JOURNAL
THE AMERICAN CHAMBER OF COMMERCE IN JAPAN

Volume 59 • Number 3 • Fall 2022 • ¥1,000

THE VOICE OF GLOBAL BUSINESS IN JAPANSPECIAL FOCUS

DEI&
Sustainability
Diversity at Work
Future Transportation
Sustainable Finance
Machine Indentity
Human Rights





1912

1963

2007

Dale CarnegieFrank Mochizuki

Dr. Greg Story

We have stood the test of time in Japan.
Join us safely back in the classroom

We adhere to strict classroom safety protocols.

Dr. Greg Story,
President, Dale Carnegie Tokyo Training
Dale Carnegie Tokyo Training
Akasaka 2-chome Annex 5th Floor, 2-19-8 Akasaka, Minato-ku, Tokyo 107-0052
TEL: 0120-987-099, 03-4563-1963 weekdays 9:00~18:00, closed Sat/Sun/Holidays
FAX: 03-4563-1964

Full details on all courses and training schedules at DALE-CARNEGIE.CO.JP/ENPRESIDENT

5Om Prakash
Northrop Grumman JapanCHAIR

PUBLISHERDo Androids Dreamof Electric Sheep?

7

Rethinking DEI in an age of rapidly
expanding artificial intelligence

Eriko AsaiPRESIDENT

Dynamic
Times

From advocacy to events, Japan and the
ACCJ see change and progress

GE Japan
TREASURER

8

Ryann Thomas
PwC Tax JapanCHARITY BALL

An Evening in
the Windy City

9

The biggest event on the ACCJ social
calendar returns in-person

VICE PRESIDENTS

Douglas Hymas Fusion Systems GroupEVENTA Cultureof Inclusion

Previewing this year’s ACCJ-Kansai
Diversity and Inclusion Summit Series

Amy Jackson Johnson & Johnson Family of Companies
Jiro Kawakami (Kansai) MGM Resorts Japan LLC
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 (USA)
GOVERNORS

Andrew J. Conrad Aflac
John W. Carlson III Novartis
Nuala Connolly AIG Japan Holdings
Tomoko Fuminaga Morgan, Lewis & Bockius LLP
Harry A. Hill Better-U, Inc.
Mark Hosang (Chubu) Randstad K.K.
Tad Johnson Pratt & Whitney Aftermarket Japan KK
Mari Matthews The Bank of New York Mellon Trust (Japan), Ltd.
James Miller Amazon Web Services Japan G.K.
Victor Osumi Delta Air Lines, Inc.

22

Individual Matters

Frank Randolph Packard Eight Peaks Partners
William Shaffer Boeing Japan K.K.
William J. Swinton Temple University, Japan Campus

Companies put diversity, equity, and inclusion
at the center of return-to-office policies

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

Christopher J. LaFleur
McLarty Associates
Jenifer Rogers

10

Asurion Japan Holdings G.K.
ACCJ EXECUTIVE STAFF

Laura Younger

THE ACCJ JOURNAL

14

Christopher Bryan Jones
Publisher and Editor-in-Chief
To advertise or subscribe: comms@accj.or.jp

Masonic 39 MT Bldg. 10F, 2-4-5 Azabudai
Minato-ku, Tokyo, Japan 106-0041
Fax: 03-3433-8454

nwww.accj.or.jp

ENERGYJapan’s Energy
Alignment Goals

18

INTERVIEW

Bridge the Gap

16

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.
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.

CULTURE

From Mist to Medals

26

EDUCATION

In a Class of Its Own

Malvern College Tokyo plans to offer arichly diverse learning environment

ECONOMYWho Will
Buy Japan?

TRANSPORTATION

CO2 Punch!

On the road and in the air, companies
are charting a more sustainable future

33

CULTURE

Plants and Trees

Finding the true nature of somokuto
in Yonezawa

Kikkawa Brewery is innovating its way tointernational gold

35

The S inSustainability

Jesper Koll says the yen’s rapid fall may
bring deep-rooted change and rising returns

Bank of America’s Tamao Sasada sharesthoughts, DEI, ESG, and sustainability

31

SUSTAINABILITY

How human rights due diligence isexpanding the dialogue on social impact

Charting a route to greater energy
independence and net-zero

The American Chamber of Commerce in Japan

Tel: 03-3433-5381

Activities
Engage!

12

A visual look at the chamber’s return tomore in-person events and meetings

Executive Directorn

PHOTOS

36

TALENT

Executive Upgrade
Why the right leader matters …
and where to find them

WORKING
FOR YOU.

As we enter a new normal, there’s never been a better time to harness theenergy of the American Chamber of Commerce in Japan. Tap into the
combined expertise and knowledge of more than 3,000 members from
600+ companies and 40 countries to help your career and business succeed.
CONNECTwith 60+ special interest committees

ENGAGE

with 30+ events, meetings, and webinars each month

ACCESS

experts, government officials, guest speakers, and more

INFLUENCE

reach regulators and lawmakers through ACCJ advocacy

If you would like to explore membership opportunities, including
extending these benefits to an unlimited number of employees,
contact membership@accj.or.jp for more details or call your ACCJ
membership representative.

PUBLISHER

By C Bryan Jones

Do Androids Dreamof Electric Sheep?
Rethinking DEI in an age of rapidly expanding artificial intelligenceIhave always been fascinated by the idea of artificial
intelligence (AI). I remember chatting back in the
1980s with a version of Eliza for Commodore 64.
Eliza is a program created in 1964 by German American computer scientist Joseph Weizenbaum at the
MIT Artificial Intelligence Laboratory. Rudimentary
by today’s AI standards, Eliza is a natural language
processor that converses with the user based on
their input. It tries to mimic a real person and was
one of the earliest applications to attempt what hascome to be called the Turing test, a way of gauging
a machine’s ability to exhibit intelligence. Passing
this test, developed by English scientist Alan Turing,means a machine can conceal its identity, making ahuman believe it is another human.

Eventually, I believe, the visuals that machines
create will become less obviously imitative and will
express a view of the world unique to the creator,
in the same way that the work of a human artist is
an expression of the inner working of their mind.
And when that happens, we really will have to ask
ourselves what distinguishes us from machines.

Back to the Present
We still have some time before that question must
be answered. For now, our focus can remain on thepeople who make our companies successful and oursocieties prosperous.
We explore DEI initiatives in this issue, alongwith sustainability efforts that can help ensure that
our world has a healthy future.

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

When that happens,
we really will have to ask
ourselves what distinguishes
us from machines.

