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1、A profitability survey among German affiliates in JapanMaking Money in JapanA profitability survey among German affiliates in JapanContentsContents3Introduction4Chapter 1The macroeconomic background61.1.Foreign direct investment in Japan is increasing71.2. Strengthened initiatives of the Japanese go
2、vernment 9Chapter 2The earnings situation of German companies in Japan102.1. Profile of the companies surveyed112.2. The profitability of German companies in Japan142.3. A comparison of profitability between the machinery and consumer goods sectors17Chapter 3Reasons why German companies are profitab
3、le in Japan183.1. Japan is still East Asias most important market193.2. Advantages of foreign companies in Japan the Gaijin bonus203.3. Handicaps of Japanese competitors the low level of globalisation223.4. Relatively low risk factors in Japan23Chapter 4Possible reservations about committing to Japa
4、n264.1. The lingering economic crisis also an opportunity274.2. The Keiretsu losing significance284.3. The Japanese sales system possible new sales channels294.4. Strong Japanese competition winning through differentiation304.5. High labour and rent costs with a downward trend 314.6. Tariff and non-
5、tariff barriers not insurmountable32Summary34List of abbreviations37Contributors38Making Money in Japan 3IntroductionIntroductionJapan is regarded as a very challenging market. At the same time, the coun-try has been experiencing an economic crisis for more than a decade. Thishas frightened many com
6、panies off from investing in Japan directly. Thebelief that “you cant make money in Japan” is widely held.But is this scepticism of Japan really justified, and if so, in what respect? Thisstudy was carried out primarily to provide substantive answers to thesequestions and in particular to establish
7、the reality of the profit situation ofGerman companies in Japan.The study was jointly carried out in the first half of 2003 by the GermanChamber of Commerce and Industry in Japan (DIHKJ) and Roland BergerStrategy Consultants of Tokyo. The 510 German companies known by theDIHKJ to be operating in Jap
8、an were sent a questionnaire. Ninety-sevenmeasurable questionnaires were returned, giving a representative return rateof 19%.Interviews were held with ten companies in order to discuss in more detailthe qualitative responses on the reasons for their profitability. Because theanalysis was largely bas
9、ed on confidential data, no information on thenames of the participating companies can be given. Nor can any individualdetails from the interviews be specifically attributed to any company.The study clearly establishes that the majority of German companies inJapan are profitable: 94% of the companie
10、s surveyed have a positive grossprofit margin and 76% of the companies achieve a positive pre-tax profit.This study shows why, in their own 6view, German companies are profitableand analyses possible reservations which might currently be cited against acommitment to Japan. The result is encouraging:
11、 the Japanese market is verydemanding, but for those who dare to meet the challenge a lucrative marketawaits.Making Money in Japan 5Chapter 1The macroeconomic background1.1. Foreign direct investment in Japan is increasing “Japan is on the way to becoming a major FDI recipient”1.1. Foreign direct in
12、vestment in Japan is increasing Traditional reticenceFor many years, foreign investment in Japan was regarded rather suspi-ciously, not only in conservative government circles but by the public aswell. In the past, this unresponsive investment environment made marketentry difficult for many companie
13、s.New awareness of the advantagesThis has changed in recent years. Now, the Japanese government hasof direct investment recognised that FDI (foreign direct investment) not only brings capital toJapan, but can also exert a positive influence in numerous areas. Newdynamics are expected in technology,
14、management methods and the labourmarket, and foreign direct investment is increasingly seen as a supportingfactor in Japans efforts to reform. Sharp increase in Foreign DirectFrom 1997, foreign direct investment in Japan increased sharply (Figure 1),Investment since 1997but has been decreasing since
15、 2001. The recent decline is primarilyattributable to the global economic downturn and to the decline of cross-border mergers and acquisitions, which have affected other countries aswell.Figure 1: Foreign direct investment in JapanNumberYEN bn200035001,8421,70530001,5421,4971,4653,125150025001,3041,
16、3011,2721,1352,1782,18620002,399100015001,340100050077167850044337000199419951996199719981999200020012002NumberYEN bnSource: Ministry of Finance JapanMaking Money in Japan 7Chapter 1 The macroeconomic backgroundPositive development, but from aThe significant increase did, however, take off from a low starting point: thelow starting pointvalue of foreign direct investment in Japan amounts to only about 1% of GDP.Japan therefore re
