JOURNAL
THE AMERICAN CHAMBER OF COMMERCE IN JAPAN

Volume 58 • Number 9 • ¥1,000

THE VOICE OF GLOBAL BUSINESS IN JAPAND&I

The business case for diversity
and inclusion in Japan

DIVERSITYEVENT

ECONOMYCan women overcome obstacles to fill
Japan’s tech gap?

Key takeaways shared over three days of focus
on workplace equality

Jesper Koll on why a new, stronger
Japan is emerging

Hidden Treasures

ACCJ Kansai D&I Summit

This Time is Different

CORPORATE GOVERNANCE

HONORS

EVENT

Injecting diversity into corporate Japanthrough outside directors

The ACCJ recognizes exceptional contributions
from across its three chapters

WEConnect International’s three-year
journey in the Japanese market

Tipping Point for Change

Leaders & Volunteers of the Year

Supplier D&I

PRESIDENT

Jenifer Rogers

5

Asurion Japan Holdings G.K.
CHAIR

A Transformation of
Our Own

6

The ACCJ Journal expands from print tobecome a digital platform in 2022

Eriko Asai
GE Japan
TREASURER

PUBLISHER

9Ryann Thomas
PwC Tax JapanEXECUTIVE DIRECTOR

Thank You,
Naoko Kitada

Resilience, Vision,and Opportunity

A challenging year has made the ACCJ
stronger than ever10

After nearly three decades, we’ll miss animportant member of our team

VICE PRESIDENTSPRESIDENTEVENT

ACCJ Kansai Diversity& Inclusion Summit

Key takeaways shared over three days offocus on workplace equality

Yoko Furuyama (Kansai) P&G Japan G.K.
Deborah Hayden Finsbury Glover Hering
Amy Jackson Johnson & Johnson Family of Companies
Robert W. Roche (Chubu) Oak Lawn Marketing, Inc.
Eric W. Sedlak K&L Gates Gaikokuho Joint Enterprise
Yoshitaka Sugihara Netflix G.K.
Dave West Cisco Systems G.K.
GOVERNORS

Andrew J. Conrad Aflac
James C. Feliciano AbbVie
Harry A. Hill Better-U, Inc.
Mark Hosang (Chubu) Randstad K.K.
Douglas L. Hymas Fusion Systems Group
Tad Johnson Pratt & Whitney Aftermarket Japan KK
Saori Kanno REVLON K.K.
Mari Matthews The Bank of New York Mellon
Nancy L. Ngou EY Strategy & Consulting Co., Ltd.
Victor Osumi Delta Air Lines, Inc.
Frank Packard Synnovate Capital Partners
William J. Swinton Temple University, Japan Campus

30

Simone Thomsen (Kansai) Eli Lilly Japan K.K.

Hidden Treasures

Megumi Tsukamoto Caterpillar Japan LLC
SPECIAL ADVISOR

Can women overcome obstacles to fill
Japan’s tech gap?

Christopher J. LaFleur
McLarty Associates
PRESIDENTS EMERITI

Debbie Howard (2004–05)
Charles D. Lake II (2006–07)

16

Allan D. Smith (2008)
Thomas W. Whitson (2009–10)

CHAIRMAN EMERITUS

19

Cosmo Public Relations Corporation
ACCJ EXECUTIVE STAFF

21

Christopher Bryan Jones
Publisher and Editor-in-Chief

Masonic 39 MT Bldg. 10F, 2-4-5 Azabudai

HONORS

2021 Leaders andVolunteers of the YearHEALTHCARE

Innovation
Destination

24

Minato-ku, Tokyo, Japan 106-0041
Tel: 03-3433-5381 n Fax: 03-3433-8454 n www.accj.or.jp

ECONOMY

This Time
Is Different

20

Disclaimer: The ACCJ will not accept liability for any damages caused by thecontents of The ACCJ Journal, including, but not limited to, any omissions, errors,
facts, or false statements. Opinions or advice expressed in the The ACCJ Journal
are not necessarily those of the ACCJ.

40

TRAVEL

Explore Kumamotoand Iiyama

Nature, culture, and unique experienceawait off the beaten path

Sustainable Change
through AnimationTECH

The Case of theMissing Startups

Why biotechs find it hard to get goingin Japan
23

TALENT

D&I Hiring in
Healthcare

Titan Consulting helps companies
put diversity policies into action
26

A new and stronger
Japan emerges
The ACCJ is an independent membership organization not affiliated with any
government or other chamber of commerce. The ACCJ is a member of the Asia–
Pacific Council of American Chambers and values its relationships with Japanese,
American, and other nations’ business organizations.

KANSAI2018 ACCJ Volunteer of the Year eyes
education through entertainment

US-led platform to provide healthcare
traceability and stability in JapanTo advertise or subscribe: comms@accj.or.jp
The American Chamber of Commerce in Japan18

The ACCJ recognizes exceptional contributions from across its three chapters

Laura Younger
Executive Director
THE ACCJ JOURNAL

Supplier
D&I

WEConnect International’s three-year
journey in the Japanese market

Michael J. Alfant (2011–12)

Kumi SatoEVENT

CORPORATE GOVERNANCE

Tipping Point
for Change

Injecting diversity into corporate
Japan through outside directors
45

ACCOUNTING

Added
Disclosures

Proposed reporting rules eye
supplier finance arrangements

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PUBLISHER

By C Bryan Jones

A Transformationof Our Own

5

The ACCJ Journal expands from print to become a digital platform in 2022

Transitions have been a way of life over the past
two years. The coronavirus pandemic hasforced companies to rethink how they operate, how they manage staff and workflows, and how
they communicate. The ways in which we share infor-

This will benefit the ACCJ and members in many
ways. Perhaps the biggest benefit is flexibility. The
pace of activities, discussion, advocacy, and businessquickens all the time. Providing adequate and timely
coverage can sometimes be difficult when tied to amation have also been evolving thanks to the internet,
social media, and shifting consumption preferences.
This, of course, began before Covid-19 forced an acceleration in digital transformation, but the crisis has
made things that had been optional a necessity.
From my perspective, this evolution in workstyleand communication has been most welcome. That’s
because, for me, it is old hat. I spent 2006–15 working
entirely remotely. I embraced cloud-based workflows
and project management tools in 2006 as well. And
I began podcasting in 2010, launching a podcast

cyclical print schedule. Through The ACCJ Journal
digital platform, we’ll be able to react at the righttime and share the messages and views of the chamber more effectively.
We’ll also be bringing stories to life in ways notpossible on the printed page. This year, we added
audio to The ACCJ Journal with narrated versions ofstories available for streaming on our website and as
a podcast. In 2022, we’ll be expanding this with moreaudio-first content and video which supports ACCJ
advocacy and global business in Japan. And where the

C Bryan Jones
Publisher andeditor-in-chief
cjones@accj.or.jp

Providing adequate and timely coverage can sometimes bedifficult when tied to a cyclical print schedule. Through
The ACCJ Journal digital platform, we’ll be able to react at
the right time and share the messages and views of thechamber more effectively.
network that involved hosts and content production
spread across many countries. I was ahead of thecurve, and I’ve been waiting a long time for what I
consider normal to become so for everyone.
Finally, though the catalyst is an unfortunate one,
we are here.

Turn the Page
The winds of change have also rustled through thepages of The ACCJ Journal. Since bringing the magazine in house at the start of this year, we’ve madesome adjustments and additions that have allowed
us to better meet the needs of chamber members
and communications. This has been a prelude to a
bigger shift.
As we head into 2022, The ACCJ Journal will undergo a transformation of its own as it moves beyond
being simply a print magazine to become a digitalplatform. While we will continue to produce periodic
print editions with focused themes, our primary
medium will be digital.

written word is concerned, a wider range of options
will help us provide leaders with the best tools forachieving their goals.

Next Chapter
It’s an exciting time to be a publisher, and I’m looking
forward to bringing many approaches that I havelong used for other publications to The ACCJ Journal.
But make no mistake: as the magazine spreads its
wings beyond print, it carries with it a 58-year history of supporting the chamber. And it’s that historyon which we will build a publication that’s fully athome in this age of digital transformation.
I’d like to close out the year by thanking you forsupporting The ACCJ Journal—especially those who
so generously give their time to share expertise andinsights with our writers and readers. Although there
will be fewer print editions of The ACCJ Journal, I knowthat this latest evolution of the publication will bringeven greater access to the incredible knowledge of ourmembers and the broader business community. n

Listen to this story:
accj.or.jp/sound

THE ACCJ JOURNAL • VOL. 58 • NO. 9

PRESIDENT

By Jenifer Rogers

Resilience, Vision,and Opportunity

6

A challenging year has made the ACCJ stronger than everA
Jenifer Rogers
ACCJ presidents I prepare to pass the baton to Om Prakash as
the next president of the American Chamberof Commerce in Japan (ACCJ), I am gratefulfor what we have all accomplished together this year.
He and a newly elected Board of Governors will leadthe chamber into 2022 with exciting opportunities forfurther growth and change.
I am proud that the ACCJ has shown resilienceand maintained its status as the preeminent businessorgani­zation in Japan supporting the foreign business community. It has been an honor and privilege
to serve as president, and I look forward to continuing to support the ACCJ in other ways.

Constant Change
The uncertainty that began in 2020 has continued in
2021, and as the pandemic has evolved in unpredictable ways, so has the way in which we work andinteract. The political landscape has also shifted,
with leadership transitions in the United States andJapan. Change in 2021 has been constant, and the
ACCJ has adapted well by becoming a more agile andtech-savvy organization.
As virtual events have become the norm, the
ACCJ has embraced this new reality and used it asan opportunity to provide greater accessibility for all
members and to increase our digital presence in the
broader community. By using social media and bringing The ACCJ Journal in house, we have been able toboost our advocacy efforts. And through our diverse

Listen to this story:
accj.or.jp/soundprograms, we have reached a broader audience andenhanced our position as the voice of international
business in Japan.
This year, we also made changes to the ACCJ
constitution that modernize our governance anddemonstrate that we are a dynamic and adaptive
organization which continues to be a leader in corporate governance best practices.

Transformations
Chamber advocacy on digital transformation could
not have been timelier. Our Japan Digital Agenda
2030 report was released just as the importance oftechnological infrastructure, support, and know-how
became central to surviving and thriving as Covid-19
put traditional practices to the test.
And as our members have adapted to the pandemic,
we have seen Japan’s overall corporate environment
shift as well. Working remotely has been normalized,
providing greater workplace flexibility—something
the ACCJ has long been advocating.
The ACCJ is providing flexibility in events as well.
We have hosted a few hybrid events, which combine
the benefits of online and offline gatherings, and isgearing up to offer these more frequently in 2022.
Our commitment to providing virtual access to all
in-person events remains key to giving members theopportunity to participate in the way that best suits
their needs. It also allows members from all chaptersand overseas equal access to our programs.

From left: ACCJ Healthcare Committee Vice-chair Yuko Kidoguchi, Governor James Feliciano, Ministry of Health, Labour andWelfare State Minister Hiroshi Yamamoto, and committee Co-chair Mark Kawai during the ACCJ Diet Doorknock on July 15.

THE ACCJ JOURNAL • VOL. 58 • NO. 9

7

The annual “alphabet battle” featuring (from left) Jesper Koll, William Hall, and Dave McCaughan returned on December 6 as a hybrid event of thekind we plan to host more of in 2022. Also pictured are (from right) moderator Patrick Newell and Special Events Committee Vice-chair Paul Kraft.

Stronger VoiceOn the advocacy front, we’ve never been more active nor influential in promoting a positive business environment in Japan.
The ACCJ has been one of the most vocal groups regarding
border-entry issues and a science-based approach to policy.
Together with the European Business Council, we conducteda survey to quantify the impact of border restrictions on our
members and businesses in Japan, and we have been a consistent voice in media, advocating for changes to these policies.
We have also worked to make our advocacy initiatives more
impactful, effective, and efficient by aligning our priorities withfour coordination groups: US–Japan Partnership Health and Retirement
 Sustainable Society Digital Society
The latter two were new in 2021 and represent very active areasof focus. For the Digital Society Coordination Group, digital transformation is a highly dynamic topic, and we leveraged the work
started last year on the Japan Digital Agenda 2030 report to set up
another task force focused on collaborate with the Japanese government to implement the recommendations outlined in the paper.
The Sustainability Coordination Group was created and
we realigned the leadership of our Sustainability Committee in
response to the pandemic, which increased the urgency surrounding this topic and accelerated the need for the ACCJ to show its
strong commitment to being at the forefront on all aspects ofsustainability issues.
Advocacy and ACCJ events focused on energy-related aspectsof sustainability, social issues, and corporate governance—as

I am proud that the ACCJ has
shown resilience and maintained its
status as the preeminent businessorganization in Japan.
well as the importance of diversity and inclusion—brought
wider awareness and understanding to these matters.

Looking Ahead
Throughout 2021, the chamber has proven itself to be a responsive
and progressive organization, pursuing and prioritizing the key
interests of our members in a rapidly changing environment. We
met with key US and Japanese government officials in a successful,hybrid-style Diet Doorknock and select in-person meetings with
officials such as United States Trade Representative Ambassador
Katherine Tai and US Secretary of Commerce Gina Raimundo.
We look forward to the arrival of a new US Ambassador to
Japan in 2022 and, hopefully, more opportunities for in-person
interaction with the US and Japanese governments.
Whatever the future holds, we can be sure that the ACCJ willcontinue to be impactful in its advocacy activities.
I want to thank this year’s ACCJ Chair, Eriko Asai, Special
Advisor Christopher LeFleur, the Board of Governors, Executive
Director Laura Younger and staff, as well as ACCJ leaders andmembers for their support, assistance, and energy throughout avery unusual year. It’s been challenging but, in some ways, I feelthe need for distance has brought us all closer. I look forward toseeing what the ACCJ is capable of under next year’s leadershipand congratulate Om and all the new leaders. n

THE ACCJ JOURNAL • VOL. 58 • NO. 9

The Charity Ball Committee extends a huge THANK YOU to our many wonderful sponsors and the American Chamberof Commerce in Japan (ACCJ) member community for making the ACCJ 2021 No-Show Charity Ball a success!
With your generous sponsorship, donations, and active participation in the online auction and raffle, we were able to raiseapproximately ¥9.1 million for charities this year. This success was possible thanks to your continued support and means agreat deal to local charities support by the ACCJ and the wider community.