Image: Damian Putica [CC BY-SA 2.0]

I’ve been thinking back to that experience
because we are now at a point where we must startconsidering how we will coexist with and treat truly
intelligent machines. We’re not quite there yet, but
the rapid advance of AI, and its integration into somany aspects of life, means this is a question that is
no longer the providence of science fiction. It will bea real part of our future. Machine identity and rights
will one day be an extension of the diversity, equity,and inclusion (DEI) that we talk about in this issue of
The ACCJ Journal.
AI is beginning to create content that is sparking questions about ownership. For some time,companies have been using AI-powered tools to give
computers the task of writing articles, social media
posts, and web copy. Now, AI-powered image-generation engines, such as Stable Diffusion, Midjourney,
and the Deep Dream Generator, have hit the mainstream. You may have seen some of their creationsin the news. As these engines are trained on existing
art, often scraped from the internet, there are questions about copyright and plagiarism. Stock media
giant Getty Images announced on September 21 that
it is banning AI-created art over these concerns.

Artwork by the Deep Dream Generator

I take to the road and the air on page 26 to explore the future of transportation and sustainability
initiatives by member companies. I also talk to Bankof America’s Japan country executive and presidentof BofA Securities Japan, Tamao Sasada, on page 18
about the importance of diversity and the company’sefforts in the areas of DEI; environmental, social, andcorporate governance; and sustainable finance.
I hope you enjoy this special issue and find usefulideas to help you achieve your own DEI and sustainability goals.
Sincerely yours, Eliza. n

Listen to this story
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THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

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PRESIDENT

Dynamic Times
By Om Prakash

7

From advocacy to events, Japan and the ACCJ see change and progressT

he past few months have been an incredibly
dynamic time for Japan and the American
Chamber of Commerce in Japan (ACCJ).
The chamber has continued to be very active in its
engagement with the US and Japanese governments
through meetings with congressional delegates.
I want to start with a moment to honor Shinzo
Abe. As Japan lays the former prime minister to rest,
I’d like to acknowledge his many accomplishments
during a lifetime of contributing to the US–Japan
relationship. As the longest-serving prime minister,
he was a source of stability that allowed the allianceto grow in depth and strength.
Many of his structural reforms reinforced the
ACCJ’s advocacy pillars. Abe was especially devoted
to the advancement of women, and spoke at the 2015
ACCJ Women in Business Summit to reinforce his
support for women’s empowerment.

With the full reopening, Japan
can kickstart the recovery of
its economy and reestablish
itself as a leading global financial center.
He was a leader who stood out in a chaotic world.
Here in Japan, he was a supporter of the chamber
and the international business community, and apersonal friend of many members. We honor him
and extend our sincere condolences to his family,colleagues, and the people of Japan.

Easing Entry
We have all been heartened by the progress made on
the easing of entry restrictions, and Japanese Prime
Minister Fumio Kishida announced on September 22that Japan will fully reopen on October 11.
Over the past two and a half years, our members
have shared with us how the entry restrictions have
impacted them, their companies, and their families.
With the full reopening, Japan can kickstart therecovery of its economy and reestablish itself as aleading global financial center.
I’d like to express my gratitude to ACCJ Special
Advisor Christopher LaFleur for leading the chamber’s advocacy efforts, and the many other members
who have helped. Chris personally has regularly
engaged the Japanese government and media,
including earlier this year when he represented the

ACCJ at a press conference hosted by the Foreign
Correspondents’ Club of Japan. His contributions
have helped bring about the progress we’ve seen,
and have directly benefited members who have been
impacted by the restrictions.

Economic Security
Another key area in which the ACCJ has been activeon the advocacy front is economic security. We’ve
collaborated closely with the Japanese government
and, in April, announced the ACCJ Principles for the
Promotion of Economic Security. The ACCJ Task Forceon Economic Security discussed these directly with
then-Economic Security Minister Takayuki Kobayashi,
since when it has issued a new viewpoint on ensuring
a level playing field for cloud services. The task force
also met with the Ministry of Economy, Trade andIndustry to discuss the Economic Security Promotion
Act, which was approved by the Diet on May 11.
These were productive meetings, with the ACCJ
introducing our recommendations and the Japanese
government expressing its appreciation for our support of the issue.
Economic security among like-minded nations isvital to sustainable economic growth, which in turnenhances economic security. Our engagement on theissue is just one of many examples of how the chamber plays a key part in helping to set a regional andglobal standard for protection of people, businesses,
and governments.

Om Prakash
ACCJ President

Exciting Events
While the chamber is very much about advocacy,
it’s also very much about networking. I’m happy to
see that fall is full of exciting opportunities for ourmembers to come together in person and online.
I encourage all members to join us at the virtual
Ordinary General Meeting on November 2 for an
update on all that the chamber and our members
have accomplished this year. We are also planning an
in-person gathering right before so we can capture
the best of both worlds.
On my last note, I just got a new tuxedo so that
I’ll be ready for the return of the in-person Charity
Ball! This is one of Tokyo’s most important community-oriented events, which we are planning for
December 3. This year’s special theme is Chicago: An
Evening in the Windy City.
I look forward both to seeing many of you at our
upcoming events, and to your continued contributions
and personal efforts on our ever-important advocacy. n

Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

CHARITY BALL

An Evening in
the Windy City

8

By Barbara Hancock

The ACCJ Charity Ball returns for an in-person celebration of Chicago

O
Barbara Hancock
Chair,
ACCJ Charity Ball
Committee

ne of the most popular dates on the social
calendar each year is in December. That’s
when the American Chamber of Commercein Japan (ACCJ) hosts the annual Charity Ball. Since
the onset of the coronavirus pandemic in early 2020,
the exciting gathering has been pushed online. But
this year, the winds of change are blowing. On December 3, we’ll unplug from virtual space and step back toa more analog era as we gather at the Hilton Tokyo in
Shinjuku to celebrate the Windy City itself: Chicago.
Despite being virtual, the 2020 and 2021 galasbrought great fundraising success. But there’s no
substitute for the vibrant atmosphere of a live event.
So, the ACCJ Charity Ball Committee, in partnershipwith the ACCJ-Kansai Community Service Committee, has been hard at work to bring the Charity Ballback, live and in person.
The theme will offer attendees a chance to experience Chicago—from food to music to spirits. And
don’t worry, there’s no prohibition here! We hope
you’ll dress the part and bring back the chorus linesof Chicago or that Blues Brothers look made famous
by John Belushi and Dan Akroyd.

