Japan is considered as one of the world's richest and most technologically advanced countries. The Japanese economy is now the leader in both car manufacturing and electronics industry. Hence, the country offers countless of business opportunities for foreign investors. This article provides a guide to doing business in Japan.
An overview of the Japanese economy
The Japanese economy is said to be the world's third largest economy just after the United States and the Chinese economy. Since 1960, Japan experienced rapid growth especially in the car manufacturing industries.
Car manufacturers Japanese car manufacturers like Toyota, Honda, Mazda, Nissan, Mitsubishi, Suzuki, Isuzu and Yamaha among others have dominated the world's car industry. In fact, most of the world's all-time highest-selling car units are produced by Japanese car manufacturers. Japan also achieved enormous success in the electronics industry primarily in the manufacturing of televisions, radio, computers and cellphones. Some of the key economic indicators such as the GDP, the GDP per capita and the GDP growth rate and the inflation and unemployment rates reveal the strength of the Japanese economy.
Dealing with Japanese business partners
The people of Japan do business differently from western businessmen. The formality and punctuality of the Japanese people are often admired worldwide. With Japan's rich cultural heritage, doing business in Japan requires a high regard for respect, integrity and honour.
Japanese etiquette Japanese etiquette can be observed and is practised in business dealings and meetings. Before going to Japan to do business, it is necessary that you understand basic Japanese manners and customs, Japanese gift ideas and even the type of dress that you'll wear during formal business meetings and social interactions. You should also be respectful of others and be courteous when talking Japanese business partners. In general, the people of Japan do not appreciate extreme confidence.
Top Japanese industries
As mentioned above, Japan is the leader in the car manufacturing and electronics industry. Nevertheless, Japan also thrives in several other industries such as agriculture, fishery, construction and services. Some of Japan's top products include rice and fishes. Needless to say, Japan is the world's second largest when it comes to tonnage of fish caught per year. A final word Doing business in Japan requires a basic understanding of how the Japanese do business. It also requires them to develop the ability to adapt quickly under rapidly changing situations.