Sponsors
President Circle

PlatinumAflac
The Bank of New York Mellon

Gold
Boeing Japan
Northrop Grumman Japan

SilverChevron International Gas Inc.
Japan Branch

BronzeCosmo Public Relations Corporation
Robert Walters Japan

Prize Sponsors
Diamond
Air Canada
KOA Production Inc.
Double Bounce Productions Inc.
Marriott International, Inc.
MnK Niseko
Ruby
Finsbury Glover Hering
Hakuba Hotel Group
Hyatt Regency Kyoto
Tiffany & Co. Japan Inc.
Sapphire
Amway Japan G.K.
Andaz Tokyo Toranomon Hills
Caterpillar Japan
Catherine O’Connell Law
Christopher LaFleur
Conrad Tokyo

Delta Air Lines
Dhillon Marty Inc
ELC Japan K.K. (Estée Lauder)Food-eSwissôtel Nankai Osaka
Tokyo American Club
Yellow Toes Gallery

GE JapanGrand Hyatt Tokyo
HARIBO Japan
Hilton Tokyo
Hilton Tokyo Bay
Iwanai Resort
M. ISHII & SONS
Mitsukura Corporation (Tsingtao Beer
Japan)
Mondelez Japan
Netflix GK
Oak Lawn Marketing, Inc. (Shop Japan)
P&G Japan G.K.
Park Hyatt Tokyo
Revlon K.K.
Riedel Japan

Individual Donors
Amy Jackson
Humza Ahmad
Jenifer Rogers
Richard Enders
Community Donors
Anonymous donation
for community entertainers
Bistro Vino Roppongi K.K.
Erika Abe
Felix Sonnyboy
Food-eKevin McHughRambling Steve Gardner
Soul Food HouseEXECUTIVE DIRECTOR

By Laura Younger

Thank You,
Naoko Kitada

9

After nearly three decades, we’ll miss an important member of our teamO

ne of the strengths of the American Chamberof Commerce in Japan (ACCJ) is the dedication and commitment of our office staff. Their
dedication provides the continuity that allows the ACCJ
to continue to provide member-focused services andhave the ability to adapt to member needs over time.
This is especially true in the case of Naoko Kitada,
who retired from her position as accounting manager
on October 31, after more than 28 years. She joined
the ACCJ on October 1, 1993, as assistant accountant.

Evolving Chamber
Looking back to that time, Kitada remembers how thechamber was “very American and very free” comparedwith the environment at her previous company. In
her prior job, she had helped expats living in Japan,
so working with the ACCJ was a natural transition.
And we were very lucky that she found us.
“A few years after I joined, the ACCJ began doing
more advocacy work and the external affairs positions
were created,” she recalled. “As the number of members
grew, we needed to create an even more professional
office environment. The chamber’s business was getting
busier each year, more professional, and the chamberbecame more focused on membership services.”

Teamwork and Family
People are the most valuable asset an organization
has, and this belief is built into the ACCJ’s culture.
From time to time, members of the team will facepersonal challenges, and we are committed to standing by to support them as best we can. This was thecase in the accounting department in 2011, when
fellow accounting staff member Maria Franki wasdiagnosed with amyotrophic lateral sclerosis (ALS).
I was deputy executive director at the time. Kitada

Kitada with Maria Franki.

remembers this as a moment when she truly saw how
the ACCJ prioritizes the well-being of our people.
“They allowed me to work a flexible schedule sothat I could help Maria even during working hours,”
she said. Franki, who had been part of the ACCJ family since 2001, died of ALS in 2011.
Later, when Kitada’s mother also suffered from
ALS, she needed to visit her house every weekend. “Youand Sam [Kidder] were very kind and let me work aflexible schedule and from her location,” she told me.
This was at a time when remote work was not common.
When asked about her greatest experiences
working at the chamber, she cited having the opportunity to grow as an accountant and climb the ladder

Laura Younger
ACCJ
executive director

to eventually lead the department. I was pleased
to hear that the relationships she had with me, mypredecessor Samuel Kidder, and former Deputy
Executive Director Joel Glasser were high on that
list. “They always made me feel that my opinions hadvalue,” she said.

Retirement Plans
I asked Kitada what she plans to do now that she has
retired. She said that she will enroll next April in auniversity course for those over 50 to study gardening, trees, and nature.
Will she miss the chamber?
“The time at the ACCJ has been the highlight of
my life—the best days,” she said. “I met many friends
through the ACCJ. Many have left, but we still stay intouch. That’s a treasure in my life.”
On behalf of the entire ACCJ, I extend a heartfelt
thank you to Kitada for her decades of service andwish her all the best in her new adventure. n

Listen to this story:
accj.or.jp/sound

THE ACCJ JOURNAL • VOL. 58 • NO. 9

10

EVENT

By John Amari

ACCJ
Kansai
D&I
Summit
Key takeaways sharedover three days of focus on
workplace equality

THE ACCJ JOURNAL • VOL. 58 • NO. 9

T

he 7th Annual ACCJ Kansai Diversity & Inclusion Summit took place over the course of
three days—October 4, 13, and 21—in a newseries format that delivered a blend of inspirationand practical information sharing. With a focus ondiversity-and-inclusion (D&I) initiatives, as well as
equality in the workplace, the series featured keynote
and plenary speakers, a fireside chat, training sessions, and remote networking.
The first day of the summit began in earnest witha keynote speech by Jenifer Rogers, president of theAmerican Chamber of Commerce in Japan (ACCJ).
Rogers noted that the ACCJ is at the forefront of D&I
efforts, especially through the Women in BusinessCommittee and its activities, which include advocating for women in the workforce.
Recently, the committee created the Women in Business Reading List on the ACCJ’s website where resources
are shared to help empower women in the workforce.
Speakers at the summit shared their personal andprofessional experiences in advancing D&I in Japanand abroad, including strategies that can be employedindividually, at work, and in the community at large.
Attendees engaged deeply with the themes of theconference, via question-and-answer sessions andbreakout training opportunities.

In her presentation, Rogers looked back at her firstexperiences in Japan, and how having to “encounter
adversity in order to create opportunity” helped toshape her career trajectory.
“That experience changed my life; it changed
what I wanted to do with it, and the total direction ofit,” she said.
Graduating high school early, Rogers relocatedto Japan in 1981 and spent two years as a student at
Sophia University. Before that transition, she had
intended to study nursing in the United States.
However, because of those early years in Japan,
she changed her studies from nursing to foreign studies and law. She also studied Japanese.
After graduating from law school in the UnitedStates, in 1988 Rogers returned to Japan on a FulbrightSocietal pressures, such as the aging of society,had created a need for talent—and among the leasttapped demographics in Japan at the time were
university-educated women. Japan realized it has totake advantage of that.
In addition to the United States, Rogers haspracticed law in six countries. She has studied orworked in Japan for more than 16 years, her career
spanning financial services and IT industries. This
vast experience has allowed her to develop a global
perspective, she said.
Rogers holds non-executive directorships at threecompanies, positions that have allowed her to share
her experience as a lawyer and a business professional. In January, she was elected president of the ACCJ.
Prior to leading the chamber, she worked
with not-for-profit boards and in other leadershiproles—experiences that helped her to hit the groundrunning as a leader at the ACCJ.
Looking back at her career, Rogers sees change
as the salient theme; indeed, she refers to herself as a“change junkie.” But why embrace change?
Rogers identified at least three reasons: change—
whether that’s working with a new team or in a different
country or culture—allows you to leave your comfort
zone, learn new ideas, and have new experiences.
“I think of change as an opportunity for growth.”
Does that mean she has taken every opportunity
to embrace change? No. Rogers notes that she has
been thoughtful about when to adopt change, in part
because change comes with risk.
That said, the status quo involves risks, too. Nothingremains the same, she shared. For instance, you may geta new boss, your division may be merged with anotherone, or you may lose your job due to restructuring.
What is important is assessing each new opportunity
considering your personal and professional circumstances to determine if it is the right change for you
and your career goals.
In her case, change allowed Rogers to become aresilient leader. Without it, she would have had noimperative to grow, no motivation to improve, noopportunity to receive input from a wide range ofsources, and no incentive to innovate.

Scholarship to conduct research. Her area of study
was the impact of the 1985 Equal Employment Opportunity Act on female college graduates.
Why female college graduates? Because, at thetime, they were one of the groups most discriminatedagainst in Japan, Rogers recalled. Such women had
the least time to work before they had to quit theirjobs to raise children.
In the late 1980s, Rogers and her peers had been
excited about how the new law would be a gamechanger for women in the workforce. “Unfortunately,
those expectations were not met.”
And yet, by the time Rogers returned to Japan for a
fourth time, at the end of 2014, things had changed: D&I
had become part of the agenda in business circles here.
Why was that?

“I gained so much confidence in myself after eachnew opportunity. There were no perfect experiences,
only those that taught me a lot of new things that
helped me grow.”
Rogers encouraged women not to be held backby the fear of the unknown, and to embrace change.
Throughout her career and in the same way that
she embraced change, Rogers has engaged actively
with D&I and experiences involving people who havedifferent ideas, backgrounds, gender, and even biases.
While diversity can cause discomfort, it can also
spur innovation and growth, she noted.
“In some cultural contexts, I need to have very
in-depth, one-on-one conversations with people to
make sure they understand my point of view, andthat I understand theirs. That happens in Japan.”

The Way of Change

11

Jenifer Rogers
ACCJ president

Masaaki Ito
Executive director
Yoshinoya Co., Ltd.

Kyoko Yamamoto
Senior vice president
and head of HR
NTT Communications
Corporation

Listen to this story:
accj.or.jp/sound

THE ACCJ JOURNAL • VOL. 58 • NO. 9

A Compelling Business Case for D&I
Likelihood of financial performance above the national industry median, by diversity quartile, %12

Ethnic diversity
Top quartile

58

Bottom quartile

43
+35%

Gender diversity
54

Top quartile
Bottom quartile

47
+15%

Gender and ethnic diversity combined
53

Top quartile
All other quartiles

40
+25%

Source: McKinsey Diversity Database

As another example, Rogers noted that in India, she had
to be open to having many meetings and drawn-out debates toensure the desired outcome for all stakeholders.
In Japan, where she often is the only woman in the boardroom, Rogers often has wondered how she can leverage her
personal experiences and skills to bring about change.
There is now a call for D&I in Japan, not as nice-to-have but
as a must-have, to improve productivity and competitiveness,
she said. The question then becomes, “How can Japan truly accelerate its diversity and inclusion?”
For us, it starts with adapting views so that they have thegreatest impact in the context of Japan. Identifying others who
are open to your views, finding a mentor or sponsor who is
sympathetic to your goals, and mentoring others are great ways
to effect change and to learn for yourself.

Surviving Diversity
The second keynote on day one was delivered by Masaaki Ito,executive director of Japanese fast-food chain Yoshinoya Co., Ltd.
Previously, Ito worked for P&G in Switzerland, the United States,
Singapore, and Japan. He is currently an outside director and adviser to several companies. Ito spoke about how he has survived
in a diverse corporate environment abroad and in Japan.
A graduate of Keio University, he recalled that on TOEIC, astandardized test for English proficiency, he had achieved a highscore. And yet, he had not been able to speak English well, something he had thought might haunt him while living abroad.
Ito spoke about being the only Japanese on his team in
Cincinnati and Geneva. But, when he transitioned to the officein Singapore, the challenge changed: there were 10 nationalities in
the office. What’s more, 60 percent of his colleagues were women—a first for him in the workplace.

THE ACCJ JOURNAL • VOL. 58 • NO. 9

Looking back, Ito noted a number of things that he learned—
despite the challenges—from working as part of diverse teams
across many cultures. From the perspective of a marketer, it isimportant to have diverse views on your team, he acknowledged.
A lack of diversity, conversely, is likely to lead to unintended
outcomes, such as groupthink.
One way to work through differences—and to identify
shared values and good ideas—is to engage in team-building
activities, such as office outings, including going out for foodand drinks with colleagues, he said.
Referencing Aristotle, Ito noted that there are three necessary
elements to human communication. One must have the ability to: Create trust
 Act rationally Display empathy
In addition, he identified three questions—beginning with
who, how, and what—the understanding of which are needed tomove people.
The first is, “Who do you wish to be in the eyes of the listener?”
When speaking, it pays to speak to others in the same way thatyou want them to speak to you.
The second is, “How would you like to talk to another person?”
It pays to be able to find areas of agreement with others, so
formulating a conversation using a “yes, and” formula is better
than a “yes, but” structure. The former allows you to better
understand the other person.
The third is, “What would you like to learn from the otherperson?” Here, it pays not to focus merely on what you want tosay, but to listen. Focus on being objective and eliminating bias
about the other person, and listen carefully to them.

Mastering the who, how, and what of communication allows workplace diversity to be transformed
from a burden into a boon, Ito shared.

Remote Realities
Day two of the summit began with a keynote by Kyoko
Yamamoto, senior vice president and head of humanresources at NTT Communications Corporation. In
her presentation, entitled “Workstyle Transformation
as a Key Driver of D&I,” Yamamoto outlined key barriers to gender diversity in the Japanese workplace.
Speaking from personal experience, she notedlong-standing and outdated organizational barriers
to women’s inclusion and progress at work, such as
inflexible hours and an assumption that employees
will stay late at the office. There have also been expectations that work will be carried out face-to-face,as opposed to remotely.
However, the coronavirus pandemic has led to aradical transformation of the work culture in Japan,
while expanding the view of what a workplace is.
Since the start of the pandemic in early 2020, work
practices have become more flexible, “remote-work
natives” are now common, and companies have realized that new value can be gained from remote work.

The last item, meanwhile, optimizes work via thedigitalization of processes and the greater use of data—
the advent of which will open new opportunities thatalign well with the work–life balance needs of women.
In such an environment, workers are encouraged
to find a balance between individual autonomy andself-management on the one hand, and teamwork on
the other. They are also empowered to respect diversity and build trust via open, trust-based workflows.
Since the implementation of this new workstyle
paradigm at NTT in early 2020, employee satisfaction has reached record levels. About 80 percent ofworkers at the company now enjoy remote work, up
from less than 20 percent before the pandemic.
Staff told of increased satisfaction and productivity,
career development, and a sense of unity. Meanwhile,
record increases were reported in employees’ sense of
pride, equality, and respect—not to mention trust.
What’s more, for the first time, the level of satisfaction among women increased to match that ofmen. Both had around a 65-percent positive response
rate in opinion polls.
Overall, the transformation of workstyles at NTT
has led to major changes to its office culture in two
ways. From the perspective of the company, business

WORKERS ARE ENCOURAGED TO FIND A BALANCE BETWEENINDIVIDUAL AUTONOMY AND SELF-MANAGEMENT ON THE
ONE HAND, AND TEAMWORK ON THE OTHER.
What’s more, employee happiness has increased inmany respects.
Yamamoto identified four trends in this era ofincreasing remote work: Open communication and management
 Flexible rules and conditions
 The 3Cs of the office Digital transformation and data utilization
The first refers to a new culture of open information sharing and management, and setting up remote
and interactive management systems.
Yamamoto referenced NTT’s Remote Work Handbook, a guide to telework that is available free online.
The guide shares best practices on topics such as how
to manage a remote meeting, onboard new employees,
and update IT skills.
Flexible rules and conditions, meanwhile, seek
to create a work environment that isn’t based on
fixed work times and office locations. Here, a new,super-flex-time system allows greater flexibility for
employees to choose their work hours and location.
And the 3Cs of the office—change, creation, andcollaboration—redefine our understanding of a workplace: the office can now be a remote space for generating ideas and collaborating, but with on/off switches
that allow workers to have time for themselves.

13

Daniel Binette
Senior directorof immunology
Eli Lilly Japan K.K.

Neal Reed
Executive officer
and vice president
P&G Japan G.K.

processes have been transformed and data-driven
management is now prevalent.
From the perspective of workers, personal
growth and well-being have become priorities, work
has become more pleasant and diverse, and career
opportunities have increased.

Change for Good
The plenary speaker on day two was Daniel Binette,senior director of the immunology business unit at
Eli Lilly Japan K.K.
In his presentation, entitled “Beyond the Evidence: D&I in Action,” Binette shared data from a survey, of more than 100 companies in 15-plus countries,
which shows a link between financial performanceand ethnic or gender diversity in the boardroom.
Other data shows that 67 percent of prospective
employees surveyed shared that they consider workplace diversity an important factor when applying towork for a company. Diverse organizations, Binette
pointed out, are more likely than less-diverse ones toattract and recruit better talent.
Despite the compelling evidence showing how D&I
can improve personal and business outcomes, Binette
noted that some organizations have fallen behind
global trends in its implementation.
Why? As we focus on diversity targets for age,
race, and gender, do we lose our focus on inclusion?

