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1、Making Money in Japan A profitability survey among German affiliates in Japan Making Money in Japan 3 Contents Contents Introduction Chapter 1The macroeconomic background 1.1. Foreign direct investment in Japan is increasing 1.2. Strengthened initiatives of the Japanese government Chapter 2The earni
2、ngs situation of German companies in Japan 2.1. Profile of the companies surveyed 2.2. The profitability of German companies in Japan 2.3. A comparison of profitability between the machinery and consumer goods sectors Chapter 3Reasons why German companies are profitable in Japan 3.1. Japan is still
3、East Asias most important market 3.2. Advantages of foreign companies in Japan the Gaijin bonus 3.3. Handicaps of Japanese competitors the low level of globalisation 3.4. Relatively low risk factors in Japan Chapter 4Possible reservations about committing to Japan 4.1. The lingering economic crisis
4、also an opportunity 4.2. The Keiretsu losing significance 4.3. The Japanese sales system possible new sales channels 4.4. Strong Japanese competition winning through differentiation 4.5. High labour and rent costs with a downward trend 4.6. Tariff and non-tariff barriers not insurmountable Summary L
5、ist of abbreviations Contributors 3 4 6 7 9 10 11 14 17 18 19 20 22 23 26 27 28 29 30 31 32 34 37 38 I n t ro d u c t i o n Making Money in Japan 5 Introduction Japan is regarded as a very challenging market. At the same time, the coun- try has been experiencing an economic crisis for more than a de
6、cade. This has frightened many companies off from investing in Japan directly. The belief that “you cant make money in Japan” is widely held. But is this scepticism of Japan really justified, and if so, in what respect? This study was carried out primarily to provide substantive answers to these que
7、stions and in particular to establish the reality of the profit situation of German companies in Japan. The study was jointly carried out in the first half of 2003 by the German Chamber of Commerce and Industry in Japan (DIHKJ) and Roland Berger Strategy Consultants of Tokyo. The 510 German companie
8、s known by the DIHKJ to be operating in Japan were sent a questionnaire. Ninety-seven measurable questionnaires were returned, giving a representative return rate of 19%. Interviews were held with ten companies in order to discuss in more detail the qualitative responses on the reasons for their pro
9、fitability. Because the analysis was largely based on confidential data, no information on the names of the participating companies can be given. Nor can any individual details from the interviews be specifically attributed to any company. The study clearly establishes that the majority of German co
10、mpanies in Japan are profitable: 94% of the companies surveyed have a positive gross profit margin and 76% of the companies achieve a positive pre-tax profit. This study shows why, in their own view, German companies are profitable and analyses possible reservations which might currently be cited ag
11、ainst a commitment to Japan. The result is encouraging: the Japanese market is very demanding, but for those who dare to meet the challenge a lucrative market awaits. C h a p t e r 1 The macroeconomic background Making Money in Japan 7 1.1. Foreign direct investment in Japan is increasing “Japan is
12、on the way to becoming a major FDI recipient” For many years, foreign investment in Japan was regarded rather suspi- ciously, not only in conservative government circles but by the public as well. In the past, this unresponsive investment environment made market entry difficult for many companies. T
13、his has changed in recent years. Now, the Japanese government has recognised that FDI (foreign direct investment) not only brings capital to Japan, but can also exert a positive influence in numerous areas. New dynamics are expected in technology, management methods and the labour market, and foreig
14、n direct investment is increasingly seen as a supporting factor in Japans efforts to reform. From 1997, foreign direct investment in Japan increased sharply (Figure 1), but has been decreasing since 2001. The recent decline is primarily attributable to the global economic downturn and to the decline
15、 of cross- border mergers and acquisitions, which have affected other countries as well. 1.1. Foreign direct investment in Japan is increasing Traditional reticence New awareness of the advantages of direct investment Sharp increase in Foreign Direct Investment since 1997 Figure 1: Foreign direct in
16、vestment in Japan 1,135 1,272 1,3041,301 1,542 1,705 1,842 1,497 1,465 199419951996199719981999200020012002 Source: Ministry of Finance Japan 500 0 1000 1500 2000 2,1862,178 3,125 2,399 1,340 678771 370 443 0 500 1000 1500 2000 2500 3000 3500 NumberYEN bn NumberYEN bn 8Making Money in Japan Chapter 1 The macroeconomic background The significant increase did, however, take off from a low starting point: the value of foreign direct investment in Japan amounts to only about
