Dr. Derek Lehmberg co-authors "What do we make of Japan: Myths and Realities"
The disastrous events of 2011 - an earthquake and a nuclear accident, a major accounting scandal at a well-known company, and an unusual current account deficit - have brought Japan back in to the international news. Although China and other countries in Asia have grown faster and gained greater attention in the last decade, Japan continues to be an important country for business. Japan has the world's third largest economy, and is home to many major corporations, leading edge technology, operational know-how, and a strong currency. While much about Japan seems familiar, many of our beliefs remain frozen in early 90s, when Japanese management was a hot topic and Japanese businesses appeared invincible to many. Japan has changed much since then, and deserves an updated understanding. In this paper, we identify six commonly-held myths about Japan, present corresponding realities, and discuss recent developments and implications for managers.
Business Horizons is published by the Kelley School of Business at Indiana University