Hidden Treasure
The Japanese government calls it a “digital cliff”—a projected shortfall of 450,000 engineers, programmers, and other tech workers needed by 2030 to undertake the country’s digital transformation. Harnessing the largely untapped potential of Japanese women—who are drastically underrepresented in science, engineering, and computer programming jobs and college degrees—could help narrow that gap.
Thank You, Naoko Kitada
One of the strengths of the American Chamber of Commerce in Japan (ACCJ) is the dedication and commitment of our office staff. Their dedication provides the continuity that allows the ACCJ to continue to provide member-focused services and have the ability to adapt to member needs over time. This is especially true in the case of Naoko Kitada, who retired from her position as accounting manager on October 31, after more than 28 years. She joined the ACCJ on October 1, 1993, as assistant accountant.
ACCJ Kansai D&I Summit
The 7th Annual ACCJ Kansai Diversity & Inclusion Summit took place over the course of three days—October 4, 13, and 21—in a new series format that delivered a blend of inspiration and practical information sharing. With a focus on diversity-and-inclusion (D&I) initiatives, as well as equality in the workplace, the series featured keynote and plenary speakers, a fireside chat, training sessions, and remote networking.
Tipping Point for Change
Over the past decade, Japan has gone from less than one percent of directors at Japanese companies being female to about 10 percent at many of the larger organizations. How Japanese companies might be encouraged to overcome their apparent reluctance to welcome women into their boardrooms was the topic of a November 15, 2021, ACCJ virtual event, entitled Injecting Diversity through Outside Directors.
This Time Is Different
Why won’t Japan slide back into another lost decade? What’s different this time? Economist Jesper Koll explains how three fundamental forces, changed from negative to positive, will make the difference.
Of Sake and Scythe Weasels
On November 4, 2021, an evening of culture, flavors, and learning took place at Kojima Sohonten Co., Ltd., Japan’s 13th-oldest sake brewery, established in 1597. Located in Yonezawa, Yamagata Prefecture, Kojima Sohonten is best known for its award-winning Toko sake. When you’re inside the brewery, the dedication and craftsmanship of more than 400 years of brewing seem to infuse the darkened wood of the huge barrels. On this day, however, amid the ongoing travel restrictions, it was innovation—along with multiple cameras—that helped bring the historical setting to travel writers on the east coast of the United States.
Sustainable Change through Animation
One of the most noticeable aspects of digitalization has been the shift from traditional television to on-demand streaming video. But even before the coronavirus boosted demand, these companies were experiencing a shortage of high-quality animated content. ACCJ 2018 Volunteer of the Year Royi Akavia sees this as foundation for telling stories that make a difference using original characters to which children can relate.
CPA and 4IR
The Fourth Industrial Revolution is bringing great opportunities and challenges to many business sectors, including accounting and auditing. This requires employees to be more knowledgeable about their area of expertise and proficient in languages, as well as to develop soft skills. Here are some key things that certified public accountants (CPAs) need to know to thrive in the years to come.
Lost Chance
Over the past 18 months, the vast majority of foreign and domestic companies that have received assistance from the Japanese government—to get through a period widely regarded as the most challenging for businesses in living memory—have been deeply appreciative of that support. Companies across the spectrum have struggled to keep their heads above water as the coronavirus pandemic has raged around the world, ravaging their operations and forcing too many to pull down the shutters. Yet there is one key area to which the policies of the Japanese authorities arguably have proved damaging.
No-Show Charity Ball
Last year, the coronavirus pandemic made planning one of the biggest dates on the American Chamber of Commerce in Japan (ACCJ) calendar difficult, and the Charity Ball Committee (CBC) rose to the challenge with a successful online event that raised more than ¥7.4 million—topping the 2019 gala. Despite the hope that 2021 would see a return to the traditional format, it was once again impossible to plan such an event, so a fun and exciting online auction and raffle which will run December 1–11.
Stepping Back into Reality
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.
YPF Next Generation: From HR Leader to Business Leader
Being self-aware—cognizant of your unique strengths and what sort of work brings you joy—and not just climbing the corporate ladder because that’s what everyone else seems to be doing is critical to building a satisfying career. That was one piece of advice shared by Satoshi Mizusawa, president and representative director of Stryker Japan K.K., when he spoke on September 16 at the latest installment of the Next Generation Leader Series, hosted by the American Chamber of Commerce in Japan (ACCJ) Young Professionals Forum (YPF).
It’s a New World for JCT
Beginning in October 2023, major changes to the laws governing Japan’s consumption tax system will likely impact a wide variety of businesses. Consumers need not worry—there is no rate hike included in these changes—but companies doing business in or with Japan will have more to consider. Companies will have to register, pay any output JCT collected to the tax authorities, and issue a qualified invoice (with certain required items stated correctly) in order for their customers to claim input JCT credits on their purchases.
Steps to Recovery
In 2020, Japan experienced a significant inbound FDI decline, in the wake of what had been a steady increase over several years prior to the pandemic in sectors such as retail and e-commerce. Outbound FDI by Japanese companies looking to collaborate with, or acquire, overseas enterprises had also been on the rise. Which leads one to ask: What’s the outlook for inbound FDI here—and the rest of the world, for that matter—post-Covid-19?
RTO Diplomacy
As the pace of digitalization quickens and technology plays an increasingly important role in our lives, maintaining global leadership in science, technology, and innovation is critical. To do so, the United States Foreign Service has created a new position—regional technology officer (RTO)—which will focus on enabling the United States to maintain its leadership through transnational approaches to technology policy and development initiatives.
2021 State of the Chamber
On October 26, at the American Chamber of Commerce in Japan (ACCJ) Ordinary General Meeting, I had the honor of sharing with the chamber membership an update on the progress the ACCJ has made over the course of 2021—a year still marked by the challenges brought forth by the coronavirus pandemic.
Spectrum of Benefits
After nearly a decade as president and chief executive officer of AIG Japan Holdings KK, American Chamber of Commerce in Japan (ACCJ) member Robert Noddin retired this year. The ACCJ Journal talked to him about his experiences with the chamber and why he encourages professionals to get involved.
Unsung Hero: Dr. Tatsuya Kondo
One year ago, we featured Dr. Tatsuya Kondo on the cover of The ACCJ Journal. The American Chamber of Commerce in Japan (ACCJ) had recognized him for his contributions to the healthcare industry with the 2020 ACCJ Outstanding Achievement Award. Dr. Kondo played a key role in Japan’s healthcare efforts as chief executive of the Pharmaceuticals and Medical Devices Agency (PMDA) from 2008 to 2019. Sadly, he passed away on September 26 after a battle with prostate cancer. ACCJ members shared thoughts and memories with The ACCJ Journal about what Dr. Kondo meant to them and the industry.
Japan as 196th
One hundred ninety-sixth out of 196 countries. Just behind North Korea. That’s how Japan ranked in 2019 when the United Nations Conference on Trade and Development (UNCTAD) measured the cumulative stock of inward foreign direct investment (FDI) as a share of gross domestic product (GDP).1 FDI ranges from foreign companies setting up new facilities to them buying domestic companies. What a shocking result considering the 20 years Tokyo has spent trying to increase its cumulative stock of FDI. Unless policymakers understand why past efforts have failed, Tokyo is unlikely to realize the new goal it announced in June: to hike inward FDI to 12 percent of GDP by 2030.
Misplaced Pressure
The government of newly elected Japanese Prime Minister Fumio Kishida has elevated national security to a top priority by establishing the new position of economic security minister. Jesper Koll explains why the ministry could end up making it more difficult and cumbersome for global investors to buy Japanese companies and trade with Japanese suppliers.