Community Support
While the Charity Ball is great fun, and a chance toclose out the year by celebrating with friends andnetworking with business associates, it’s also an
important opportunity to raise money for the local
community. As the chamber’s biggest fundraiser ofthe year, the Charity Ball supports the ACCJ Community Service Fund, which provides assistance torecipients for whom relatively small donations havea significant impact.
This year, the selected charities focus on at-riskchildren—including homes and programs for thesechildren—as well as the homeless and citizen science.

December 3, 2022
Hilton Tokyo, Shinjuku
Tickets and details:
accj.or.jp/charityball
Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

These charities include: The Mike Makino Fund
 The ACCJ Community Service Fund
 YMCA/ACCJ Ohisama Camp YouMeWe Children’s Shelter Okinawa
 Safecast
 Kansai Food Bank Minna no Gohan Kurumu
You can learn more about these charities on the
ACCJ website. Details about the entertainers, foodand drink, and the ever-popular raffle will be added
as we get closer to the event.
Sponsorships are also available and are a great
way to highlight your business while making a realdifference in the community.
We look forward to seeing you on the streets ofChicago and toasting the return of the in-person
Charity Ball! nEVENT

A Cultureof Inclusion
By C Bryan Jones

9Previewing this year’s ACCJ-Kansai Diversity and Inclusion Summit SeriesS

haping workplace culture and inclusion. Leading the change. These
are the themes of the 2022 ACCJ-Kansai Diversity and Inclusion
Summit. Following the same format that debuted to great successin 2020, three two­-hour online sessions will be held over successive weeks
in October and November, each with its own keynote speaker, small­-group
discussions, and practical training.
The format was born of the pandemic, when organizers had to adapt
the normally daylong program to a world of virtual interaction. It proved
highly successful. The online format opened up access to people throughout Japan, and registrations rose from 224 for the previous year’s in-person
event to 320. Similar results were repeated last year. Not only has accessibility been boosted, but the extended interactions also strengthened thesummit’s impact and benefits.
With such success, the committee has decided to stick with the threeday series, and this year will host sessions on October 4 and 18, as well as
November 8.
The first day will focus on gender diversity and equality, and willfeature a training session with Jennifer Shinkai, an ikigai and inclusion
facilitator and coach. The main session for the day will be led by Tetsuya
Ando, founder of Fathering Japan, the non-profit organization he started in2006 to focus on supporting fathers who are balancing the responsibilities
of work and home.
The second day will feature a discussion of cultural diversity and inclusion with Nissan Corporate Vice President Catherine Perez, while Day 3 will
explore psychological safety in sessions hosted by Google.
The series will be a wonderful opportunity to share personal andprofessional experiences in advancing D&I in Japan and abroad, including
strategies that can be employed individually, at work, and in the community
at large. Additional coverage can be found on the Digital Journal website
following the sessions. n

December 3, 2022
Day 1
Hilton Tokyo, Shinjuku
Gender Diversity and Equality
Tickets and details:
October 4
accj.or.jp/charityball

December 3, 2022
Day 2
Hilton Tokyo, Shinjuku
Cultural Diversity and Inclusion
Tickets and details:
October 18
accj.or.jp/charityball

December 3, 2022
Day 3
Hilton Tokyo, Shinjuku
Psychological Safety
Tickets and details:
November 8
accj.or.jp/charityball

December 3, 2022
HiltonMoreTokyo,
details:
Shinjuku
accj.or.jp/2022-di-summit
Tickets and details:
accj.or.jp/charityballJennifer Shinkai
Ikigai and inclusion
facilitator and coach

Catherine Perez
Corporate
vice president,
Nissan Motor
Corporation

Tetsuya AndoFounder,
Fathering Japan

Listen to this story
journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

EVENTS

10

1

2

3

4
1. From left: ACCJ Executive Director Laura Younger, President
Om Prakash, Chair Eriko Asai, US Deputy Chief of Mission
Raymond Greene, and ACCJ Special Events Co-Chair Timothy
Connor at the chamber’s Fourth of July celebration at Tokyo
American Club. Greene gave a toast to kick off the evening.

3. ACCJ President Om Prakash with US House of Representatives
Speaker Nancy Pelosi on August 5 at a luncheon attended by US
Ambassador to Japan Rahm Emanuel as well as Japanese andinternational business leaders to reinforce the strong US–Japaneconomic partnership.

2. ACCJ Governor and CEO Forum Co-Chair Victor Osumi (left)
and Co-Chair Sarah Bader with Ashwani Gupta, director,
representative executive director, and chief operating officerof Nissan Motor Co., Ltd. Gupta was the guest speaker at the
CEO Forum Breakfast ESG Series: Theory and Practice onJune 27 at Tokyo American Club.

4. ACCJ Vice President Eric Sedlak and Governor William Swinton(fourth and fifth from right) met with the Congressional
Study Group on Japan’s District Director Study Tour, led by
the bipartisan, non-profit Association of Former Membersof Congress (FMC) on September 16 to discuss the businessperspectives and experiences of US companies in Japan.

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

5. Jesper Koll, global ambassador and expert director ofMonex Group Inc., presented Japan Outlook 2023–24:
New Capitalism, Old Problems, Real Opportunities on
September 12 at Tokyo American Club.

8. US Senator Rick Scott of Florida (second left) met with ACCJ
Governor Will Shaffer (far left), President Om Prakash, andChair Eriko Asai on July 5.
9. ACCJ President Om Prakash, Chair Eriko Asai, and Special
Advisor Christopher LaFleur met with US Senator Mike Lee of
Utah (second left) on August 31.

6. From left: Felix Sonnyboy, Jett Edwards, and Rambling
Steve Gardner entertain guests at the ACCJ’s Fourth of July
event: A Night of Stars and Stripes.

10. ACCJ Energy Committee Co-Chairs Mike Benner (right)
and Ian Burkheimer with Japanese State Minister of the

7. Isom Winton, client partner at Spotify (center) is presented
with a certificate of appreciation after speaking about thepower of audio and digital marketing on September 27. Also
pictured from left are ACCJ Marketing and Public Relations
Committee Vice-Chairs Campbell Hanley, Deborah Hayden,
Robert Heldt, and Mark Kawai.

5

7

9

Environment Shunsuke Mutai (center). Mutai spoke about
the Japanese government’s energy policies on July 15 at The
Place of Tokyo. The Energy Committee event was co-hosted
by the Alternative Investment, Government Relations, andInvestment Management Committees.

