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Although it would not be evident till nearly a century late, the reforms initiated during the Meiji era heralded the advent of Japan’s management practices that contributed to making it one of the largest economies in the world. In an effort to maintain a low trade deficit, the Japanese initiated trade practices which recompensed innovation rather than rely on trade for fulfilling the nation’s needs.
Many long-practiced management practices of Nippon set it apart from the rest of the world, especially in context of production practices. Unlike the west, workers on the production line are active participants in the process of decision making and according to industry estimates, production line workers, with their invaluable suggestions; whether on cutting costs or improving efficiency, save Japan billions of dollars each year. With the focus on production, and by being the quality production stronghold of the world, Japanese have ensured that their exports always outperform their imports. Of course, the fact that laws on imports are very restrictive also aids in maintaining the status quo.
A typically Japanese business practice called ‘keiritsu’ is the practice of having large and complex interdependent companies centered on banks owned by the same conglomerate. What that means is that the companies will buy raw material and components from one another, outsource jobs and production of key components among themselves, borrow money from the pool of common capital that is held in the form of public bank which conducts normal day-to-day operations of retail banking like any other bank, but also acts as the in house financier to the acquisitions and capital requirements of the companies within the cabal.
Another traditional feature of the Japanese business culture is the relatively lower stock in stock. While their western counterparts rely more on the stock market to raise capital, the conservative Japanese managers go to the bank to borrow capital. Decreased public holding, coupled with a culture that promotes aggressiveness amongst younger managers, allows the companies to focus on long term goals like market share and productivity without bothering too much about reporting quarterly losses and profits to the investors and share holders.
Many companies tend to be family held and even in the case of a public company, the majority or the controlling stake is held within a family or an extended family. While the phenomenon of directors from outside the family is very common in the United States, and many companies in fact pride themselves on the diversity within their board of directors, the Japanese companies are much more closely held and a non-family director would indeed be a curiosity. Unlike the west, both middle and senior management forms the board of directors in Japan. Indeed, it is very common to see directors who retain non administrative job responsibilities also.