Japan-new business opportunities in an established market

The recession during the last decade hit Japan's image as an economic powerhouse hard. It added a layer of skepticism to the already existing difficulties in coping with tariff and nontariff entry barriers as well as cultural and business differences. However, even against the background of strong economic transformations in countries such as India and especially China and a strong enthusiasm for dealing with these upcoming economies, it should not be forgotten that Japan is still the world's second-largest economy in terms of gross domestic product. Japan offers an array of business opportunities for foreign investors. As employment and other traditions are under pressure from a young generation more in tune with Western culture and ideas, the Japanese triad market allows for a promising future. This article aims to inform managers who wish to extend their market reach of the tremendous opportunities in the Japanese market. We unveil cultural particulars and challenges for foreign businesses that allow for a refreshed look into the economic miracle of the second half of the twentieth century. © 2008 Wiley Periodicals, Inc.