6

8

10

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

11

HUMAN RIGHTS

12

The S inSustainability
By Ben Fouracre

How human rights due diligence is expanding the dialogue on social impactEnvironmental, social, and corporate governance (ESG)
has become another fixed feature of a company’s operating landscape. As such, it requires increasingly specificrules and requirements regarding ethical accountability, transparency, and disclosure, together with tough questions about
where and how companies are generating revenue.
So far, the ESG agenda has primarily focused on the E, as
companies tackle climate change, largely by reducing emissions
and carbon footprints. However, the spotlight is also moving to
the S, which includes the social impact of our value chains.
This task is more challenging compared with that of the E,
in the sense that we are now being asked to take responsibility
for practices and issues over which we may have little control,
and for which we cannot offer sufficient transparency.

Increased Governmental Oversight
Meanwhile, social impact regulations are developing swiftly.
The drive for human rights due diligence (HRDD) has gained
pace since the United Nations issued its Guiding Principles on
Business and Human Rights (UNGPs) in 2011. Known as the Ruggie framework, because it was developed under the leadershipof then-Assistant Secretary-General for Strategic Planning John
Ruggie, the UNGPs are based on three pillars: Protect Respect Remedy

ously. Based on the UNGPs, national action plans (NAPs) havebeen developed by many countries. These include the UnitedStates and Japan, which published its NAP in October 2020.
In Europe, measures are moving toward enforcing humanrights culpability. Germany’s Supply Chain Due Diligence Act
will come into effect in January 2023 and require companies to
conduct due diligence for human rights and related environmental risks throughout their supply chains. It also will requiremeasures to prevent and mitigate human rights abuses, as wellas the establishment of grievance and reporting processes.
In June this year, the US Customs and Border Protection
law enforcement agency implemented provisions of the Uyghur
Forced Labor Prevention Act, which prohibit imports into theUnited States of products related to forced labor in Xinjiang.
And recently, the US Securities and Exchange Commission
issued two regulatory drafts for publicly held corporations
and investment funds, requiring mandatory disclosure of ESG
aspects of their business operations.
In July, the Japan–US Economic Policy Consultative Committee Meeting pledged to coordinate efforts to foster an environment
in which companies uphold human rights and, in September,
Japan’s Ministry of Economy, Trade and Industry (METI) issued
its HRDD guidelines, which include expectations regarding due
diligence processes, remediation, and stakeholder engagement.

Duty to Protect against Human Rights Abuses

Corporate responsibility to protect human rights
Companies are being compelled to demonstrate a commitment
to protecting human rights. An organization’s policy is not
sufficient should human rights issues be alleged or identified.
Operational frameworks which activate these policies and makethem meaningful and effective are necessary, and identification

Government action, in the form of new legislation and regulation, is prompting companies to take human rights more seri-of adverse impact on human rights requires that companies
remedy such a situation.

Let’s look at these in more detail.

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

Even if not involved directly, a company is still
expected to act on the information and, ultimately,
to consider whether to continue business with theparty in question should no remedy be found.
Right of victims to access effective remedies
Similar to the structure of whistleblowing and ethics
hotlines, there are likely to be mechanisms to enableclaims from all tiers of supply against companies at
the top of the chain.
This would inevitably require changes to therelationships companies have with suppliers, andimplementation of specific onboarding policies, due
diligence protocols, and corporate social responsibility measures. Monitoring and audit rights would
need to be carefully built into contracts, as well asworking and reporting processes.

and non-profit organizations have begun monitoring
human rights issues ranging from wages, working
hours, and conditions to child labor. These organizations are rightfully passionate about the causes towhich they seek to give a voice.
Awareness of social concerns is rising among
investors, shareholders, employees, and consumers, as are calls for related assurances. Perhaps
most meaningfully, the influence of HRDD can holdnegligent companies accountable through legal andcivil liabilities.

Realizing Opportunities
All this brings new and sizeable burdens, including understanding risk exposure and expectations,as well as determining to what we must commit
and how far we need to go. Companies must also

An organization’s policy is not sufficient should human rights
issues be alleged or identified. Operational frameworks
which activate these policies and make them meaningful andeffective are necessary.
So, for companies, HRDD can be summarized as: Assessment of actual and potential human rights
issues and risk
 Mitigation and remedial action for such issues
and risk Corporate commitment to, and responsibility
for, human rights throughout the value chain A set of mechanisms for reporting and communicating human rights breaches, as well as formonitoring and contributing to human rights
Given the complexity of our value chains, whenlooking at the S in ESG, it is helpful to consider social
impact in a similar way to how we scope emissions
when addressing the E.
The METI HRDD guidelines also outline a similar
categorization:
 Scope 1: Adverse human rights impact caused
directly by our business activities
 Scope 2: Adverse human rights impact to which
our business activities contribute
 Scope 3: Adverse human rights impact related
to activities or entities with which we have abusiness relationship, and that are linked to ouroperations, products, or services

Increased Scrutiny
As legislation and public statements on ESG commitment have evolved, well-funded non-governmental

13

determine how to put into operation and implement
necessary actions, while considering reputation,
profitability, growth, cost efficiency, as well as investor, employee, and consumer confidence.
Negative exposure can quickly damage profitability and status, as well as reputation with investors, customers, suppliers, workers, business partners, and other stakeholders on which we depend
for business.
However, we will not make much headway
in creating a more sustainable global economy ifsustainability is viewed as being about risk mitigation, reporting duties, compliance, and regulatoryburdens. The key to progress is not to lose sight ofthe overall objectives.
We must commit to change and realize theopportunities to pursue and maximize growth. We
must seek competitive advantage rather than view
this as a constraint to fulfill obligations. A significant
dimension to consider is the company’s power toattract young talent and increase employee engagement. The business opportunities are many.
They can be realized through brand differentiation and innovation in supply management andmanufacturing processes, product and service life
cycles, new forms of cost efficiency, emerging channels for market access and diversification, novel
applications of technology, and by building a morediverse workforce. n

Ben Fouracre
Managing director andJapan representative,
J.S. Held Japan LLC
Vice-chair,
ACCJ Sustainability
Committee

Hannah Perry
Corporate
Communications
Department,
AIG Japan Holdings K.K.
Vice-chair,
ACCJ Sustainability
Committee

Listen to this story

Hannah Perry contributed to this article.

journal.accj.or.jp/podcast

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

ENERGY

14

Japan’s Energy
Alignment Goals
By Ian Burkheimer

Charting a route to greater energy independence and net-zeroIt has been 11 years since the Great East Japan Earthquake andTsunami triggered a nuclear disaster in Fukushima that wouldchange the country’s energy landscape. Today, another energy
shock is upon us, with the cost of imported energy commodities
driving electricity prices to their highest level in a generation.
Japan’s electrical system was strained nearly to breaking
point this summer, and the outlook for winter energy supplies
remains unclear. At the same time, the crisis presents opportunities to reevaluate priorities, redirect investments, and focus
on decreasing Japan’s exposure to international energy markets
while also driving decarbonization.
Additional opportunities are arising as Japanese businesses—on a global and domestic level—are chasing aggressive
carbon-reduction goals that will necessitate a massive increase
in installed renewable energy capacity in the country.
For several decades, Japan has executed a successful
strategy of importing its energy via long-term contracts andrelationships. Meanwhile, renewable electricity supply has
expanded greatly under the feed-in-tariff and feed-in-premium
systems, known as FIT and FIP. But current circumstances posea challenge that necessitates a new approach.
We are in a very difficult position due to these and otherfactors, with the global energy marketplace never having been
as competitive as it is now and the security of energy suppliersin question.

