|By ACN Newswire||
|October 15, 2012 02:22 AM EDT||
New York, Oct 15, 2012 - (ACN Newswire) - Together with the Japan Society of New York, PwC convened a panel on 11 October comprised of both Japanese and international experts to discuss Japan's shifting economic and political landscape in relation to the overall global economy.
Based on more than 60 interviews with CEOs in Japan conducted for PwC's report, "Revitalising Corporate Japan: A Prescription for Growth," released in Tokyo in September, PwC and other experts recognized the need to host a candid conversation about practical solutions for Japanese companies, many of which are facing increasingly competitive markets coupled with a high yen.
Entrepreneur and Intecur CEO William H. Saito and Noriyuki Shikata, Minister, Embassy of Japan in the United Kingdom and former Deputy Cabinet Secretary for Public Affairs, Japan Prime Minister's Office, provided insights on Japan's private and public sector challenges. International experts, Fred Katayama of Reuters and David Jansen of PwC outlined practical and immediate activities to help Japanese companies counter some of the strategic challenges they are currently facing.
David Jansen, partner and author of PwC's Revitalising Corporate Japan report said: "The most critical issues for Japanese companies today are globalisation, talent, diversity and leadership. And there is a real urgency for companies to act without undue delay."
The experts identified specific areas where focused effort can produce real and lasting competitive business advantages, such as entrepreneurial activities within large organizations, and innovation and collaboration with enterprises outside Japan.
While they agreed that some of Japan's corporations are doing many things right, they feared that given the enormous size of the Japanese economy, not enough companies are adapting fast enough to transform and thrive in the future.
Said Jansen, "On one hand, the rise of potent new Asian competitors threatens the future of Japan's industrial base. On the other hand, Japan has vast new and increasingly wealthy markets on its doorstep. Going forward, Japanese corporations will have to develop new business models in response to the increasing complexity of global business."
PwC's report "Revitalising Corporate Japan: A Prescription For Growth" is available free of charge at www.pwc.com/revitalising-corporate-japan and www.pwc.com/jp/ja/japan-service/revitalising-corporate-japan
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