones Inc., the entrepreneurial spirit has been part of me. I used that little stamp for a company that wasn’t a company to mark the papers on which I captured my ideas for video game concepts. I had a couple of “employees” who contributed their own ideas, which we also stamped. In those days of Atari 2600 cartridges and visually enthralling 8-bit adventures, the idea of creating my own games was exciting. While Jones Inc. never came to be, a few other companies did as I grew up and found my footing in the world of media, design, and publishing. And I can trace those endeavors back to that support from my stepfather, who himself owned a small business.

This spirit is also the reason I enjoy working with so many talented and inspiring businesspeople through the American Chamber of Commerce in Japan (ACCJ) in my role as publisher of The ACCJ Journal. Our community is filled with stories of ideas brought to life and the determination to succeed as an expat in an environment filled with challenges that sometimes differ from those in our home countries.

This issue of The ACCJ Journal is all about taking an idea and turning it into a business, finding funding, navigating the red tape, and making the community better for everyone.

In two feature stories, we gather the experiences, insights, and advice of nearly two dozen ACCJ members, from companies large and small, to help you chart a course through the obstacles that may stand in your way. With the country’s digital evolution and push for more foreign direct investment and business, this is a wonderful time to be an entrepreneur in Japan.

MPowering Ideas

I couldn’t resist this playful title for our cover, inspired by the story of Japan’s first venture capital (VC) fund focused on environmental, social, and corporate governance. MPower Partners and its mission to “revolutionize Japanʼs venture ecosystem via greater globalization, diversity, and innovation” was launched in June by Kathy Matsui, former Goldman Sachs vice-chair; Yumiko Murakami, who previously led the Organisation for Economic Co-operation and Development’s Tokyo Centre; and Miwa Seki, who was head of asset management company Clay Finlay’s Japan office.

I had the pleasure of attending an ACCJ event in July at which the three general partners were joined by MPower Managing Director Eriko Suzuki, who we previously profiled here in The ACCJ Journal back in June 2019, when she was a general partner at VC firm Fresco Capital. I believe that what they are setting out to do is much needed in Japan’s effort to become more competitive on the world stage, and I’ve written an extended recap of the event starting on page 10.

Necessity Is …

Another bit of inspiration I got from chamber events over the past month comes from our Kansai chapter, where Oak Lawn Marketing, Inc. co-founder Robert Roche shared how the company and its Shop Japan brand came to be. What I love about the story is the way in which many of us can relate. Settling into a new life in Nagoya and needing to find a way to make money, Roche took bold steps that paid off. Turn to page 16 to find out just what he did.

Speaking of necessity, new ideas are very much needed if Japan is going to maintain the level of healthcare that so many of us appreciate as the aging society and demographic shifts put increasingly more pressure on the National Health Insurance system. The ACCJ is once again working to bring these ideas to the surface and make them a reality through the Healthcare x Digital (HxD) competition, now in its second year. We have an overview of HxD 2021 beginning on page 22. And just before that, on page 20, ACCJ Healthcare Committee Co-chair John Carlson outlines a new approach to the chamber’s biennial health policy white paper that will make the committee’s advocacy nimbler, allowing it to keep up with the ever-quickening pace of change in healthcare needs.

I hope you find inspiration in this issue of The ACCJ Journal. As always, if you have a story to share, I’d love to hear from you at cjones@accj.or.jp.

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Invest in Your Business—and in Yourself

Finding the many paths to personal and financial success in Japan

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As we continue building entire issues of The ACCJ Journal around singular themes, this time we take a look at investment—specifically, investing in Japan. From individual entrepreneurs to large organizations, there are many opportunities to be had. There are also many needs to be addressed as the world continues to battle Covid-19 and look beyond the pandemic.

While we were putting together this issue, corporate Japan was in the midst of the 2021 annual general meeting season, and the American Chamber of Commerce in Japan (ACCJ) Alternative Investment Committee hosted its third annual Shareholder Forum on June 16. Last year, the focus was on facing new challenges amid the pandemic. This year, with an eye beyond the crisis, the speakers talked about active engagement and stewardship, sharing how corporate governance and board diversity are changing as the Financial Services Agency’s reforms—launched in 2015—continue to reshape the landscape. Our coverage of the forum begins on page 10.

Expat Expertise

I had the pleasure of penning two tales of interest to individuals for this issue. Both involve real estate investments but one casts a wider net. A perk of my role as editor-in-chief of The ACCJ Journal is the chance to learn about a wide range of topics from experts. On July 1, I attended a presentation by Tokyo Family Stays Chief Executive Officer Tracey Northcott about minpaku (short-term rentals)—something many people instantly associate with Airbnb. The turmoil surrounding the market in Japan is well known, but, with rules now in place, there are great opportunities for investment. Northcott delivered a wonderful bit of insight into the business, and I recap it all starting on page 24.

For the second piece, I talked to experts from three companies about possible paths for expat investors in Japan, as well as some of the pitfalls which they must navigate. You’ll find their advice beginning on page 40.

Global Investment

One of the Japanese government’s goals is to position the country as a destination for companies looking to relocate their Asia–Pacific headquarters. But there are some obstacles to achieving this.

The ACCJ Financial Services Forum and Investment Management Committee have both recently released papers that recommend changes that could make Japan more attractive. Starting on page 34, we talk to the authors and committee leaders to learn more about these ideas for making Japan a top financial center.

Additional thoughts in this issue come from renowned economist Jesper Koll, who has again written an insightful column for us about the keys to successful investment in Japan. He notes that keeping those bits of headline-grabbing advice in perspective and staying focused on the fundamentals is a must. Find out what else he recommends on page 32.

Invest in Yourself

Lastly, I think it is important to remember that the word “investment” does not always have to be tied to money. It’s also important to invest in ourselves—through learning, taking on new experiences, and challenging our notions. To that end, it was a real pleasure to chronicle the leadership journey of ACCJ Chair and GE Japan President Eriko Asai. Her phenomenal and inspiring story that spans five countries and multiple industries provides a wonderful roadmap for those looking to build a career and reach the highest levels of success. She presented the journey as part of the ACCJ-Kansai CEO Series, and clearly outlined many actionable points that can make anyone a better leader. The story starts on page 16.

As we head into the heat of summer, watch the long-delayed Tokyo 2020 Olympic and Paralympic Games take place, and continue to be encouraged by Japan’s vaccination campaign, I hope you will find a springboard in this issue from which to launch into a prosperous post-pandemic future.

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