Aggressive Carbon Reduction Goals
Japan’s carbon reduction goals have been described by observers as bold and ambitious, and marked by three key milestones.
The first is Japan’s commitment, under the United Nations
Framework Convention on Climate Change, to reduce greenhousegas (GHG) emissions by 26 percent from 2013 levels by 2030.

46
the percentage of GHG
emissions Japan has
committed to cuttingfrom 2013 levels by 2030

The second is to promote the development of innovativetechnologies by 2050. They would enable Japan to contribute to
the global reduction of accumulated atmospheric CO2 to a level
the Japanese government has dubbed Beyond-Zero.
The third and most ambitious milestone, unveiled by former
Prime Minister Yoshihide Suga in 2020, is for Japan to achieve
net-zero GHG emissions by 2050. This would set the nation on acourse to becoming carbon neutral in just 30 years.
But with the first milestone just 92 months way, action isneeded now.

Demand for Change
Today, Japan-based corporations and international companies, including many members of the American Chamber ofCommerce in Japan (ACCJ), are leading the market towards
decarbonization.
This can be seen from the sheer number of companies taking part in key corporate environmental initiatives. And, while
nuclear energy is likely to play a role in a low-carbon future,
many Japanese companies have already committed to increasing their consumption of renewable energy.
Japan represents one of the top three participating countries in each of the following global efforts:
 CDP (formerly the Carbon Disclosure Project): a reporting
framework for carbon emissions
 RE100: a push by companies to use 100 percent renewableelectricity in their operations
 The Science Based Targets initiative: a pathway for companies committing to specific carbon reduction targets
 The Task Force for Climate Related Financial Disclosure: aframework for divulging climate-related risks

217
years left until 2050,
when Japan intends
to be carbon neutral

28
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the numberof companies
participating in
the Japan Climate
Leaders’ Partnershipmonths remaining
to meet the firstmilestone in Japan’s
net-zero commitment

92

15

There is also the Japan Climate Leaders’ Partnership, in which 217 companies, including World
Kinect Energy Services, participate.

Time to AlignTo meet the goals of these organizations, participants require direct access to renewable electricity
supplies. This can be achieved by a variety of pathways, including the tracking and tracing of environmental attributes.
Unfortunately, in Japan, the main system for tracking, auditing, and trading environmental attributes—
called non-fossil fuel certificates (NFC)—is one of themost complex procedures in the world. Simplifying thesystem and bringing it more in line with international

Committee has been working closely with stakeholders to identify and reduce barriers to CPPAs.
Japan needs to improve its policy allowing
renewable energy to connect to the grid as well as expedite the approval process for new projects which
will provide short-term benefits.
For longer-term benefits, physical grid improvements will need to continue in an expedited andtransparent manner, while including flexibility tointegrate new technologies and grid-level storage.

Benefits for All
Whether supporting our clients with a CPPA or
supplying energy attribute certificates, increased
investment in renewable energy resources benefits

Ian Burkheimer
Director of
Sustainability Advisory(Asia), World Kinect
Energy Services
Co-chair,
ACCJ Energy Committee

Simplifying the system and bringing it more in line with international standards, such as the International Renewable Energy
Certificate system, could help companies in Japan report theirprogress on reducing carbon emissions with greater confidence.
standards, such as the International Renewable Energy
Certificate system, could help companies in Japan
report their progress on reducing carbon emissions
with greater confidence.
Another key tool for reducing electricity-related
carbon emissions is the renewable corporate powerpurchase agreement (CPPA). This enables a corporate end user of electricity and a developer to reach along-term agreement on renewable energy for one ormore projects.
CPPAs are considered a high-quality pathway to
reducing carbon emissions and can help to drive private capital into the energy system. The ACCJ Energy

not only the end user, but also the nation on its roadto net-zero.
We recognize that the Government of Japan ismaking an effort to address these issues, but it needs
to move faster to ensure that the nation remains at
the forefront of evolving international standards.
In addition, Japan must consider and support tothe fullest an array of technologies—including windand geothermal—to meet future demand.
We want to see Japan be successful, and we invite ACCJ members to become more involved in the
Energy Committee to help support the expansion ofrenewable energy opportunities in Japan. n

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ECONOMY

Who Will
Buy Japan?

16

By Jesper Koll

The yen’s rapid fall may bring deep-rooted change and rising returns

C
Jesper Koll
Global ambassador
Monex Group Inc.

urrency markets move in the direction of
maximum pain. I received this insight fromone of the most successful currency-market
speculators in recent history, the leader of the teamthat broke the Bank of England 20 years ago, on
September 16, 1992.
Now that yen depreciation is accelerating towardmy ¥150–160 to the dollar parabolic overshoot target,
outlined in the spring 2022 issue of The ACCJ Journal, it is worth thinking about where the maximum
pain threshold might be, and what forces will arrest
the yen’s fall from grace. Who will buy Japan?

Land of Bargains
It is now very easy to demonstrate that Japan is cheap:
 A Big Mac costs ¥390 in Tokyo versus $5.50 in
Los Angeles, making your dollar’s purchasing
power double this side of the Pacific Japanese labor costs are down to $33,000 per
year on average, less than half the $69,000 payout in the United States
 A Tokyo-based software engineer now comes
about 30 percent cheaper than one based in Ho
Chi Minh City, Vietnam
 And at ¥150 to the dollar, a nurse in Manila
would earn more than one in Tokyo
Importantly, even without the exchange rate,
Japanese companies are cheap, with 49 percent oflisted companies trading below book value, theiralone will let you recoup your investment in just 12
years in Japan, while you must wait 24 years in the
United States. So, the costs of buying and operatingproductive assets has become very attractive in Japan.