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14

Takayuki Norimatsu (left) and Tomoshige Kabetani competed in the 21st Mitsui Fudosan Wheelchair Rugby Japan Championships.

When working in South Africa and Canada, Binette experienced working on highly diverse teams, as both countries havedivergent populations. However, there were key differences.
Diversity in the workplace in South Africa was notably stratified.
While Indian and white colleagues made up older generations ofworkers, Black people made up most of the recent hires.
Recognizing such subtle differences informed their inclusion
strategies that, for instance, aimed at reducing turnover among
new hires, which at the time was no better than the industry average for South Africa.
To improve their inclusion scores, Binette and his colleagues
asked themselves how they could bring together their organization’s
diversity, be it in terms of age, background, culture, or language.
So how did they increase inclusion?
They set a goal: Make life better in communities where mostof their Black coworkers lived, while lowering turnover andincreasing productivity.
Binette’s D&I goals had four pillars: Increase inclusion, productivity, engagement, and retention
 Develop a strategy to build a shared common vision and tocoach inclusiveness Provide help when wanted Create a barometer of discussion
Further, Binette and his team conducted roundtable discussions to find out where their organization stood on inclusion.
Employees shared their views and leaders listened.
Most important, however, rather than conduct a top-down initiative, the company invited representatives from their employee
base to help shape the overall strategy for inclusion.
After sharing the vision, the next 90 days were critical.
Performance management was updated, clear goals around collaboration were set, and it was made clear that, while leadershipwould support the new strategy, it was the responsibility of all tomake it a success.
Managers and employees discussed how to collaborate, andcoaching was conducted by everyone. Sessions covered topics
such as unconscious bias and microaggressions, remarks that
may be perceived as belittling.
As implementation continued, there was a need to support

THE ACCJ JOURNAL • VOL. 58 • NO. 9

managers further. So diversity training used reverse mentorshipto increase interests, pairing managers with employees fromvastly different backgrounds. This allowed for better understanding between managers and their colleagues.
Binette admitted that diversity training is a continuous
task, but initial results were encouraging: their organization inSouth Africa became an industry leader in reducing turnover,
the workforce was more dynamic and engaged, and prospective
employees showed enthusiasm to work for the company.
He shared three key takeaways from the initiative:
 Connectedness—the importance of a shared sense of belonging—grew among employees
 Respect—having deep consideration—for others became
more prevalent Transparency—the importance of communication amongstaff and with management to explain the need for the
strategy—increased
Binette stressed that leaders are important in: Setting clear goals on inclusiveness Recognizing their own limits and reaching out for help
 Modeling good behavior
 Assessing progress Recognizing change and change-makers

Globally Diverse
Day three began with a keynote by Neal Reed, executive officer
and vice president at P&G Japan G.K. In his presentation, entitled “Equality & Inclusion: from Good Intentions to Impactful
Actions,” Reed emphasized one main goal: to encourage attendees “to do one thing different, starting tomorrow.”
Reed stressed three assumptions about the attendees: They believe that diversity is good They know that leaders play a key role
 They are all good people with good intentions
He said that while much progress has been made globally in the D&I space, equal opportunities are still not equallydistributed. This means some people do not always
feel included.
Warming to the theme of equality and inclusion(E&I), Reed challenged the audience with a question:
Are you doing enough? All, not just leaders, are responsible for making a difference, even in a small way.
Reed shared a framework that has guided him in
this, allowing him to move from good intentions toactions that have an impact.
The framework has three elements:
 Look in the mirror and challenge yourself
 Take action where you have passion
 Help one person at a time
Looking in the mirror and challenging yourself isa reality check, where you ask whether you are doing
enough. Faced with a busy life, it is easy to slip into thebelief that D&I is not important.
Taking action where you have passion allows one
to focus on an area in which you already have a keeninterest—a field where you believe you can make thegreatest difference in D&I.
Lastly, it may pay to focus on helping one person ata time, a strategy that is less intimidating than trying
to solve all organizational or global challenges at once.
In a moment of self-reflection, Reed noted the following elements in his D&I—as well as E&I—journey: Coming from a background of privilege brings
with it the responsibility to act in support of others who are less privileged
 Change comes from action, not intentions alone Diversity is a first step, but enabling equality has
greater impact
 Insiders need to help outsiders
 Leaders need to be role models
Reed said that people have always been considered
P&G’s biggest asset. The company has long thought of
E&I as a business strategy built on diversity in recruitment, equality of opportunity in the workplace, andfostering an inclusive culture.
Recently in Japan, P&G launched initiatives, suchas the E&I Board, members of which meet regularly
to apprise themselves of their work. Then there’s
Beyond Gender, an initiative that builds on previous
work around gender, while bringing to the fore challenges faced by the LGBTQ+ community and thosewith disabilities.
The company’s brands, too, have been used on agreater scale than before to highlight E&I initiatives.
So ads for its household products, for instance, havebeen used to encourage men to do more housework,
such as laundry.

Challenge Accepted
The plenary session on day three, entitled “The Possibility of ‘Knowing’,” featured para athletes Kabetani and
Norimatsu, both of whom compete in wheelchair rugby

and are representatives of AIG Japan Holdings K.K.
The moderator was Yumiko Ishii, senior manager in
the internal audit office at American Home Assurance
Company, Ltd.
Kabetani and Norimatsu spoke about their experiences in the company’s Employee Resource Groups(ERGs), volunteer-led initiatives for the promotion ofdiversity, equity, and inclusion, including for employees with disabilities.
Looking back at his early days working at AIG,
Norimatsu recalled that some of his colleagues, having had little experience working with someone in awheelchair, were not certain how—or, indeed, if—they could help.
“There were people who were not sure whether
they wanted to help me by opening the door,” Norimatsu shared.
Other colleagues wanted to help but found it tobe challenging, not knowing how or when to do so.
But, as time went by, the distance between Norimatsu
and his colleagues naturally closed and many more
people began to speak to him. As a result, mutual
understanding grew.
ERGs were created to help bridge such gaps, and tobring the workforce closer together. Indeed, survey results from the disability ERG show that colleagues were
eager to know how they could assist team memberswith disabilities. As a member of the group, Norimatsu
has been eager to share his experiences with others,
and to learn from them, too.
“I know about wheelchairs, but I don’t knowmuch about disabilities that do not involve thewheelchair, including those of people with mental
disabilities,” he said.
Such connections, he noted, are especially
important in Japan, a country where there have notbeen many opportunities, in the corporate environment, for people with disabilities to interact withother colleagues.
Via the ERG program, both para athletes have
not only bridged gaps between employees andsupported AIG’s business goals, but they have also
helped to inspire colleagues in unexpected ways.
Norimatsu explained: “If speaking about mydisability helps someone, I want to proactively communicate [my experiences]. It might not connect directly with business, but it might indirectly produce
a good effect.”15

Tomoshige Kabetani
Wheelchair rugby
playerTakayuki Norimatsu
Wheelchair rugby
playerMiho Takiguchi
Director of talentand organization
development anddiversity
AstraZeneca K.K.

Breakout Performance
Throughout the summit, attendees engaged in breakout training sessions facilitated by Miho Takiguchi,
director of talent and organization development anddiversity at AstraZeneca K.K. The sessions focusedon the themes of the conference.
With more than 200 attendees, this year’s summit
was organized by ACCJ-Kansai Diversity & Inclusion
Committee Co-chairs Yuri Ichihashi, Yuka Nakamura,and Asana Otani. The summit’s master of ceremonies
was Vice-chair Daniel Steiner. n

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EVENT

By C Bryan Jones

Supplier D&I

16

WEConnect International’s three-year journey in the Japanese market

W
Setsu Suzuki
CEO and founder
Hunext, Inc.
Japan project director
WEConnect
International

hile there is much talk in Japan about
diversity and inclusion (D&I) in the work­
place, another important, though lessdiscussed, aspect of D&I involves suppliers. Some
major companies have long championed diversity intheir supply chains, but the issue is now getting more
attention—and progress is being made—thanks tothe efforts of socially conscious leaders.
This was the topic of a November 25 virtual event,hosted by the ACCJ-Chubu Programs Committee
and entitled Supplier D&I: Three-Year Journey in theJapanese Market. Speaker Setsu Suzuki, chief executive officer and founder of Hunext, Inc., shared how
sourcing from women-owned startups is shaping theJapanese economy.

Connecting Women

Yuko Takahashi
President
Japan Engine Valve
Mfg. Co., Ltd.

Ayako Mochizuki
President
IBS Japan Co., Ltd.

Learn more:
weconnect
international.org

Listen to this story:
accj.or.jp/soundSuzuki is the Japan project director for WEConnect
International, the Washington, DC-based non-profit
organization (NPO) that expanded its certificationand market access activities to Japan in 2018.
She recalled how, in 2017, she was invited by
Gary Schaefer, principal officer at the US Consulate
Nagoya, to attend the Global Entrepreneurship Summit in Hyderabad, India. Some 6,000 women businessowners took part in the three-day event. There she
had her first contact with WEConnect International,
which helps drive money into the hands of womenbusiness owners by enabling them to compete in the
global marketplace.
“That’s fantastic, right?” Suzuki exclaimed. “So,I immediately said that I want to be a member ofthis organization.” After getting to know leaders of
the enterprise during the summit, she was asked to
become the director of WEConnect in Japan. Threemonths later, she signed a contract with the international body and led its expansion into the market.
Noting that WEConnect International is the only
certifying body in the world that supports supplier diversity, Suzuki explained that there are five categories: Women Challenged
 LGBTQ
 Racial minority
 Veterans“And women are really key,” she said. Globally,
just one percent of procurement by governments
and corporations goes to women-owned business.

THE ACCJ JOURNAL • VOL. 58 • NO. 9“WEConnect International began studying this12 years ago, but the number is still only one percent.
We want to push it to two percent,” she explained.
“According to a World Bank report, 32–39 percentof companies around the world are owned by women.
So, definitely, women are key to a diverse economy.”
Next, Suzuki introduced the companies among
WEConnect International’s 143 member buyers thatare most active in Japan:
 Accenture Johnson & Johnson
 Intel K.K.
 IBM Japan, Ltd.
 EY
 P&G Japan G.K.
 Microsoft Japan, Co., Ltd.
 Micron Memory Japan, G.K.
“More and more Japanese corporations are starting to pay attention to supplier diversity,” she said.

Where Are the Women?
There are 3.8 million small businesses in Japan, but
only 500,000 are owned by women. What constitutes
a woman-owned business (WOB)? It seems straightforward, and Suzuki noted that we use the term a lot
in English.
But to make it clear what this means by definition,
she explained that it should be “an incorporated company with at least 51 percent of the business owned
and managed, or governed, by one woman—or more.”
The WEConnect certification standards statethat ownership “is determined based on title to, andbeneficial ownership of, stock, membership interests, or other equity in the business.”
WEConnect allows self-declaration as a WOB.
Such registration in their database is free and carries
limited benefits.
There is also the Women Business Enterprise(WBE) designation (pronounced “weebee”). Thiscertification opens the door to the procurement
departments of 143 member companies and enables
business owners to connect with 12,000 women
entrepreneurs in more than 110 countries.
In this case, there is a fee, and membership includes unlimited access to WEConnect benefits. The
money is used to fund the NPO’s operations, which
are driven by three pillars: certification, connection,and education.

Three-Year Journey
WEConnect International’s launch in Japan took place three months after Suzuki
took on her role as country director. The
expansion into Japan was made possible
through the Strengthening Market Accessfor Women Business Owners initiative,
a consortium that includes Accenture,Intel, and Johnson & Johnson. The founding members are working closely with
WEConnect to leverage its powerful global
networks and experience working withwomen business owners, and there are
now 28 certified WBEs in Japan.
Suzuki welcomes business owners to Japan’s first supplier D&I conference in December 2018.
The launch was marked by a hybrid
event, making it possible to connect
women business owners from Hokkaido to Okinawa. It was supJapan WBEs
ported by the American Chamber of Commerce in Japan, andThere are only 28 certified WBEs in Japan, but Suzuki is dediWomen in Business Committee Vice-chair Makiko Tachimoricated to expanding that number. She introduced two success(Fukui) helped facilitate.
stories during the event, starting with Yuko Takahashi, presiA business-to-business matchmaking event was held on Nodent of Osaka-based Japan Engine Valve Mfg. Co., Ltd. Known byvember 26, 2020, in which 10 member buyers, 14 tier-one corporathe brand name Dokuro, the company began producing engine
tions, and 51 WOBs and WBEs participated. Suzuki said that three valves in 1949.
women business owners got contracts following the event, showing
Takahashi, who was unable to attend due to a business event,
how even online meetings can really make business happen.
delivered a short, vibrant video in which she flew a drone around the
The session will take place again in February—rebranded as
Dokuro offices and production facilities to explain how her company
the P&G Academy Women’s Entrepreneurs Business Developmakes after-market auto parts. The parts are shipped aroundment Program—as an eight-day intensive series.
the world to meet the needs of those who own Japanese cars.
Next, Ayako Mochizuki, a Japan native who moved to theUnited States at the age of 22, shared her experiences runninga small and medium-sized enterprise in Japan, doing businesswith large companies on a global basis.
In 2014, she became president of IBS Japan Co., Ltd., the35-year-old value-added reseller of data communication products,
founded by her father. She runs the company from her home in
Boulder, Colorado, while her father remains involved as an ownerin Ebina, Kanagawa Prefecture, where the corporate headquarWith the support of Johnson & Johnson and Dell Technoloters is located.
gies, WEConnect conducted a survey of 191 Japanese female
IBS Japan’s mission is to make life easier through the applientrepreneurs in Japan between August and September 2020.
cation of technology, and the company was certified as a WBE by
According to results, the top challenges faced by WOBs are:WEConnect International in 2019. “Since then, I have had manysuccesses [as a result of] being a WBE,” she said. One such suc Balancing work and family (65 percent)cess, she noted, involved the sale of thermal camera technology
 Gender discrimination (30 percent)to a major pharma company soon after the start of the coronavi Market entry (11 percent)rus pandemic.

WEConnect International …
helps drive money into the handsof women business owners byenabling them to compete in the
global marketplace.

She also noted that many women who responded to the survey cited the issue of surnames as an obstacle to their businesslives. Because Japan continues to require that women take theirhusband’s surname, some women said that they must use a falsename in work, so that their husband’s family will not discoverthat they are entrepreneurs—a role that goes against traditionalviews of a woman’s place in society.
On the brighter side, Suzuki said that WOBs in Japan are
thriving across a wide range of industries. Many fall under theUnited Nations (UN) Sustainable Development Goals (SDGs),
which are an important part of WEConnect International’s activities. The organization is working with governments, the UN,
and others to help achieve SDG number five: gender equality inthe economy.

Despite these successes, challenges remain—particularly withtraditional mindsets about gender roles in business. Mochizuki
shared an interesting example from within her own company.
“When I got certified [as a WBE] in 2019, one of my employees—a key person for me—actually told me that I should not becertified,” she recounted. “He said that if we are certified, if theyfind out that I’m a feminist—that’s the word he used—we are notgoing to get business, because it’s a male-dominated industry
that we serve. He was very concerned.”
She noted that this worry is real in Japan, because thecountry remains very much dominated by men, and many of thebusiness leaders are aged 60 and over.
So, the shift in mindset takes time. But through the effortsof Suzuki, WEConnect, and women business owners such as
Takahashi and Mochizuki, that change is taking place. n

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17

KANSAIBy C Bryan Jones

Sustainable Change
through Animation182018 ACCJ Volunteer of the Year eyes education through entertainment

A
Royi Akavia
Managing director
Double Bounce
Productions, Inc.

