(ja)pan’icked & forsaken by ‘hiruko’?!

IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

There was a time when ‘Hiruko’, the Japanese God of the Morning Sun watched closely over the little ‘business’ children growing in Japan. Under his generous guidance, corporations grew – hale and hearty, strong and tall. That was during the golden ‘early-1950s to late-1980s’ era; the post-war period that saw Japan break many barriers. New Japanese MNCs sprouted and conquered foreign soil. Industrialisation-led growth shifted business focus away from agriculture and light manufacturing industries to heavy industries – including steel, automobiles, shipbuilding, machine tools and electronics – fuelled the Japanese economy thereby ensuring a high-annual GDP growth averaging 10% during the forty-year period! With exports too growing anywhere between 15-20% annually, the current account balance surplus and high private sector investments ensured that infrastructural growth in Japan reached its peak. Easy corporate loans triggered-off the expansion game with unorganised traders giving way to entities like Matsushita, Sony, Fujitsu, Hitachi, Toshiba et al for whom ‘expansion’ became the key word. It was also during this period that Japanese players like Honda and Toyota successfully first stepped on First World soil. Corporate investments spiraled during the late 1980s and with high stock prices, equity issues too rose in value, making them a critical source for financing their expansions. The banks too found real estate purchases attractive while Japanese companies used their real estate holdings as guarantees for stock market speculations.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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