Land of Opportunity?
Where, exactly, are the opportunities, and who will
seize them? Here it gets interesting because, in myview, the forward-looking dynamics are poised toforce much more deep-rooted change than old-stylemodels of inward investment would suggest.
This is because the coming investment wave will
be primarily in the service sector, not the industrial
or manufacturing sectors.
Clearspeak: neither Japanese nor global manufacturers will begin to build significant new factories
or add production capacity here in Japan. Against
this, all aspects of the domestic service sector arepoised for an unprecedented investment boom.
Why? For manufacturing, labor costs are an
increasingly minor factor in deciding where to builda factory. Much more important is proximity tomarket, proximity to suppliers, and full end-market
reach. Moreover, national economic security forcesan additional steep discount on produce-for-export
strategies. Specifically, recent US legislation has
made it uneconomical for global carmakers to compete in the US market unless they produce onshore.
The new subsidies and incentives to redirect energy
and environmental consumer preferences in the
United States dictate as much.

When buying Japan Inc., you basically earn back your investment in half the time—corporate earnings alone will let you
recoup your investment in just 12 years in Japan, while you
must wait 24 years in the United States.

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assets worth more than what you must pay in themarket to buy them.
Japanese companies trade on a 12-times priceto-earnings (PE) multiple, which is cheap comparedwith the 24-times PE multiple commanded by thosein the United States.
When buying Japan Inc., you basically earn backyour investment in half the time—corporate earnings

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To wit, within mere weeks of US President Joe
Biden’s new economic policy bill having been passed,
both Honda and Toyota, as well as electric-vehicle
battery maker Panasonic, announced plans for new
US-based production sites and research-and-development facilities totaling more than $15 billion. All
this to ensure that their “made by Japan” products
are eligible for the new US industrial and consumer-policy incentives. I have no doubt that the industrial onshoring
wave in the United States is only just beginning.
In contrast, Japan’s service sector is poised to be swept away
by its own wave of onshoring. Unlike in manufacturing, laborcosts are a dominant factor driving service companies’ performance. And here, Japan has become cheap and, now, has acompetitive advantage. Watch for a pickup in direct investment,with more global service giants buying into Japan following PayPal’s $2.4 billion acquisition of Tokyo-based startup Paidy lastyear and the growing success stories of Salesforce, Inc., Amazon
Japan G.K., Yahoo Japan Corporation, Google G.K., SAP Japan
Co., Ltd., Aman Resorts Ltd., and law firm Morrison & Forester
LLP in Japan, to name but a handful.
All said, I am very much looking
forward to seeing more and more US andglobal service companies buying into andexpanding business here in Japan. Most
important, developing a service businessin Japan has become more attractive
than ever, labor market mobility having
increased greatly, primarily because thepandemic has freed many from traditional
corporate loyalties and unlocked a quest
for better opportunities and higher pay.
Potential employees are available, cheap,
and motivated.

Twenty years on, rather than having global top performers,
the result is a capitalism marked more by zombie companies
that drag down industry, macroeconomic performance, productivity, and financial returns. This is where Kishida’s promise of a
new capitalism could have real meaning.
If new capitalism marks a departure from zombie capitalism, and actually seeks to incentivize sector-by-sector industrial
reorganization and streamlining, then prospects for a true
productivity-led growth spearheaded by the service sector comeinto sight. The combination of global entrepreneurs wanting toseize unprecedented attractions and opportunities offered by
Japan’s domestic service sector, combined with domestic political capital invested in accelerating the long-overdue consoli-

Zombie Killer
What does this have to do with the yen?
Well, if I am right and global investment inJapan starts to pick up, this is one potential source of demand for yen. However,in the end, it will always be Japanese
investors who hold the key to the yen’s
fortunes. Japan is, after all, the world’s
largest creditor nation, so where Japan
invests matters.
So far, Japanese investors have notbeen investing in their own markets.
They will only do so if and when Japanese
domestic companies present credible
business plans and productive investment
strategies. Clearly, Japanese investors do
not believe the value proposition outlined
above, namely, that half the companies are trading below thevalue of their assets. They think the assets are underutilized, arenot sweated hard enough, and that Japan is a heaven for zombie
companies rather than a breeding ground for corporate excellence and best-in-class performance.
Can Japanese Prime Minister Fumio Kishida’s new capitalism
deliver the end of zombie capitalism? There is no question that,since the end of the bubble economy in the early 1990s, Japan’s
model of capitalism has become increasingly focused on providing more-or-less-free capital in a bid to shelter local companies
from the forces of asset deflation, technology-induced disruption,rising capital costs, and other forces of creative destruction.

dation and reinvention of local service providers, could be anincredible force for future prosperity.
I know this is a big if, but let’s give optimism a chance.
Clearspeak: if the current pain of yen depreciation feedingcost–push inflation delivers both long-overdue industrial reorganization and the emergence of true Japanese service-sector
national champions, Japan’s investors will be rewarded handsomely. This will be not just from a tactically expedient increasein yen equity allocations because, say, the United States entersa recession, but from a strategic Japan overweight position,
where yen companies deliver rising returns based on, yes, thedomestic service sector. n

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17

18

INTERVIEW

By C Bryan Jones

BRIDGETHE GAP
Bank of America’s Tamao Sasada
shares her thoughts on DEI, ESG,
and sustainable finance

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T

amao Sasada says that her grandmother was her mentor.
“When I was a kid, she always told me that I would needto have a career with a professional skill set,” Sasada
shared. Her advice was based on experience gained as a woman
doctor during World War II—something rarely seen during
those days—that gave her this wisdom to share with the granddaughter who, one day, would lead Bank of America in Japan.
Sasada was already a career-minded student when she attended university in Japan in the early 1990s, but those words from her
grandmother helped her find her path. She chose to study law.
But what should be her next step? Where should she work?
“Back then, some Japanese women who aspired to advancetheir careers chose to work for US or non-Japanese companies,
as these were perceived to be more performance driven and gave
women more opportunities to advance their careers,” Sasada
explained. “So, after graduation, I chose to become a lawyer in
New York.”
From there, her path took her into the world of banking
and back to Japan. Today, as Japan country executive for Bankof America and president of BofA Securities Japan, she focuseson business growth for the bank and also devotes considerable
effort to promote environmental, social, and corporate gover-As an investment banker in Japan, part of the job is to bridge
the gap between Japan and our global franchise, identifying
clients’ needs and offering our full capabilities.
Also, one of the key challenges working for a US company inJapan is that you need to make sure that the Japan franchise isvisible and has strong presence, not only in the eyes of clients
but also in the eyes of the headquarters in the United States. I
believe this is a challenge for everyone who works in a gaishikei(multinational organization) in Japan, regardless of gender.
So, even today, I still think about how best we can serve
our clients in Japan and connect the dots between what ourJapanese clients need and what we can offer globally. On top of
that, navigating the organization and connecting people throughbusiness and social relationships have always been important
aspects of how I built my career.
Why does diversity matter when building teams?
Diversity matters because it brings different perspectives. At
Bank of America, we believe that the more diverse we are, thestronger and better we are. When we connect our diverse backgrounds and perspectives, we can better meet the needs of ourcolleagues, clients, and communities.