CCJ 2018 Volunteer of the Year Royi Akavia
is well known in the chamber and local community for his unwavering support of Food
Bank Kansai. Helping children is one of the mostimportant missions for the renowned visual artist
whose work has been displayed around the world,
including in the permanent collection of the Guggenheim Museum in New York.
It was in that city that his own struggles, as hestarted his career on the SoHo art scene in the East
Village during the early 1980s, helped him understand what it is like to go without and the importance of giving to those in need.

Digital Difference
Beyond his work on canvas, Akavia has spent thepast 20 years working in animation, which he says is“magic for a painter like me.”But it’s not just for fun. Through his business
Double Bounce Productions, Inc., (DBP)—a diamondprize sponsor of this year’s ACCJ Charity Ball—he isputting those skills to work to educate children on
sustainability and diversity issues to build a better
future for the world.
One of the most noticeable aspects of digitalization has been the shift from traditional broadcast
and cable television to on-demand streaming video.
Services such as Netflix and Amazon Prime have seena surge in consumption during the pandemic. But even
before the coronavirus boosted demand and createdproduction delays, these companies were experiencing a shortage of high-quality animated content.
According to The Los Angeles Times, Netflix’s budget

Learn more about Akavia’s
animation vision:
doublebounce
productions.com

for the development of animated content was estimatedto be $1.1 billion in 2018—11 percent of its total budget
for original content—and is predicted to reach $5 billion
in 2022. Analysts believe that Amazon could spend asmuch as $1.86 billion on animation next year.
This presents a great opportunity to create content that is both engaging and educational.

Heroes of Change

Listen to this story:
accj.or.jp/soundToday’s entertainment landscape is awash withsuperheroes, as adaptations of comic book charactersregularly top the box office and streaming. Akavia
sees this as foundation for telling stories
that make a difference and bring aboutchange in the long term, using original
characters to which children can relate.

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His desire to take DBP in this socially conscious
direction comes from years of contributing to organizations, such as the ACCJ and the United Nations
Development Programme, which is tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development.
To do this, he has assembled what he calls “aworld-class dream team” which includes animator Emiliano Topete, concept artist Ricardo Caria,
artist Clifford Land, and Wendee Lee, one of themost accomplished voice actresses in the animationindustry. Also joining the team is Hayato Ogawa, anassociate professor of engineering at the International College of Technology in Kanazawa, Ishikawa
Prefecture, who coordinates students and staff toundertake projects designed to help rural communities adopt sustainable and efficient lifestyles.
Co-founder Topete’s career has taken him to several studios and TV network since 2005. He served
as animation director on the award-winning Televisa
series Imaginantes and, in 2013, founded Polygoon
Studio in Mexico. Has been a professor of animation
at the esteemed SAE Institute and Escena animationand digital arts school since 2016.
Caria studied illustration at the Academy of Art University in San Francisco and served as art director for
the Anamon Studios short Let’s Eat, the first animation
project ever developed in a cloud-based environment.
Land crafts realistic paintings by mastering lightand shadow. One of his most famous works is themural painted for New York City-based fashion house
DKNY. The work became a landmark on Houston
Street, where it stood for 17 years.
Akavia told The ACCJ Journal that DBP will provide new kinds of heroes and tell cutting-edge stories
that he hopes will inspire and motivate viewers.
“We’re not trying to create a superhero,” he said.
“Marvel is doing just fine with that. We’re trying tocreate a superhuman, one powered by the strengthof kindness, patience, intelligence, and creativity.” nHONORS

2021 Leaders andVolunteers of the Year
The ACCJ recognizes exceptional contributions from across its three chaptersE

ach year, the American Chamber of Commerce in Japan(ACCJ) honors members who have shown extraordinary
dedication. The ongoing coronavirus pandemic once
again made the usual celebratory gathering at Tokyo American
Club difficult, so ACCJ President Jenifer Rogers presented certificates as part of a virtual Leadership Forum on December 16.

Leaders of the Year
Royanne Doi
As chair of the Governance Task Force, Doi worked
tirelessly throughout the year, leading numerous
meetings and discussions related to enhancing thechamber’s governance practices. She ensured thatthe decision-making process was inclusive and transparent, giving multiple stakeholders opportunities to share input.
Eric Waters
As vice-chair of the Women in Business Committee, Waters played a key role in shaping the agenda
and activities while providing the perspective ofmale leaders and allies—a critical factor in driving
change. He inspired other men to step up as allies of women inbusiness, and advance diverse leaders in the workplace.
Julian Bashore (Chubu)
Bashore revitalized the Aerospace and Manufacturing Committee as its chair by recognizing
the need for continued aerospace representation
while also incorporating the local manufacturing
focus that is critical to the Chubu region. And as vice-chair of
the Programs Committee, he led the Charity Golf Tournament,
enabling the ACCJ to support local charities.
Rica Bradshaw (Kansai)
As chair of the Kansai Community Service
Committee, Bradshaw helped restructure thecommittee’s focus, increase the number of active
members, and establish close relationships withlocal groups to enhance education on environmental issues inschools. She also executed the fundraising alliance with the
ACCJ No-Show Charity Ball to support the Kansai Food Bank.
Yuri Ichihashi (Kansai)
Ichihashi was a driving force behind the 10th
annual Kansai Leadership Series. The first to beheld virtually, this year’s series had a record number of registrants. And as co-chair of the Diversity
and Inclusion Committee, her leadership in organizing the 7th
annual Diversity and Inclusion Summit Series was indispensable.

Volunteers of the Year
Noriko Morikawa
A member of the Women in Business Committee,
Morikawa’s valuable insights on the workplace
challenges facing women in Japan led to better
tailored events and an impressive network of speakers.
She served as an inspiring speaker herself, as part of the Womenin the Boardroom Series, and helped explore collaboration withgroups such as the Keidanren (the Japanese Business Federation).
Daisuke Yasumizu
Yasumizu contributed endless energy and expertise to the Healthcare Committee, proactively
proposing new speaker programs and advocacy
initiatives. He has been a key catalyst in driving
greater alignment between the committee and the Healthcarex Digital (HxD) initiative, and provided the ACCJ with crucial
information regarding our Covid-19 vaccination rollout.
James Hedden (Chubu)
A supporter of the Chubu Children’s Fund andChubu Walkathon, Hedden’s commitment tovolunteerism and his community is unparalleled.
For more than five years, he has devoted immense
resources. Most recently he served as “Walk Tanto,” developing
new ways to secure funds and creating tie-ins that benefited thecharities, sponsors, and participants.
HxD Initiative Team (Kansai)
Torsten Kanisch, Francisco Proaño, Christian
Boettcher, and Yasuhiko Iida successfully executed the first ACCJ HxD startup pitch event in
2020, and followed that up this year by increasing
submissions by 30 percent. The HxD team embodies all four
ACCJ core pillars, and their groundbreaking work is making a
positive impact on the chamber’s healthcare and digital transformation goals.

Special Achievement Award
Robert Noddin
As founder and chair of the F500 CEO Advisory
Council, Noddin enabled large-company CEOs
to become more actively engaged with the ACCJ.
He has also been a strong champion of advocacy
with the US government, participating in DC Doorknocks visits
to Washington. And as a member of the ACCJ Election Governance Task Force in 2020 and the Governance Task Force thisyear, he has helped bring significant, positive changes to thechamber’s governance. n

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19

TECH

By Tim Romero

The Case of theMissing Startups

20

Why biotechs find it hard to get going in JapanUTim Romero
Head of Google
Startups Japan
Host of the podcast
Disrupting Japan

Listen to this episodeof Disrupting Japan:
disruptingjapan.com

niversity and government venture funds playa much larger role in Japan than they do inWestern countries. Yet we see fewer biotechnology startups here compared with, say, the UnitedStates, which is home to eight of the top 10 highestfunded ventures. Why?
I explored this with Dr. Hiroaki Suga, co-founderof biotech company PeptiDream Inc., in a recent
episode of my podcast Disrupting Japan. A professor
at the University of Tokyo, Suga did his post-doctoral
study under Nobel Prize-winning biologist Jack Szostak
at Harvard Medical School. As an academic and a
researcher, Suga knows well the dynamics at play inbiotech development and application in Japan.
With PeptiDream, which has created a platform
for the discovery of highly diverse, non-standard peptide libraries that can be developed into peptide-based
therapeutics, Suga has taken a different approach tofunding. And it has paid off.
Founded in 2006, PeptiDream is now worth morethan $3 billion and collaborates with many of theworld’s largest pharmaceutical companies, including
American Chamber of Commerce in Japan (ACCJ)
members Eli Lilly Japan K.K., Bayer Yakuhin, Ltd.,
AstraZeneca K.K., and Novartis.

Less is More

Listen to this story:
accj.or.jp/sound

What I learned from our discussion is that, in this situation, smaller investments may lead to better results.
“If you have $10 million, you will just burn throughit,” Suga said, adding that less capital will keep you
focused and get results that can lead to bigger things.
In PeptiDream’s seed round, it received $1 million
from The University of Tokyo Edge Capital Partners
Co., Ltd., a Japan-based seed- and early-stage deeptech venture capital firm.
With limited funds, “You need to really develop
technology that will allow you to collaborate with big
pharmaceutical companies,” Suga explained.
These companies set criteria, and don’t give you
money immediately. “Once you reach [one set of]criteria, you can get money. Then you get to anotherstage and you get more money,” he said.
This approach carries less risk for pharmaceutical companies, and Suga sees little risk for PeptiDream, because he is confident that they can meetthe criteria.

THE ACCJ JOURNAL • VOL. 58 • NO. 9

Obstacles
This unusual approach has worked well for PeptiDream, so why don’t we see more biotech startups
succeeding this way in Japan?
Suga said there are several reasons.
“The first is that venture capitalists are not investing in risky companies, and biopharmaceutical companies are high risk,” he explained. “If you are developing
business software, after six months, you know if it isn’t
working. But drug development is a long-term commitment. Venture capitalists have to wait, and they may
not be able to do so. They may need to wait 10 years torealize the potential, but they are looking for five.”“The second reason is that Japanese society prefers to go with what’s known,” he continued. In thiscase, it means that talent heads for the largest pharmaceutical companies, which are seen as stronger
and a safe harbor. “For example, all my students go to
big pharma. They don’t go to PeptiDream.”
But this isn’t so much a case of risk aversion—often cited as an obstacle to success in Japan—as oneof familiarity. Their parents know the names of the
big players, but not of small ones such as PeptiDream.
Large Japanese companies tend to have little
interest in helping smaller ones. This chasm is one
that the ACCJ is attempting to bridge with its Healthcare x Digital initiative, which completed its second
annual competition in November.

Spin-off vs. Startup
The third obstacle that Suga cited is the fact thatmany startups in Japan are research units that havebeen spun off from large companies that chose toleave Japan. “They had a very good team here, so theydecided to spin off. They already have a backgroundfrom big pharma and continue doing [what they were
doing],” he explained. “That means that they aren’thugely different from the big companies.”
In the end, Suga said that the biggest change thatneeds to take place for Japan to become more fertile
ground for biotech startups must be made at theuniversity level.
“Professors really need to work hard to get technology to be very practical, to be very robust. You really have to put forth effort to get to the end,” he said.
“Then, the Japanese government needs to support
this type of research. That’s very critical.” nHEALTHCARE

By Mark Kawai

Innovation
Destination

21

US-led platform to provide healthcare traceability and stability in JapanAs a super-aging society with a population of
more than 100 million, Japan has the potential to become a destination for healthcare
innovation. Its citizens have easy and equal access toquality healthcare services, with pharmaceuticals andmedical devices playing important roles in improving
quality of life.
But there are technological obstacles to overcome.
The US medical device industry is leading the effort
to develop a data platform in Japan which will enable
traceability in healthcare. The platform will allow thecollection, storage, and sharing of information among
stakeholders (e.g., manufactures, vendors, and hospitals). It will become a critical tool for improving thequality and efficiency of Japan’s healthcare system
and will help ensure a stable supply of medical goods
for healthcare providers.

Currently, RFID is only used to improve productivity within an organization. But as more companies
introduce RFID technologies, to minimize confusion
and inconvenience, the industry has agreed to:With increased traceability …
the quality and efficiency ofhealthcare services provided
in Japan will improve.

The US medical device industry is part of a study groupsupported by Japan’s Ministry of Health, Labour andWelfare (MHLW), which provides grants to help enable

Leveraging Tech
High-speed internet is nearly ubiquitous across Japan,
but its benefit to healthcare is hampered by rules,
systems, and business practices put in place before
the internet era. Healthcare data is stored in a way thatmakes it difficult to share among stakeholders. Thisissue became obvious as the Covid-19 pandemic tookhold and the country found it difficult to: Track medical supplies
 Monitor public health Analyze collected data
Medical devices in Japan now carry a uniquedevice identifier and all products are labeled with a
GS1-128 bar code that contains a Global Trade Item
Number. Some products, such as those related toorthopedics, are even tagged with radio frequency
identification (RFID) information so that every item
can be tracked, traced, and reported on.

 Standardize the RFID format
 Develop a platform to store and share data
The platform will enable manufactures to offer
products that allow stakeholders to use all associatedinformation to improve the quality and productivityof the healthcare system and to stabilize the supply of
medical products. Expected to be available in mid-2022,
the platform is being developed under the Smart Logistics Service portion of the Japanese government’s Crossministerial Strategic Innovation Promotion Program.

Mark Kawai
Co-chair
ACCJ Healthcare
Committee

Government Support

traceability of drugs and medical devices to improvesafety and efficiency in hospitals. The goal of this study
group is to set the basic feature requirements for electronic health-record systems used in hospitals. Guiding documents help hospitals and vendors introduce
and use bar codes and RFID technology. With these
two systems, traceability in the Japanese healthcare
system can be dramatically improved.
Traceability in healthcare enables us to see themovement of prescription drugs and medical devices
through the supply chain. We can trace the historyof the transfers and locations of a product, startingfrom the point of manufacture. We can also lookahead to see the intended route of the product to thepoint of care. It also helps provide greater oversightof medical device performance for effective postmarket surveillance in the event of adverse event
reports or product recall alerts.
With increased traceability and productivity
along the whole supply chain, the quality and efficiency of healthcare services provided in Japan will
improve, and a stable supply of medical goods will be
guaranteed. Data can also be collected automatically,and shared among stakeholders for analysis that willlead to improvements in care. n

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THE ACCJ JOURNAL • VOL. 58 • NO. 9

Still out there making surepeople have enough food.

