ReportonBusiness.com: There’s trouble in Tokyo
An interview with Atsushi Saito, head of the Tokyo Stock Exchange, warns of an impeding crisis in the Japanese economy from an article published on May 1, 2008 in Canadian ReportonBusiness.com. The Japanese economy is the world’s second largest economy, but is in danger of bankruptcy because of its huge national debt, but more importantly because it has not globalized – Saito-san calls Japan the “Galapagos of the world” – an isolated economic ecosystem.
Working here in Tokyo for the past few months, I understand Saito-san comments as I see its very nationalistic pride and very non-diverse environment. More specifically, many don’t embrace or welcome global delivery. I am not saying the Japanese people are not friendly and don’t welcome foreigners (as my family and I feel very welcome in Japan), but the amount of foreign investment and immigrants to this country is insignificant.
I would recommend reading this article – if you are Japanese, hopefully it serves as a warning sign. If you are non-Japanese, this should serve as a lesson as to what can happen if a country (or group) ignore the global shifts occurring in the marketplace today.