DIVERSITY MATTERS BECAUSE IT BRINGS DIFFERENT PERSPECTIVES.
AT BANK OF AMERICA, WE BELIEVE THAT THE MORE DIVERSEWE ARE, THE STRONGER AND BETTER WE ARE.
nance (ESG); diversity, equity, and inclusion (DEI); and sustainable finance at Bank of America.
Sasada spoke at a fireside chat hosted by the American
Chamber of Commerce in Japan (ACCJ) Alternative Investment
Committee on September 7, and she later sat down with The
ACCJ Journal to share her thoughts on a number of topics, including how Japan can push the DEI and ESG agendas forward.
What are your memories of that first job in New York?
I made the decision to go there knowing that it would be a toughand competitive environment. And it was. I remember walking
into meeting rooms and being the only woman—and a young
Asian woman—there. That was not uncommon. There were anumber of women lawyers at the junior level, but far fewer at
the senior and partner levels.
But one thing that was quite eye-opening was the law firm
provided a lot of training and development programs, which wassomething not so common in Japan back in the 1990s. They tooktime to really invest in junior people, which certainly gave me asolid training and allowed me to excel in my career.
How did you start to grow your career in finance?
The opportunity arose to work for Merrill Lynch, now BofA
Securities, the brokerage and investment banking arm of Bankof America. I took a position in Japan.
I’ve been with the company for 24 years. Looking back, it
was quite interesting to find that, even in a US organization, thework environment in Japan back then was quite male dominated. Of course, it is very different now. I found myself trying extra
hard to make sure that I could deliver, and that people would
not judge me on the basis of being a woman.

For us, DEI is action oriented. Our chief executive officer,
Brian Moynihan, and all members of the management teamare very focused on building an inclusive culture where our
employees feel comfortable being who they are and bringing
their whole selves to work, knowing they have equal access toopportunities regardless of their differences such as gender,
ethnic background, or other such factors.
Such a culture has allowed us to attract and retain more diverse talent, and I find this to be true when we recruit in Japan
as well as other parts of the world.
Are there aspects of DEI unique to the financial sector?
In banking, it’s important to bring in different perspectives andskill sets. Our clients are diverse, so we need to be diverse. Also,much of our business is cross-border in nature. For example, inmergers and acquisitions (M&A), our Japanese clients are buying
and selling not just in the domestic market but also abroad.
Due to this, we need to work with a lot of colleagues outside
Japan. Building connectivity—that’s the term we use—aroundthe organization is important to growing trusting relationships.
So, for a global bank, DEI becomes very important because
we need to understand that our clients and colleagues comefrom different backgrounds with different thought processes.
Embracing these differences and removing any unconscious
bias is critical for successful outcomes.
That’s why I feel that our company is stronger when we are
more diverse in thinking and mindset, and creative in how webring the business together and leverage the people and platform we have. Clients appreciate this because this allows us tobetter meet their needs.

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19

20

How can companies strengthen their DEI?
Our commitment to DEI starts at the top. Our management
team sets the diversity and inclusion goals of the company. Eachmanagement team member has action-oriented diversity goals,
and they are reviewed by the board every quarter.
Our Global Diversity and Inclusion Council, consisting ofsenior executives from every line of business, meets quarterly to
discuss DEI objectives and the progress we are making at eachlevel of the company.
I have been a part of this council as one of the two representatives from Asia, having worked very closely with this leadership team. Over the years, I have witnessed how passionate ourleaders are and how hard our company works to narrow the gap
in any diversity spectrum.
From a gender perspective, 50 percent of our workforce andmore than 30 percent of our management team are women, andwe have a very ethnically diverse board. At the end of 2021, ourcompany was one of only nine S&P 100 companies with six ormore women on the board.
So, the statistics are strong, but what is equally importantis to create a culture where people are given equal access toopportunities regardless of backgrounds, and to put people into
their roles because of their capability.
What unique DEI challenges do Japan-based companies face?
How can they overcome them?
I think Japan has come a long way. Particularly since former
Prime Minister Shinzo Abe’s three arrows and empowermentof women initiatives, there has been progress, such as more
women being put into managerial positions. But certainly,
more needs to be done. The increasing pressure from investorson broader ESG goals, and the latest update to the corporate
governance codes that requires companies to disclose their DEI
progress, are all encouraging to me.
In addition, building an inclusive culture is really key to driving DEI. There are a few things that might be helpful in achieving
better results. One is male advocacy. The terminology might not
be familiar to some. It means men, or male managers, taking
ownership of ensuring women are given equal access to opportunities and are supported, including through various programs.
Say you have a very capable female manager who is a working
mother. It is not uncommon for companies in Japan to offer benefits to support working mothers. What is important is how the
male manager supports these colleagues’ career development
and encourages colleagues to be understanding. If a company
can follow this approach for a period of time, that will result in arobust pipeline of middle-level to senior women managers.
The second is a strong mentorship and sponsorship program.
Different companies might have different mentor programs, butsponsorship is something that may not be so common in Japan.
A sponsor is usually someone influential and powerful in theorganization who helps a rising talent succeed. They help theindividual increase visibility within the company, speak up forthem, and assist them through advancement opportunities.
Also important is building a meritocracy culture. Put
people into the role because of what they can do, regardless of
their backgrounds.
How did you overcome career obstacles?
Fortunately, at Bank of America, the culture has always been
supportive. My motto is, when you are given the opportunity,
always try to go out of your comfort zone and give it try.

BofA employees join the firm in driving DEI and environmental efforts, such as the Arakawa River Cleanup.

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When I was a junior banker, I was given the
chance to become a coverage banker for one of ourbiggest clients in Japan at the time. It was unusual
for a junior banker to be given such a big responsibility, but I believe my manager trusted that I could do
the job and took a chance on me.
I worked extra hard to ensure I delivered for thatclient, who had a lot of doubts about me at the start.
This client aspired to expand the business globally.
To help them, even though I was still junior, I fearlessly
reached out to colleagues around the world to get help.
That was a great opportunity to get to know people in
the organization, understand what we could do globally, and deliver what the client needed.
This client was happy with the outcome andbecame one of my advocates.
So, the lesson learned was to go out of your comfort zone. There are always learning experiences thatcome out of doing so. And once you have experienced
that, you can pay it forward.

achieving net-zero by 2050. The urgency is felt inboth the private and public sectors globally. Just
like our role in helping accelerate ESG in the global
business community, Bank of America is taking aleadership role in the net-zero transition throughsustainable finance.
About a year ago, we announced a $1.5 trillion
pledge to mobilize capital to support clients’ ESG
efforts. That’s $1 trillion for climate transition and another $500 billion to promote social inclusion, such as
racial and gender equality, healthcare, and education.