Thank you.
SECOND HARVEST JAPANwww.2hj.org

TALENT

By C Bryan Jones

D&I Hiring in
Healthcare

23

Titan Consulting helps companies put diversity policies into actionIt has been two decades since the Japanese government set its target of having women in 30 percent
of management positions by 2020. The country
has fallen far short of that goal, which the government
has pushed off to 2030.
Titan Consulting K.K. Business Development Manager Sophia Plessier certainly noticed the imbalanceon her arrival in Japan. Coming from San Francisco,where discussion of diversity and inclusion (D&I) andsupport for women in business are a part of everyday

industry.” The way in which these companies approach
screening adds an extra layer that must be overcome,he explained, “but with this challenge come opportunities, and if you’ve got something which can potentiallyremedy that, then the most conservative industry is
probably where you want to try and apply the solution.”
The solution he speaks of is the D&I Spotlight
Package, which Titan has created, inspired by anotherproduct they offer to clients which focuses on medicaldoctor hiring. The package helps clients who wish tolife, she found it striking how few Japanese companies
were promoting these important issues.
At Titan, she helps clients increase the diversityof their leadership. It’s a natural progression of her
career in executive recruitment for the pharmaceutical, biotechnology, medical devices, and technology
industries. She began that journey in 2015 in the
United States, where she partnered with top healthcare companies to fill key spots in their management.

start putting their D&I policies into action through talent acquisition do so in the most effective way possible.
The D&I Spotlight Package is a 12-month commitment from Titan Consulting which starts with an
in-depth discussion to understand the client’s current
situation and business needs. Titan takes the time tounderstand the areas on which the client is aiming tofocus their D&I hiring and the foreseeable challenges.
This offers a close partnership in which Titan provides detailed market analysis, access to an extensive
network of professionals, a market map that identifies
candidates, and ongoing, proactive support. Whether
the client just wants a market map, needs to hire forkey positions, or has extensive hiring needs, Titan isready with a tailored service.
“We work with the client to pinpoint what typeof professionals they want to engage with,” explainedPartner Daniel McGrath. “Some clients have urgent
and immediate needs while others are more focusedon casual exploratory meetings for pipelining. Whatever their situation, Titan offers the opportunity toturn D&I hiring ambitions into reality for companies
that are serious about evolving their business.”

Focus on Diversity
Filling those positions is about more than just reaching a percentage. It’s about benefiting society throughthe innovation and solutions that emerge from teams
built on diverse views, experiences, and backgrounds.
And Titan’s area of focus—healthcare and life science—
requires a little extra attention.
As Business Operations Manager Sean Lindley
noted: “The benefits of having a more diverse leadership team are well established, but building that teamcan be more of a challenge in healthcare—especially inJapan—due to the somewhat conservative nature of the

Presented inpartnership with

Sophia Plessier
Business development
manager

Daniel McGrath
Partner

Sean LindleyBusiness operations
manager

Real World Results
Plessier shared an example of a successful placement.
In another case, a medical device client, which was
focused on Japan and had an entirely male executive team, was given a big incentive from the global
executives to push for more diversity. They needed
to replace their head of research and development,
so decided to invest in diversity hiring and workwith Titan. In just six weeks, the final candidate wasselected from three finalists.
If you’re ready to strengthen your management
team with more female leaders and greater diversity ofvoices and ideas, Titan Consulting is ready to help. n

Learn more about the
D&I Spotlight Package:titanconsulting.jp/diversity

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ECONOMY

By Jesper Koll

This Time Is
Different

24

A new and stronger Japan emerges“T
Jesper Koll
Global ambassador
Monex Group Inc.

his time is different.” These are four very
dangerous words. When you hear them,it always pays to be extra skeptical—especially in the context of someone giving you financial
advice or presenting an economic forecast. Personally,
I always hold on to my wallet extra tight when the “trustme, this time is different” clause is invoked. We’ve all
been there in our respective professions and passions;
it takes a thief to know a thief.
As an economic strategist and professional Japan
optimist, I certainly do have an extra hard time trying to
make my case. The legacy of Japan’s lost decades (1991–
2009) is incredibly strong. I often get a similar reaction
to the one that hard-core Elvis fans must get when they
insist that the King lives on. However, unlike the Kingof Rock ’n’ Roll, the Japanese economy is very much
alive. In fact, there is plenty of hard empirical evidence
that Japan not only has changed, but also that it has
what it takes to be an economic powerhouse—and theenvy of the world in terms of economic sustainability.
So, what’s different this time? Why won’t Japanslide back into another lost decade? That won’t happen
because three fundamental forces have changed fromnegative to positive: Corporate ownership Public policy
 Focus among the elite

Competition Welcome
The ownership structure of corporate Japan has

Listen to this story:
accj.or.jp/soundchanged from a closed, insider-based system to an
open, competitive one.
In economics, nothing matters more than owner­
ship. Equity ownership dictates the allocation of
resources. It is the very basis of power for all the essential corporate decisions: financial, strategic, humancapital. Ownership defines the true corporate culture.
Twenty years ago, more than half the equity ownershipof Japan Inc. was tied up in mochiai (cross-shareholding). Today, it is less than five percent.
This breakdown of Japan’s keiretsu (company
network) ownership structure is the key reason to
be bullish on Japan. The old Japan Inc. was a system
of insider capitalism that incentivized bad economic
decision-making. Group banks kept lending to groupcompanies, not on the basis of economic merit but for

THE ACCJ JOURNAL • VOL. 58 • NO. 9

the sake of maintaining relationships. Supply-chaingroup companies were forced into utter dependence
on the conglomerates and the banks that owned
them. This allowed de facto zero price power and noroom for competitive diversification or independence.
Imagine if your company had been built using
your brother-in-law as a supplier. Cutting him off
when a more efficient and better supplier emerged
basically would be impossible, while incentivizing
him to change his ways would take time.
In finance, the mochiai fueled a debt bubble andthen kept zombie companies alive for much longer
than their economic worth warranted. In management,
this enforced a “closed fortress” corporate cultureof rule followers and yes-man workers who, in thecase of failure, had nowhere to go, because the otherfortresses were not open to them.
In contrast, today’s corporate Japan has liberated
itself from the group-ownership straitjacket and hasturned from a membership-only club to an open-forbusiness structure.
The recent case involving attempted shareholder
vote suppression at Toshiba Corporation proves thepoint. The old Japan Inc. would have gone out of its way
to keep Toshiba in the group, thus holding the company’s
assets hostage to continued in-group control. Instead,Toshiba’s ownership has fundamentally changed.
Outside capital has come in and the assets arebeing strategically refocused on core competence.
This includes previously unthinkable actions.
Shareholders ousted the chief executive officer andchairman, while the board has become dominated byoutside directors’ opinions—even going so far as topropose a breakup of the company as the best forward
strategy for all stakeholders.
Just a couple of years ago, such moves were
unimaginable; but now they are happening. While
Toshiba is a dramatic case, we are seeing many
examples of economically rational changes in corporate strategies across all industries.
Make no mistake—this new openness has been
made possible by the removal of the cross-shareholding structure. Japan Inc. has turned from being
closed and insider-focused to being open; not justfor business, but to new strategic partnerships, open
innovation, and letting core-competence assets sweat
like never before. Yes, it is different this time.

Pro-growth Policy
Public policy has changed from political instability and ad hocism
to stability and pro-growth consistency.
From 1990 to 2012, Japan had one of the most unstable politicalleadership regimes in modern history. In contrast, today’s Japan
has become a bastion of political stability. Yes, we’ve just had anelection, and a new prime minister, Fumio Kishida, has taken office, but the policy team is full-on Liberal Democratic Party (LDP).
In sharp contrast to the aforementioned period of regime uncertainty, today the LDP controls just about two-thirds of the Diet.
Make no mistake: Japan’s LDP is the envy of the democratic
world. Unlike the situation for leaders in the United States and most
European countries, where ruling parties are struggling to secure amajority, Kishida’s political and parliamentary control is rock solid.
He can actually get things done. This is good news for the private

Whether or not you like Team Kishida, the major players dohave a solid track record of being pro-business and pro-growth.
There’s no question that more could be done to promote entrepreneurship and growth, but the basic direction is constructive. Most
importantly, a premature tightening of policy is now unlikely.
Where the 1990–2012 period was marked by repetitive stop-go-stopmonetary and fiscal boom–bust cycles, Team Kishida is keeping
a steady course of modest fiscal and monetary support.
In turn, this creates ideal conditions for the private sector todevelop not just stable growth, but to reach escape velocity. Yes,
this time is different—but not because Kishida is creating a newkind of capitalism, but because he’s Machiavellian enough tobegin by sticking with old and trusted methods.
Ominously, in Kishida’s inaugural policy speech to the Diet, hechose not to mention the word reform even once. He is basically

WHILE THE PAST DECADES WERE MARKED BY DEFEATISM AND
FATALISM, TODAY’S JAPAN IS MARKED BY AMBITION, CONFIDENCE,
AND A NEWFOUND IDEALISM.
sector—whether we identify as entrepreneurs, business leaders,investors, consumers, pensioners, or a combination thereof.
Of course, you may agree or disagree with some of Kishida’s
policies but, most importantly, he is turning out to be completely
predictable and his actions are consistent with those of his
predecessors. Just like former Prime Minister Shinzo Abe, he
immediately got to work and ordered a record boost in fiscal
spending. Also like Abe, he instructed the central bank to reaffirm the two-percent inflation target.
Again, Japan stands out compared with the United Statesand European nations, which all are beginning to cut back on
policy stimulus. Clearspeak: Kishida may have campaigned on
promises to create a new form of capitalism; but the moment
he took office, he turbocharged exactly the same old engines ofgrowth used by his predecessors.
For the private sector, the predictability and consistencyof policy is often more important than the content. The worst
thing the government can do is to flip-flop. The less trust
entrepreneurs and business leaders can place in stable policy—
whether tax and labor laws, investment rules, energy policy,
or healthcare costs—the more cautious they become. Just as
Japan’s political stability during the 1960s, ’70s, and ’80s was important to her economic success, the trap of political instability
and regime uncertainty was a huge negative factor cutting down
corporate animal spirits and the private sector’s willingness totake risks and invest for the future.

the first prime minister in more than two decades to omit it.
I am told this is because he sees himself as a builder, not areformer. If so, that could be great news. Japan thrives on theconcept of kaizen, (step-by-step, incremental improvements).
A builder and master-craftsman is much more revered than an
ambitious reformer.

A Transformed Elite
Corporate ownership and political stability are the deep structural changes that have taken place but, perhaps most importantly, the motivation and ambition of Japan’s ruling elite has
found a new focus. Simply put, the rise of China from developing economy to global competitor has focused their minds as
nothing else has in decades. No, Japan does not want to become
an economic colony of China.
While the past decades were marked by defeatism andfatalism, today’s Japan is marked by ambition, confidence, anda newfound idealism. Whether they are new entrepreneurs, thenext generation of big-business CEOs, or the new leaders of the
LDP, Japan’s elite are now united in their ambition to reassert
Japan’s rightful place as a globally relevant, top-tier nation andglobal rule maker.
Japan wants to be Japan, not the United States and not China.
Nobody yet knows what the new Japan will look like, but makeno mistake: a new Japan is being created.
Yes, this time is different. n

THE
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ACCJ JOURNAL
JOURNAL •• VOL.
VOL. 58 • NO. 925

CORPORATE GOVERNANCE

By Julian Ryall

26

TIPPING
POINT FOR
CHANGEINJECTING DIVERSITY INTO CORPORATE
JAPAN THROUGH OUTSIDE DIRECTORSTHE ACCJ JOURNAL
JOURNAL •• VOL.
VOL. 58
58 •• NO.
NO. 9927

Over the past decade, Japan has gone from lessthan one percent of directors at Japanesecompanies being female to about 10 percent atmany of the larger organizations. And while that figure
represents progress, it is by far an inferior diversityand-inclusion (D&I) performance than typically canbe seen at companies in the United States, Europe, andother parts of the world. Some of the largest corporations in France, for example, have boards on which
women account for 45 percent of the directors.
How Japanese companies might be encouraged
to overcome their apparent reluctance to welcome
women into their boardrooms was the topic of aNovember 15 virtual event, entitled Injecting Diversity through Outside Directors. It was hosted by theAmerican Chamber of Commerce in Japan Womenin Business Committee and moderated by corporate
governance consultancy Third Arrow Strategies LLC
founder Tracy Gopal. The discussion drew on theexperience and insight of three women who are committed to bringing change to Japan:
 Jin Montesano, executive officer and chief people
officer at LIXIL
 Jenifer Rogers, ACCJ president and general counsel
for Asia at Asurion
 Kaori Sasaki, founder and chief executive officerof ewoman, Inc.

into consideration many corporations’ reluctance toevolve. But it looks poor in comparison with other partsof the world that have really “accelerated their game,”
Rogers noted.
Her experiences on the boards of Kawasaki Heavy
Industries, Ltd., Mitsui & Co., Ltd., and Nissan MotorCo., Ltd. have reinforced the importance of the task,
and her presence is important on several levels. Female
staff have approached her and expressed gratitude that
she is changing the company by altering the face of theboard. Simultaneously, major investors are keen to see
diversity on a board and a willingness to accept nontraditional voices.
Beyond the boardroom, another area of evolutionthat can be seen is in a company’s internal dynamics.
“We know that diversity is a driver of innovation,”
Rogers said. “I personally feel that it’s my duty to speak
up and share my views, because that is why I have beenchosen to join a board as an outside director. And what
I’ve found at organizations on whose boards I serve isthat, whereas I used to be the first to ask a question or toshare my viewpoint, now I can’t get a word in edgewise.”Rogers said that what she really likes is how thischange has created synergy with top management.
“There are more obligations on external directors
around sustainability, the codification of the corporate governance code, talking about diversity, andother issues at the board level.”

WOMEN ARE AN INCREASINGLY CRITICAL PARTOF JAPAN’S WORKFORCE AND ARE NEEDED IN
BOARDROOMS TO HELP ENSURE THE LONG - TERMSTABILITY OF THE NATIONAL ECONOMY.
When that takes root, Rogers noted, it can trigger
a cascade of change that runs down to every corner ofthe organization.

term stability of the national economy. Having womenon corporate boards also encourages other female employees to make sure that their voices are represented.
It also helps attract the best and brightest.
At present, Japan’s corporate code merely suggests that company boards be balanced in their composition, including in terms of gender. However, thisrequest of sorts cannot sufficiently move the needle
when men have deep roots in the corporate culture.
Thus women such as Montesano, Rogers, and Sasaki
have “a responsibility to be the great change-makers,”
Gopal said.

“I really think that, when female directors have a lotof confidence and are good communicators, they cantruly be agents of change within the board dynamic.”
Yet, too often, a single minority voice on a board
is not sufficient to bring about change.
Being the only woman is a difficult position inwhich to be, Rogers admitted. “What you must do islearn how to have influence and make an impact. Forme, that means making friends with the other external
directors, which allows me to have a much broader
voice.”
One board on which she serves now has threefemale directors. This, she said, has resulted in asignificant change.
“It has altered the dynamic, and we have now hit
that magic number which shows there has been a

The change that has been witnessed in Japanese boardrooms might be considered quite rapid when one takes

Jenifer Rogers
General counsel for Asia
Asurion
ACCJ president

Kaori Sasaki
Founder and CEO
ewoman, Inc.

In her introduction, Gopal pointed out that womenare an increasingly critical part of Japan’s workforce
and are needed in boardrooms to help ensure the long-

Relative Progress

Jin Montesano
Executive officer andchief people officer
LIXIL

Tracy Gopal
Founder and CEO
Third Arrow
Strategies LLC

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THE ACCJ JOURNAL • VOL. 58 • NO. 9

28

Women’sRepresentation on
Corporate Boards
How are companies in select countries doing
when it comes to diversity among directors?
Women
Directorships

Three+
WOB

Zero
WOB

Compulsory
Quota?

2020

2019

34%

31.2%

71%

1.6%

No

31.3%

29.1%

75%

0%

No

43.3%

44.3%

100%

0%

Yes

25.2%

33.3%

77.6%

3.4%

Yes

16.6%

15.9%

18.6%

5.8%

Yes

10.7%

8.4%

5%

21.6%

No

25.5%

34%

66.7%

0%

Yes

38%

39.6%

91.2%

0%

No

Australia

CanadaFranceGermany

India

Japan

The Netherlands

Sweden

26.1%

24.9%

54.8%

0%

No

34.3%

31.7%

84.8%

0%

No

Switzerland

United Kingdom

United States

28.2%

26.1%

Source: Catalyst

THE ACCJ JOURNAL • VOL. 58 • NO. 9

66%

0.2%

CA only

general shift in the organization: it is committed todiversity,” she explained. “If you have three women,
then you have enough representation to make adifference. Each woman feels comfortable with thatlevel of diversity.”

Sustaining Change
For Montesano, three key components must be inplace to make D&I a truly sustainable endeavor:
 A corporate culture that is genuinely more
inclusive Credible and authentic leadership D&I-focused human resource policies andpracticesShe agreed with Rogers’ point about reaching atipping point of minorities on a board, somethingthat LIXIL has been keen to attain.
“Our D&I commitment was to achieve 50/50
gender equity on our board by 2030, and we are
already at 30 percent,” she said. “At present, the board
has three women. And while one might be [seen as] aquota to make women feel better, three normalizes
the situation. Then you’re no longer having a conversation about gender; you’re actually having real
conversations as a diverse board. And from there,
you go from strength to strength.”
Immediately after being appointed LIXIL’s chief
people officer, Montesano said she spent a lot of time
examining data and conducting her own research todetermine D&I best practices, as well as to tailor astrategy best suited to LIXIL. Her seat on the LIXIL
board also enables her to act as a strong bridge
between the board’s direction and the company’s
D&I strategy.
“What I found is that you must focus on the I,
or inclusion, not on diversity,” she said. “If inclusion
is the goal, then diversity is the natural outcome.”
This, she noted makes real D&I change much moresustainable.
That determination has enabled LIXIL to formulate the hypothesis that drives its D&I agenda. The
company crafted its approach by asking questions
such as: How can an inclusive culture be created?
 How can managers demonstrate more empathy?
 How can people best be trained to practice inclusive behaviors?
 How can leadership embrace the actions needed
to be genuinely inclusive?
 How can a company eliminate bias from policies,
processes, and practices?
A key LIXIL initiative during the coronavirus
pandemic has been to maximize flexibility in theworkplace for women.
Of course, working from home—something thathas been critical during the pandemic—was one ele-

29

“I REALLY THINK THAT, WHEN FEMALE DIRECTORS HAVE A LOT
OF CONFIDENCE AND ARE GOOD COMMUNICATORS, THEY CANTRULY BE AGENTS OF CHANGE WITHIN THE BOARD DYNAMIC.”
ment of this, but the company has also stepped up its self- andfamily-care policies. For example, 10 days have been added tomaternity leave, and the entitlement has been made more flexible; an employee can now take the time off in half-day or evenhourly increments.
Montesano also called for more women to take the plunge
and actively seek promotion to serve on corporate boards. She
said that she knows there are women ready to make their voiceheard, because she meets them all the time.
“The number might seem small but, in absolute terms, it’s apretty healthy size,” she explained. “For women who are considering it, I think it is really about putting your hand up to sit on
this or that statutory entity internally, then joining outside nonprofit boards, which are always looking for talented people.”
Montesano believes this can really accelerate things. “In my
own company, my CEO is supportive of me sitting on an outsideboard. While many other companies may not have considered
encouraging it, I hope they will. It would accelerate D&I acrossbelieve that they are diverse if they just reach a set number offemale employees.
“Diversity is not just a gender issue; diversity of thought isvery important for a company’s growth. We need to bring a new
angle, a new direction of ideas into boardrooms.”
She added that the public, as well as ESG investors, areasking which companies are performing well on D&I. Suchinformation often influences their investment decisions. But
the current rankings only utilize the data which companies tochoose to make public, so they don’t accurately reflect the true
D&I culture at these companies.
To remedy this situation, and to help companies determine
the status of their own D&I efforts compared with their peers,
Sasaki’s ewoman assembled a group of international experts todesign the Diversity Index (DI). The DI measures the diversity ofan organization by combining the numerical data with the attitudes and perceptions of every employee and executive throughan online survey and exam. It not only reveals the true state ofJapan and add more gender diversity to boards.”

D&I in a company, it identifies training opportunities and serves
as a recruiting tool.

Growing Curiosity
For ewoman founder Sasaki, there has been visible change inthe 35 years since she started her first company, Unicul International. Over the past 26 years, Sasaki’s International Conference
for Women in Business has been a catalyst for this change and is
widely recognized as spearheading the D&I movement in Japan.
“Compared with 30 years ago, more women are in executive
or leadership positions and, at the conference, they like to learn
more about diversity, global issues, and how to climb the corporate ladder,” she explained.
Sasaki, who has been serving as an outside board memberof corporations for 13 years—and currently sits on the boardsof four companies—created the female board-member network
called The Board. She noted that most companies continue to

Buying In
All three women concluded that the outlook is positive forwomen in senior positions and also, more broadly, for D&I at
Japanese corporations.
Rogers summed it up: “The reality is that, for all companies inJapan, there is demographic pressure. It’s the external competitive market that is driving the use of that pool of talented womenin Japan who are highly talented but, at present, underutilized.
“I believe that CEOs and CFOs are now really buying into
it,” she added. “They can see how diversity can transform theirorganization and allow people to really bring their best self towork. The leaders have targets, are measuring, and are increasing disclosure. It really is an articulated priority.” n

THE ACCJ JOURNAL • VOL. 58 • NO. 9

30

THE ACCJ JOURNAL • VOL. 58 • NO. 9

DIVERSITY

By Malcolm Foster

HIDDEN
TREASURE
CAN WOMEN OVERCOME OBSTACLES
TO FILL JAPAN’S TECH GAP?

T

he Japanese government calls it a “digital cliff”—a projected shortfall of 450,000
engineers, programmers, and other tech workers needed by 2030 to undertakethe country’s digital transformation.
Harnessing the largely untapped potential of Japanese women—who are drastically underrepresented in science, engineering, and computer programming jobs andcollege degrees—could help narrow that gap.
“Authorities realize they face a big labor shortage, and some people talk about opening up immigration. But, already, we have a huge resource: Japan’s hidden treasure is
the power of women,” said Annie Chang, vice-chair of the ACCJ Independent BusinessCommittee and head of IT recruiting company AC Global Solutions Ltd. In 2013, Changco-founded Women in Technology Japan, a group dedicated to boosting female participation in the tech industry through workshops and mentorships.
And yet women face a host of obstacles—cultural, educational, corporate, andfamilial—that keep them from playing bigger roles in technology. As a result, Japan has
a large digital gender gap, with some of the lowest shares globally of women in tech jobs
and college programs, even compared with many developing Asian nations.
According to UNESCO data, just 14 percent of university graduates with engineering
degrees in Japan are women. Compare this with 20.4 percent in the United States, 24.5
percent in the Philippines, and 30.8 percent in India. Among engineering researchers,
Japanese women account for just 5.6 percent. That’s left a dearth of female role models
to inspire girls about their futures.

s“It’s embarrassing,” said Asumi Saito, 30, who co-founded Waffle, a non-profit in Japanthat works to support teenage girls interested in science and technology at a critical juncture in their lives, when they must choose between pursuing science or humanities tracks
in high school.
“I’m hopeful about the younger generation,” said Saito, who believes that bringing
more women into technology will benefit the broader economy and society. “It will leadto greater diversity in innovations and, likely, more humane applications of technology
in areas such as health and childcare.”
Allowing women to play a bigger role in the tech industry would “lead to so many
more business opportunities,” said Yan Fan, a software programmer who previously
worked in Silicon Valley and, in 2017, co-founded coding academy Code Chrysalis,which runs intensive 12-week programming boot camps in Japan. About a quarter of
its students are women. Fan and her academy were featured in the April 2019 issue of
The ACCJ Journal.
From left: Asumi Saito and Sayaka Tanaka, co-founders of Waffle, a non-profit which works
with girls in Japan as they choose between science and humanities tracks in high school.

THE ACCJ JOURNAL • VOL. 58 • NO. 9

31

32

“The message I want Japanese women to have is: ‘You are 50
percent of one of the most powerful economies in the world. You
are a significant part of the workplace,’” Fan explained.
And that could lift Japan on the IMD World Digital Competitiveness Ranking, where the country languishes at 28th globallyand seventh in Asia, behind Hong Kong, Singapore, China, andSouth Korea.

Systemic Change
But Japan’s digital transformation could leave many of its women
behind. Those at home with children, or who are middle-aged,
have little chance to learn new in-demand skills, such as programming, machine learning engineering, and data science.
That’s a global concern: as automation takes over low-skilledjobs around the world, women stand to lose more than men, the2021 UNESCO Science Report warns.
Fan isn’t confident that Japanese society can shed the constraints and cultural assumptions that impede women. She points
to the oft-heard microaggression, “Even a housewife can do this,”as an example of the mindset that grips Japan. “When you hearthose kinds of things day after day, it becomes ingrained in you.”
Systemic change is needed, Fan said. “The onus seems to fall
mostly on women. There’s little talk about all the other changes
that need to happen for women to actually make the space intheir lives to learn new skills. So, I think women will fall further
behind as the country digitizes.”
Still, Fan is optimistic about Japan’s potential—and the wider
impact it can have. “If we can elevate women in this society, we
can create reverberations throughout the world just due to thesheer size and power of Japan’s culture and its economy.”

Mindset Change
There are signs of modest progress. Compared with 20 years
ago, there’s greater awareness of diversity, and companies aretaking steps to hire and promote more women. That’s thanks
partly to former Prime Minister Shinzo Abe’s promotion of

28

Womenomics, a term he apparently borrowed from Kathy Matsui,
the former Goldman Sachs Japan vice-chair who, earlier this year,
co-founded MPower Partners, Japan’s first venture capital fund focused on environmental, social, and corporate governance (ESG).
“Just the fact that diversity is part of the vernacular is a huge
step forward,” Matsui said.
But, more importantly, there’s been a mindset change atsome corporations. Leaders have realized that giving womenbigger roles in projects and leadership isn’t just a human rights
and equality issue, but a driver of economic growth, she added.
“If you don’t think diversity is a competitive and growth imperative, it really isn’t going to get any traction,” she said. “But if
you think it is a weapon for growth and a competitive advantage,and you filter that down through your organization, you can get
buy-in. Then you can start to change how you recruit, how you
evaluate, how you promote. That’s the only way you’re going to
get women into those leadership positions.”
One step in this direction is the appointment of Yoko Ishikura,professor emeritus of Hitotsubashi University, to be the No. 2
official in charge of Japan’s new Digital Agency.
The number of women seeking and finding jobs in the techindustry is slowly growing. Of the 27,300 candidates placed bytech recruiting company Wahl + Case since 2014, the portion who
are women has risen from 27 percent to 38 percent, explained
founder Casey Wahl. However, women make up 14 percent inhighly technical positions such as software coding, he said; more
go into marketing and product design.
Women who do land tech jobs find they pay better thanwork in many other industries. The average annual salary forcandidates recently placed by Wahl + Case has been about¥9 million ($80,000).
Compared with 20 years ago, Wahl said he sees majorchanges in the role of women in the workplace. “There’s a big
trend going on, a generational time shift,” he noted. “The people
in their thirties and forties—when they get into power, thenthings will change even more.”

Japan’s Digital
Readiness Ranking
Among 64 countries examined in the 2021 IMD Digital Competitiveness Ranking,Japan’s overall position fell from the year before. Its ranking for all three key
factors also dropped, while some progress was made in sub-factors.

25

27

30

Knowledge

Future ReadinessTechnology

Talent: 47 (46)Training and education: 21 (18)Scientific concentration: 13 (11)Regulatory framework: 48 (44)Capital: 37 (33)Technological framework: 8 (5)Adaptive attitudes: 18 (19)Business agility: 53 (56)
IT integration: 23 (23)THE ACCJ JOURNAL • VOL. 58 • NO. 9

The combination of soaring demand for tech jobs
and greater commitment to diversity presents womenwith an opening—provided they have the right skills.
“Women have a great opportunity now,” Chang said.
“But the pipeline is so small. How do you increase thisfrom the grassroots level?”Home Front
Parents and teachers have the biggest responsibility innurturing—or discouraging—girls’ interest in science,
math, and computers, Chang, Matsui, and others said.
When Chang asks Japanese female engineers
who had the biggest influence on their career choice,the frequent response is their fathers. Ironically, it ismore often their mothers who tried to dissuade them,she explained. “The moms are generally stuck at home,so they don’t have much exposure to technology.
They’re not very encouraging of daughters who areinterested in science and don’t think the image is very
good.” Some even worry about their daughter’s marriage prospects if they pursue an engineering career.
Even today, there is a persistent bias in Japanthat girls aren’t particularly good at science andmath. Parents and teachers may express such views,
and girls pick up cues from anime and TV shows

Haruka Fujiwara, 34, who has been teaching andcoordinating programming classes at her school in
Tsukuba, located north of Tokyo in Ibaraki Prefecture.
“The kids love it. They naturally engage witheach other and talk about projects together. Children
who were kind of quiet or not very confident now
brag about their projects,” Fujiwara said. “I haven’t
seen any gender difference in enthusiasm or ability.”
To create projects, fifth and sixth graders use software and tools such as Microsoft Excel and Scratch, a
coding language and community developed for children by the US-based non-profit Scratch Foundation.
One of their projects measured the amount of carbon
dioxide in the air, Fujiwara explained. Seventh graders
at her school start learning the JavaScript programming language. “In the upcoming generation,” shesaid, “I think girls will be using computers just as
confidently as boys.”
Until age 15, Japanese boys and girls perform
equally well on international standardized math andscience tests. But a gap develops once they enter highschool and are required to choose between science andhumanities tracks. More girls choose the latter, perhaps because science seems daunting or because they
are encouraged to do so by their teachers or parents.

WHEN CHANG ASKS JAPANESE FEMALE ENGINEERS
WHO HAD THE BIGGEST INFLUENCE ON THEIRCAREER CHOICE, THE FREQUENT RESPONSE IS THEIRFATHERS. IRONICALLY, IT IS MORE OFTEN THEIR
MOTHERS WHO TRIED TO DISSUADE THEM.
that tend to portray boys tinkering with robots orcomputers, but not usually girls.
Those images can influence girls’ self-image andconfidence, said Miki Ito, 38, an aerospace engineer
and general manager at Astroscale, which is engaged
in removing space debris circling Earth. “There’s theidea that if you go study science at university, it’s fullof men, or it’s really difficult,” she said.
Ito’s parents were surprised but supportive when,
as a teen, she expressed a desire to study space. Her

The gender gap widens further in college andgraduate school, where engineering and tech programs are dominated by male students and teachers.
In many countries, this leaky pipeline phenomenon
is common: the higher the education level, the fewer the
women. But in Japan’s case, the flow narrows to a trickle.
And working women are generally expected toquit once they bear children, removing their ideas andcontributions from the marketplace. When womenare at home, they have few opportunities to gain tech

only model was Chiaki Mukai, Japan’s first female
astronaut. In college and graduate school, most of hercollege classmates and all her teachers were men, but
Ito said she didn’t encounter any discrimination.
“I actually think women are well-suited to programming. It involves setting up steps to carry out a plan, likegoing on a trip. Women are good at that kind of planningfor their families,” Ito said. “As more women take these
IT jobs, they will become role models for the younger
girls, who will realize they can do those jobs.”

skills, and tend to settle for part-time, low-paying
jobs such as supermarket cashiers—a position that is
dwindling as checkout kiosks take over.
While more young mothers are returning towork after maternity leave, finding daycare can bedifficult—especially if they have to work late. And
working women are still generally expected to domost of the housework and child-rearing, as well as
care for elderly parents or in-laws.
To flourish and advance in the workplace, women
may need to think more about how to brand them­selves—how they can use their unique gifts andstrengths to be successful, said Nancy Ngou, an ACCJ
governor and co-chair of the Human Resource Management Committee, who is also head of organizational change and diversity at accounting firm EY.

Digital Future
To prepare Japan’s youth for the digital future, thegovernment now requires computer programming
to be taught in elementary schools. At that age, boys
and girls are equally enthused about technology, said

33

Annie Chang
President
AC Global Solutions Ltd
Vice-chair
ACCJ Independent
Business Committee

Asumi Saito
Co-founder
WaffleYan FanCo-founder
Code Chrysalis

THE ACCJ JOURNAL • VOL. 58 • NO. 9

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Code Chrysalis (www.codechrysalis.io), a career-focused boot camp, offers courses that teach coding at any stage of coding experience.

“They shouldn’t have to emulate the male personality,” Ngou said. “Maybe they’re better at networking
or building trusting relationships with people. As aleader, those are very important qualities.”

Reframing the Narrative
At Waffle, Saito and her co-founder, Sayaka Tanaka,
are trying to change the narrative about technology
and gender.
They run one-day camps for girls in middle andhigh school that cover programming basics and offer
career talks, as well as hands-on experiences that emphasize the problem-solving, community-building,and entrepreneurial aspects of technology. “We wantto create a safe space where girls can talk about thesethings freely,” said Saito, 30, who holds a master’s degree in data analytics from the University of Arizona.
Earlier this year, Waffle supported 75 young
women who participated in a Technovation Girls
contest, in which teams developed and pitched apps
to a panel of judges. Many of the apps were intensely
practical. One provided advice on where to find vegan
food, and another divvied up household chores
among family members. Recently, they received a
grant from Google to support their work.
Saito said she receives text messages from girls
about the opposition they face at home. One said
her father refused to pay for her university tuition if
she was going to major in data science and told her
instead to study medicine—considered a scientificfield more suited to women. Another girl said herparents didn’t want her to study physics because
they were afraid that she would never get married.
“A lot of these girls don’t have adults around themto listen to them seriously,” said Saito. “That’s a hugeproblem in Japan.”Creative and Flexible
Coding academies have popped up across Japan, but
enrollment is heavily weighted toward men. Most
women simply don’t have the time, money, or inclination to attend.
Trying to make programming attractive to women,
Hitomi Yamazaki in April co-founded Ms. Engineer,
Japan’s first coding academy expressly for women.
With female models and muted purple tones, thewebsite emphasizes the flexibility that programming
offers, including working from home. Even the startup’sname is meant to convey the idea that being a female
engineer is cool.
“We wanted to avoid the geeky image and stressthe creative monozukuri aspects of programming,”
Yamazaki said, using a Japanese term meaning craftsmanship or making things. “We also emphasize that
programming is well-suited to a women’s work style—the freedom of working hours and location.”
Applicants to the first class want to change careers
or achieve more in their jobs, Yamazaki said, and 70
percent of inquiries have come from women withchildren. The pandemic has helped both working
women and stay-at-home moms realize that working
from home is a realistic option, she said.
Ms. Engineer aims to produce graduates who can
do full-stack programming, meaning they can design
web applications as well as manage databases and servers. The course costs ¥1.42 million, or about $13,000.
Yamazaki has worked to promote her new business among social media influencers, including Yuri
Sasagawa, a model, TV announcer, and new motherwho recently attended Ms. Engineer’s kickoff eventand tweeted enthusiastically about the future opportunities for female engineers.

Kathy Matsui
Co-founder
MPower Partners

Casey Wahl
Founder
Wahl + Case

Miki Ito
General Manager
Astroscale

THE ACCJ JOURNAL • VOL. 58 • NO. 9

Elevating Women

36

Companies embracing diversity have taken various approaches
to narrow the digital gender gap. Some have set numericaltargets and implemented steps to reach them, while others havefocused on changing hiring and promotional practices.
ACCJ member company Hitachi Ltd. recognizes that the
input of women is essential to address consumers’ needs, said
Tomoko Soma, a manager at the company’s diversity and inclusion development center. “Our entire business is changing, andwe are not trying to sell products as much as services that provide
solutions to everyday problems,” she explained. “To do that, weneed a variety of employees coming up with ideas.”
Hitachi, which has been implementing initiatives to supportand elevate women for more than 20 years, recently reached two
goals: the employment of 800 female managers, who account for
6.3 percent of all the company’s managers, and raising the portion of female senior executives to 10 percent.
By 2030, the company aims to raise the ratio of female senior
executives to 30 percent through its long-term plans to identify
and develop promising young employees and by absorbing talentthrough global acquisitions, Soma said.
In keeping with government guidelines, female Hitachi employees can take up to two years of maternity and childcare leave,then come back to the same job. If the women have a hard time
finding daycare for their child, Hitachi will help them and can
extend the leave for a third year. “In situations where there are nonursery vacancies, we don’t want women to quit their jobs just forthat reason,” Soma said.

Changing Hiring Practices
Online marketplace Mercari, launched in 2013 and one of Japan’s
most successful startups, decided not to set numerical targets
for women because doing so might lead to mistaken notions thatsome women were hired just to meet a quota, said D&I Strategy
Team Manager Hirona Hono. “People may feel that they have toreach the goal for the sake of reaching the goal, instead of addressing the fundamental problem behind why this is happening,”
she said.
Instead, the company has changed its hiring practices by
expanding the pool of candidates to include as many qualified
women as possible through recruiting events, women’s coding
groups, and other methods. It also has installed checks in thehiring process that might detect bias. Human resources staffers
check the pass-through ratios of male and female candidates
after each interview to see if there’s any significant disparity anddiscuss the results with division leaders, she said.
Hono also added a series of diversity questions to the company’s internal promotion recommendation forms, including
asking the person filling it out if other candidates from different
backgrounds had been considered. If they hadn’t been, shewants to know why. “These questions keep people accountable,”she said.
At EY, while female employees are out for maternity leave,
the company offers them a tablet so that they can stay connected to their peers and do e-learning if they want to stay up to
speed, Ngou said. The company also provides women returning
after maternity leave with an independent coaching service tohelp them work out daycare, their schedule, and the career theywant when they return.
For real change to occur, Ngou said, there must be genuine
commitment by the top of the organization—usually a man—displayed in public and behind closed doors. “If the leader
doesn’t take it seriously, isn’t active in it, and doesn’t hold hisother male leaders accountable for advancing women, nothing’s
going to happen.”
Once the top adopts a change, the middle managers can confidently carry out the policies throughout the company, Ngou explained. “The top is so important. Change happens middle-out inJapan. But without the top leader voicing it, nothing will happen.”

Hitomi Yamazaki’s Ms. Engineer (https://ms-engineer.jp) is Japan’s first coding academy expressly for women.

THE ACCJ JOURNAL • VOL. 58 • NO. 9

Not a Sense of Crisis
The Japanese government has come under fire fordoing little to address the shortage of women studying and training for jobs in technology—especiallysince doing so would help the country meet its digital transformation goals. One suggestion mentioned
by several people interviewed for this story was tooffer scholarships for female students interested instudying engineering.
“There’s still not a sense of crisis,” said Dr. Jackie
Steele, a Canadian political scientist who has lived
in Japan for more than 20 years. “I think Japan isgoing to have to hit an even bigger wall economically before the political and economic elite will
admit that there are systemic hierarchies rewarding
masculinity, senior age, and ethnocultural purity.
These biases must be consciously eliminated. This
undermines Japan’s ability to attract diverse talent ina global market.”To give middle and high school girls exposure totech workplaces, the government’s Gender Equality
Bureau Cabinet Office set up a program in 2015 that
promotes events where students can interact with

“Japan is one of the fastest-growing markets
globally for ESG investing. Every asset owner is increasingly focused on how to ‘ESG-ify’ their assets,”
Matsui said. So, in addition to examining company
fundamentals, fund managers are asking questions
about the company’s carbon footprint, as well as its
supply chain resilience, child labor policies, employee well-being, and the diversity of the workforce. “Tome, the ESG movement is going to be a huge force forchange,” she added.
A critical, but almost entirely overlooked, stepis to educate and support Japanese men about theirchanging roles in society—and to celebrate those
who are supportive husbands, said Wahl. There areplenty of seminars on what it means to be a working
mother, but virtually none on what it means to be aworking father. Many men assume that their mainrole is to work hard and provide for their families
financially, although that view is changing among
younger men.
“There should be a Husband of the Year award,”
said Wahl. “He should get a prize and all kinds of

MATSUI IS ENCOURAGED BY THE DIFFERENCES SHE
SEES AMONG THE YOUNG MEN WITH WHOM SHE
INTERACTS. “THEY DON’T NECESSARILY WANT TO
WORK LIKE THEIR FATHERS AND GRANDFATHERS,THEY DON’T WANT TO BE SLAVES TO THEIREMPLOYERS. THEY WANT TO SPEND MORE TIME
WITH THEIR FAMILIES.
female engineers, including those at ACCJ member
company Amazon Web Services Japan G.K., and visit
computer labs or university campuses. In 2019, some
36,000 people participated.
To help boost the number of workers with digitalskills, the Japanese government offers subsidies thatcover 70 percent of the cost of pre-approved training
courses in artificial intelligence, data science, andrecognition as his wife gives the speech about how
she is successful because of what he did. And this has
to be seen as cool.”
And if the government is going to offer womenscholarships in technology, then it should also offer
scholarships for men in caregiving, said Steele. “We
need to work on both sides of the equation,” she added.
“Men also face gender-based harassment if they strayother topics that are offered by private cram schools,
explained Takefumi Tanabe, a director at the Ministry of Economy, Trade and Industry. While these
don’t target women in particular, Tanabe sees Japan’s
digital transformation as an opportunity for women
to join the IT workforce.

from the corporate-warrior masculinity model.”Matsui is encouraged by the differences she seesamong the young men with whom she interacts.
“They don’t necessarily want to work like their fathers
and grandfathers, they don’t want to be slaves to theiremployers. They want to spend more time with theirfamilies. So, their values are more aligned with whatmany women have been striving for.”That bodes well for the future. “The younger
generation wants a world that is more equal. They
want their spouses or partners to maximize theirown potential,” Matsui added. “They’re still young, sothey’re not necessarily in decision-making roles. But
it’s only a matter of time before we see this generation leading Japan, and that makes me optimistic.” nHusband of the YearThe growth of ESG investing, or funding companies that meet certain environmental, social, andgovernance standards, can bring investor or market
pressure for change, said Matsui, whose MPowerPartners runs such a fund. For example, these funds
will focus on ESG considerations, such as board
diversity, which remains a big challenge in Japan.

37

Nancy Ngou
Associate partner
EY Strategy &Consulting Co., Ltd.
Co-chair
ACCJ Human Resource
Management Committee

Hirona Hono
Manager
D&I Strategy Team
Mercari, Inc.

Jackie Steele
Political scientist

THE ACCJ JOURNAL • VOL. 58 • NO. 9

TRAVEL

Of Sake andScythe Weasels

39

A surprising view of Tohoku with Alex Kerr and John GauntnerO

n November 4, an evening of culture, flavors,
and learning took place at Kojima Sohonten
Co., Ltd., Japan’s 13th-oldest sake brewery,
established in 1597. Located in Yonezawa, Yamagata
Prefecture, Kojima Sohonten is best known for its
award-winning Toko sake. When you’re inside thebrewery, the dedication and craftsmanship of morethan 400 years of brewing seem to infuse the darkened wood of the huge barrels. On this day, however,amid the ongoing travel restrictions, it was innovation—along with multiple cameras—that helped
bring the historical setting to travel writers on theeast coast of the United States.
Jarman International KK proposed the special
webinar as a way to satisfy the wanderlust of frustrated Japan lovers overseas. We used our Covidinduced thinking time to bring together sake expert
John Gauntner and author Alex Kerr to speak about
what makes the Tohoku region so culturally distinct.
The event was hosted by the Japan National Tourism
Organization’s New York office and co-produced with
JR East Marketing & Communications, Inc., knownas JEKI.

Flavorful Culture
What better way to connect with viewers than tosend delicious sake to each, along with recipes which
perfectly match the various brews? Perhaps having
Gauntner and Kerr intertwine the story of Tohokuwith an engaging discussion about sake flavor profiles and bouquets?

(Counterclockwise from front left:) Kerr, Gauntner, Chiara Terzuolo, and Ruth Jarman
with Toko CEO Kenichiro Kojima and Chairman Yazaemon Kojima.

The evening proved to be the perfect appetizer
for the travel boom we expect will hit next spring.
Gauntner taught participants how to properly heatand taste sake, suggested pairings for various cuisines,
and vividly showed how the flavor profile of eachbottle is deeply connected to the region, its rice, andthe craftsmanship.
Lost Japan author Kerr brought to life the mystical side of Tohoku. Do you know what bait to use tocatch a kappa (river sprite) in Iwate? Have you heard
the chilling tale of the kamaitachi (scythe weasel)?

Presented inpartnership with

Travel Preview
Tohoku is also filled with beautiful hamlets, forgotten
by time, and is home to some of the few
remaining views of old Japan, such as the
now-rare red pines and the last surviving
garden of the Heian Period (794–1185).
As people around the world connect
with Tohoku through innovative online
events, we expect more travelers to follow
the lead of Dr. Edwin O. Reischauer, former
US Ambassador to Japan, and venture to
the “other side of the mountain.” Tohoku
is the cradle of Japanese civilization, andis sure to wow any visitor with colorful
festivals, thatched villages, folklore, and,of course, plenty of wonderful sake. n

Watch The Culture andSake in Tohoku: An Evening
with Alex Kerr and John
Gauntner on YouTube.

Listen to this story:
accj.or.jp/sound

THE ACCJ JOURNAL • VOL. 58 • NO. 9

TRAVEL

40

Presented in partnership with the
Kumamoto Prefectural Tourism Federation

ExploreKumamoto

Nature and culture await on the island of Kyushu

The southern island of Kyushu is famousfor hot springs, active volcanoes, breathtaking nature filled with lush greenery,
and a relaxing lifestyle that is a refreshing
escape from the hustle and bustle of Tokyo.
If you are looking for a domestic getawaythat will delight the whole family, you can’t
go wrong in Kumamoto, the island’s thirdlargest city. Here are 12 must-visit locationsin the city and around the prefecture.

Kumamoto Castle
One of the three most famous castles in Japan,
Kumamoto Castle was built in 1607 by the daimyo
Kato Kiyomasa (1562–1611). It was one of the mainstages of the Satsuma Rebellion in 1877, during which
it was partially burned. The castle was designatedan Important Cultural Property in 1933 and themain keep, along with several walls and towers, wasrebuilt in 1960. The grounds, which are home to the
Kumamoto Museum and Kumamoto Prefectural
Art Museum, are particularly beautiful
during cherry blossom season (late March).
The castle tower was damaged during theseries of earthquakes that struck Kumamoto in 2016, but reconstruction has
progressed and you can once again enter.
https://castle.kumamoto-guide.jp/en/

JosaienA small shopping center modeled after
the alleys of an Edo-Period castle town,
Josaien in located right next to Kumamoto Castle. It’s a great spot for
exploring the culinary delights of the region and picking up souvenirs. It
is also home to Yamami Chaya, a restaurant specializing in horse meat.
https://josaien-shops.jp

Suizenji Jojuen Garden
A Momoyama-style tsukiyama (circular) garden, Suizenji Jojuen was built
in its current form in 1671 by the
feudal lord Tadatoshi Hosokawa(1586–1641). The main feature of the
640,000-square-meter grounds isthe Izumi Shrine. The garden was
officially designated a National
Scenic Spot and a National Historic
Site in 1929. www.suizenji.or.jp

Higo Zogan
Specializing in Higo zogan, a traditional craft of the prefecture, Mitsusuke is a workshop
established in 1874 that prides itself in continuing the 400-year-old art form and evolving it with the times. The workshop’s pieces have been commissioned by the Imperial
Household as well as by the prefectural government. Here you can learn to craft a small
piece with designs that include the famous Kumamoto Castle or the beloved local character Kumamon. https://mitsusuke.com

THE ACCJ JOURNAL • VOL. 58 • NO. 9

41
MeihodoFumoto Ryokan

This 60,000-square-meter facility surrounded by nature wasdesigned to resemble a traditional samurai villa. Built in 1997 asa private martial arts training facility, it gradually expanded its
activities to a broad range of learning experiences focused on
traditional Japanese arts and crafts. http://meihodojp.com

Founded in 1955, Fumoto Ryokan is a gorgeous traditional
Japanese inn located at the heart of Kurokawa Onsen. Open-air
and guest-only hot springs, as well as traditional Japanese-stylerooms with tatami and futon, provide a simple, cozy, and relaxing
experience. www.fumotoryokan.com/en/index.html

Aso Volcano Museum

Kokindenju no Ma

Established in 1982, Aso Volcano Museum helps visitors better
understand Japan’s largest active volcano. The second and third
floors feature an exhibition about volcanoes, local wildlife, anda 17-minute documentary on the history of Mount Aso. There’s
also an observation deck. www.asomuse.jp/facility/

A beautiful tea house inside Suizenji Jojuen Garden, Kokindenju
no Ma was built inside the Kyoto Imperial Palace during the Edo
Period and moved to its current location in 1912. Enjoy matcha
with sweets while sitting on tatami and contemplating the tsukiyama landscape. www.kobai.jp/kokin/

Kurokawa Onsen

Kimono Experience

North of Mount Aso, this beautiful onsen village with a history
spanning more than 300 years boasts some 30 outdoor onsen (hotspring) ryokan. Wooden architecture dominates the landscapein this small valley, transporting visitors to olden days surroundedby nature’s beauty. www.kurokawaonsen.or.jp/eng_new/

If you’d like to try a traditional Japanese kimono—or the more casual yukata, which is popular in summer—drop by Wa Collection
Mito, a shop founded in 1967 and located next to Suizenji Jojuen
Garden. With a selection numbering over 200, they have designs
that appeal to everyone. https://wa-collection.jp

Mount Kishima Trekking

Aso Kuju Cycle TourOne of five peaks in the Mount Aso area, Mount Kishima offers
trekking with an elevation difference of about 200 meters. It
takes about two hours to traverse the trekking course, startingat the Aso Volcano Museum. From the top of the mountain,

An excellent option for exploring the breathtaking landscapesand highlights of the countryside area surrounding Aso-Kuju
National Park, Aso Kuju Cycle Tour offers many family-friendly
options as well as those designed for different fitness levels.

you can enjoy great views. www.aso-geopark.jp/kyoukai/event/
events.shtml?no=9

http://aso-cycletour.com

THE ACCJ JOURNAL • VOL. 58 • NO. 9

TRAVELIiyama WinterWonderland

42

Enjoy a family vacation or workcation off the beaten pathPresented inpartnership withNagano is well known as a destination for winter fun, thanks to its role as host of the 1998
Winter Olympics. As a result of that global
prominence, a high number of visitors chart course
for the beautiful, snowy landscape where those WinterGames were held. The area is home to many excellent
ski resorts, such as Nozawa Onsen and Ikurao Kogen—conveniently located near Iiyama Station—where youcan enjoy powder just two hours from Tokyo.

Madarao Mountain Resort

Shinshu-Iiyama
Tourism Bureau
iiyama-ouendan.net/en/

Listen to this story:
accj.or.jp/soundSnowy fun for the whole family awaits at the largestof Iiyama’s resorts. At an altitude of 1,350 meters—
just shy of the 1,382-meter peak of Mount Madarao—
this resort boasts 29 courses accessible via 16 lifts.
The Madarao Mountain Hotel, with its Japaneseand Western-style accommodations, is a great basefrom which to venture into the snow. Ski lessons withEnglish-speaking instructors, backcountry tours,
and a play area with a wide sledding run where canfrolic in the snow kids provide something for all skill
levels. And for those looking to escape the city but
still get remote work done in a relaxing and inspiring
atmosphere, the Madarao Mountain Resort is a great
choice for a workcation.

THE ACCJ JOURNAL • VOL. 58 • NO. 9

Togari Onsen Snow Resort
Nestled in the Sekita mountain range bordering
Nagano and Niigata Prefectures, Togari Onsen Snow
Resort is smaller and has fewer runs but offers something unique: Japan’s only snowbike park. If plunging
down the slopes on a fat-tired mountain bike sounds
like just the sort of exhilarating experience you needafter so many months at home, this is the destination
for you. Three distinct slopes, reserved exclusively for
cyclists, offer options for riders of all abilities. There’s
a simple slalom skills course with limited moguls,
a technical course with narrow trails and groves,and an 800-meter downhill slope. For kids, there isalso Snow Strider Park, where those not ready for asnowbike can ride a strider, a bicycle without pedals
designed for children.

Nabekura Kogen Heights Mori-no-Ie
Away from the slopes you’ll find another enchanting experience on the Madarao Plateau, in Iiyama
City. A collection of cottages nestled in the beautiful
beech forest are available for rent and can accommodate groups of five to seven. With fully equipped
kitchens, wood-burning stoves or space heaters, andJapanese and Western-style lodging, these cottages
are ideal for a tranquil and safe getaway that puts you
back in touch with nature. Snowshoe through thebeautiful forest and along streams, or take a night
hike in the snow and enjoy the moonlight and starryskies. Numerous pensions can also be found around
Madarao. With private rooms and shared dining andbath facilities, most are family run and offer great
hospitality and home-cooked meals.

Madarao
Mountain Resort
madarao.jp/en

Togari Onsen
Snow Resort
togari.jp/winter/enNabekura Kogen
Heights Mori-no-Ie
nabekura.net/english

IiyamaKamakura Village
iiyama-ouendan.net/en

43

Iiyama Kamakura Village
Another ethereal experience to be had isevening dining in a kamakura, a traditional
domed hut made of snow. Each winter,from late January to late February,
20 of these huts are built to form
the makeshift Iiyama Kamakura
Village. Originally a place toworship the gods, the kamakura
is today used as a place to savornabe (hot pot), a Japanese dishof local vegetables, mushrooms,
and pork that will warm you up as
you relax in the snowy paradise.
During the day, you can enjoy activities
such as sledding and riding a snowmobile.

Book Your Trip
Ready for a winter experience you won’t
soon forget? Whether for a family vacation or a productive workcation, Iiyama
Tabi-Tabi plans make arranging yourtrip simple. Several one- and two-night
itineraries are available that include theactivities described here. Just book yourchoice and let our friendly staff handle therest. All you have to do is relax and enjoy
a winter holiday.

AccessTake the Hakutaka on the Hokuriku
Shinkansen from Tokyo Station to Iiyama
Station. The journey takes about 110 minutes and costs about ¥8,250. n

THE ACCJ JOURNAL • VOL. 58 • NO. 9

YOUR
URBAN
HUB

Enrich your workday at Tokyo American Club’s
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Talk to us about membership today.
03-4588-0687 | membership@tac-club.org
nihonbashi.tokyoamericanclub.org

ACCOUNTING

By Harold Young

Added Disclosures
Proposed reporting rules eye supplier finance arrangementsT

he journal entries used to record the trans­
actions of a typical trading company seembasic and are usually taught in introductory
accounting classes. But while simple, when coupledwith financial management concepts such as reverse
factoring, supply chain finance, or supplier financearrangement, these entries may require additional disclosures for financial reporting purposes. In November,the International Accounting Standards Board (IASB)
proposed additional disclosure requirements to enhance
the transparency of supplier finance arrangements.

The Transaction
A trading company generally purchases on accountfrom its suppliers, and is invoiced after the receipt ofgoods. This poses no issues if the company is in goodfinancial condition, but it can be a challenge if thecompany has liquidity concerns. When a company cannot pay the invoiced amount, as a rule the supplier will
decline further transactions with the company or will
impose stringent credit measures. This may disrupt
the company’s supply chain. To avoid this and secure
the supply chain, the company may enter into a supplier finance arrangement with a financial institution.

Investors require more detailed
disclosures about … supply
chain finance arrangements.
Under such an arrangement, the financial institution pays the supplier at a discounted rate and thecompany later reimburses the financial institution.
This may sound like factoring, but it differs in that factoring is normally initiated by the supplier, who sells
its accounts receivable. Here, reverse factoring is initiated by the buyer obtaining a loan to defray payables.
A supplier finance arrangement is beneficial forboth supplier and buyer. The former is assured of
payment and can collect the amount due earlier thanthe due date of the invoice, while the buyer benefits
from an extended due date.

Accounting Concerns
But there are things to consider. On the supplier’s side,
such an arrangement is like selling accounts receivableto a financial institution, only it is buyer initiated.
In other words, like a factoring of receivables, this canbe viewed as off-balance-sheet financing that allows acompany to increase its cash without reporting a corresponding increase in liability or equity.

On the buyer’s side, a supplier finance arrangement adds another layer to the purchase-to-pay cycle.
Instead of the usual buy and pay, it becomes buy, loan,
and pay. The issue here is whether accounts payable
must be converted into loans payable and disclosed infinancial statements.
International Financial Reporting Standards 7
Financial Instruments: Disclosures (IFRS 7) requires anentity to disclose information that enables users of its
financial statements to evaluate the nature and extent
of risks arising from financial instruments to which
the entity is exposed at the end of the reporting period.
International Accounting Standards 1 Presentationof Financial Statements (IAS 1) requires companies todistinguish financing from working capital purposes.
A company that is protecting its current ratio would
like the payable, arising from the supplier financearrangement, to be classified as loans payable insteadof trades payable. This is because loans payable canbe reported as non-current when they are to be settled
more than 12 months after the reporting period. Thiscannot be done for trades payable, which are always
reported as current liabilities even if they are due to besettled more than 12 months after the reporting period.
Thus, a disclosure requirement for supplier finance arrangements is necessary to understand the transaction
and standardize the financial reporting requirements.
As IASB Chair Andreas Barckow explained:“Investors require more detailed disclosures aboutcompanies’ supply chain finance arrangements, asthese funding practices are becoming increasingly
common. The proposed requirements are designed
to give investors the information they need to assess
the effects of such finance arrangements on a company’s liabilities and cash flows.”

Presented inpartnership with

Harold Young
is a secondee toand manager at theTokyo office of Grant
Thornton Japan. He
previously worked atPunongbayan & Araullo
GT in the Philippines,
where he was involved
in financial statements
audits for the realestate, manufacturing,and business process
outsourcing industries.

www.grantthornton.jp/en
For more information,please contact Grant Thornton
Japan at info@jp.gt.com.

Proposed Solution
The IASB plans to amend IFRS 7 and IAS 7 Statementof Cash Flows, to require buyer companies to disclose
information that enables investors to assess the effects
of a company’s supplier finance arrangements on its
liabilities and cash flows.
The proposed rule requires an entity to disclose,
at the beginning and end of the reporting period, theline items in the statement of financial position inwhich the entity presents financial liabilities that arepart of a supplier finance arrangement.
The proposed financial reporting requirements
for supplier finance arrangements are still on the
IASB’s exposure draft and are open for comment until
March 28, 2022. n

Listen to this story:
accj.or.jp/sound

THE ACCJ JOURNAL • VOL. 58 • NO. 9

45

Corporate Sustaining
Member Companies
The ACCJ thanks these organizations for their extensive participation, which provides a cornerstone in the chamber’s efforts topromote a better business climate in Japan. Information as of December 20, 2021.

PRESIDENT’S CIRCLE

3M Japan Limited

EY Japan

Naigai Industries, Inc.

Abbott Laboratories/Abbott Japan LLC

Facebook Japan

Nippon Boehringer Ingelheim Co., Ltd.

AbbVieFederal Express Japan Godo Kaisha

Northrop Grumman Japan

Adobe KK

Freshfields Bruckhaus Deringer Tokyo

Novartis

Aflac

GE JapanNTT

AIG Companies in Japan

Gensler and Associates/International, Ltd.

Oak Lawn Marketing, Inc.

Amazon Japan G.K.

Gilead Sciences K.K.

Oshidori-MGA Japan K.K.

Amway Japan G.K.

Goldman Sachs Japan Co., Ltd.

P&G Japan G.K.

AstraZeneca K.K.

GR Japan K.K.

Pattern Energy Group LP

Asurion Japan Holdings G.K.

Hard Rock Japan LLC

Pfizer Japan Inc.

Bank of America

HiltonPrudential Financial, Inc.

Bayer Yakuhin, Ltd.

IBM Japan, Ltd.

PwC Japan

Bloomberg L.P.

IHG ANA Hotels Group Japan

Qualcomm Japan LLC

Boeing Japan K.K.

IQVIA

Randstad K.K.

Bristol-Myers Squibb K.K.

Johnson & Johnson Family of Companies

Robert Walters Japan K.K.

Brookfield Asset Management

KPMG

salesforce.com Co., Ltd.

Carlyle Japan LLC

Kraft Heinz Japan

Squire Patton Boggs

Caterpillar

Lenovo Japan Ltd.

State Street

Chevron International Gas Inc. Japan Branch

Lockheed Martin

Stryker Japan K.K.

Citigroup

Mastercard Japan K.K.

Uber Japan Co., Ltd.

Coca-Cola (Japan) Co., Ltd.

McKinsey & Company, Inc. Japan

Visa Worldwide (Japan) Co., Ltd.

Cummins Japan Ltd.

MetLifeWalmart Japan/Seiyu

Deloitte Touche Tohmatsu LLC

Microsoft Japan Co., Ltd.

The Walt Disney Company (Japan) Ltd.

Delta Air Lines, Inc.

Mitsuuroko Group Holdings Co., Ltd.

Western Digital Japan

Discovery Japan, Inc.

Morgan, Lewis, & Bockius LLPWhite & Case LLP

ELC Japan K.K.

Morgan Stanley Japan Holdings Co., Ltd.

Zimmer Biomet G.K.

en world JapanMSD K.K.

Want to join the American Chamber of Commerce in Japan?
We offer membership programs for entrepreneurs, executives, individuals, and companies of all sizes—
from small and medium-sized enterprise to multinational companies.
For details, visit accj.or.jp/join-us.

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