21

What is sustainable finance?
Why is it important?
We believe that the finance sector has a key role toplay in providing and mobilizing the capital neededto drive the transition to a low-carbon, sustainableeconomy. A lot of our clients are making net-zeropledges, and they are working hard to come up witha roadmap to carbon neutrality. Our mission is to

AS THE COUNTRY EXECUTIVE FOR JAPAN, DRIVING BUSINESSGROWTH IS ONE OF MY PRINCIPAL MISSIONS, BUT CREATING AN
INCLUSIVE WORKPLACE WHERE PEOPLE FEEL THEY CAN BRING
THEIR WHOLE SELVES TO WORK IS EQUALLY IMPORTANT.
Why is stakeholder capitalism important?
Stakeholder capitalism is a term defined by the World
Economic Forum half a century ago, which has gained
renewed focus in recent years. It essentially means
companies must deliver not only for shareholders, butalso for all stakeholders including clients, employees,
and the wider community.
This is something our company really believes in,and it has been reflected in our corporate philosophy
for many years. We have a corporate strategy called
Responsible Growth, which states that we are here toserve wider stakeholders. DEI is always part of thatstrategic focus, and ESG as well.
How does DEI tie into ESG and sustainability?
DEI is part of ESG, which has been a long-term focus
for us, even before the term became so prevalent.
This goes back to our Responsible Growth Strategy,
delivering for all stakeholders. And that is really thecore essence of the stakeholder capitalism that wetalked about.
As mentioned, there has been a renewed focus
on stakeholder capitalism in the global business
community. Our CEO, who is a passionate advocateof ESG, has been chairing the International BusinessCouncil at the World Economic Forum, leading global
companies in pushing ESG standardization forward.
In recent years, more focus has been put on the E,
the environment, with more than 130 countries andmany companies having pledged their net-zero goals.
At Bank of America, we announced our goal of

support them through sustainable finance, such asproviding green loans, helping clients issue sustainability or green bonds, or advising on M&A transactions in the renewables space.
We do it ourselves as well. Bank of America was
one of the first financial institutions to issue green
bonds and sustainable bonds. During the past two
years, we issued one of the first Covid bonds andsustainability equality bonds to help advance manyof the social issues we saw in the past few years.
How do you see the future of DEI in Japan?
Certainly, progress has been made. We must keep
driving that culture of change. Within each organization, it’s important to follow up on initial efforts.
Much has been done, but focusing on some of thethings I mentioned earlier—meritocracy culture andinitiatives such as a sponsorship and mentorshipprogram—are definitely key steps. It’s great to havematernity and paternity programs as well as a support system for working mothers, but building a supportive and inclusive culture is equally important.
As the country executive for Japan, driving
business growth is one of my principal missions, but
creating an inclusive workplace where people feelthey can bring their whole selves to work is equallyimportant.
I look forward to seeing companies in Japan
continue to drive these efforts forward and create
inclusive cultures that will promote further acceleration of DEI. n

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DEI

22

By Kathryn Wortley

INDIVIDUAL
MATTERSCOMPANIES PUT DIVERSITY, EQUITY, AND INCLUSION
AT THE CENTER OF RETURN-TO-OFFICE POLICIESO

ffices in Japan have seen a revolution over the past two
years or so, with the pandemic having ushered in theneed for remote work. Despite being largely unfamiliar
with the practice, companies across the country stepped up to
the challenge. But, as living with Covid-19 has become standard,
many businesses have back-pedaled or adapted their approachas they navigate a return to the office. Others have come to see the
new normal as an opportunity to reflect on where, when, and how
employees work, to foster greater productivity, and expand theirdiversity, equity, and inclusion (DEI) efforts.

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The ACCJ Journal spoke with leading companies in various
industries to explore the lessons they have learned from thepandemic vis-à-vis work and what the future might hold for
employees in Japan.

Starting from Behind
When Japanese enterprises were slow to respond to the government’s request, in February 2020, to allow 70 percent of employees to telework to help contain Covid-19, they came underfire. Critics said companies’ working cultures were outdated

and being held back by a focus on presenteeism andphysical administration tools such as hanko (seals).
A study by Tokyo-based brand consultancy Riskybrand Inc., however, shows that Japan was simply
behind the curve. Only five percent of the country’s
workforce was practicing telework pre-pandemic(compared with 32 percent in the United States and27 percent in the United Kingdom), making remote
work an abrupt switch for Japanese companies.
Still, many were able to implement the recommendation quickly. According to a Riskybrandsurvey of some 1,700 businesspeople in Japan, in
May 2020 almost 40 percent were working remotely
at least three days a week, of whom 20 percent were
doing so daily. The larger the company, the more extensive the implementation, with 30 percent of largeorganizations (those with more than 3,000 staff )offering telework compared with 14 percent of small
and medium-sized enterprises (SMEs), defined here
as having fewer than 50 employees.
Managed talent services provider MESHD, abrand of Tokyo-based HCCR, was among those torespond swiftly. On the declaration of Covid-19 beinga pandemic, the enterprise shifted from office-based
work to a compulsory work-from-home model acrossits Japan and India offices.
“On the whole, the company responded positively to the changes, and we saw no visible dips inperformance and limited impact on team dynamics,”
said Chief Executive Officer Sean Travers. “We felt
the team was working as effectively remotely as they
[had been] from the office.”

Office Allure
With Japan now well into the third year of the pandemic, many companies are returning to the former
status quo.
In a survey of 6,500 companies by Tokyo Shoko
Research, Ltd., 27 percent of those offering teleworkduring the height of the pandemic had stopped doing
so as of June, up from 21 percent in October 2021.
Only 29 percent of those surveyed now offer the option of remote work, down from 37 percent in October
2021. Large enterprises were more flexible (57 percent
offered telework) compared with 24 percent of SMEs.
And it is not only companies that are trying togo back to the former normal. About one-quarter of
those offering teleworking said only 10 percent of
their staff were using the option as of June 2022.
The reasons for this are unclear, especially as 80
percent of employees surveyed by Teikoku DatabankLtd. in February 2022 said they wanted to continue
teleworking, citing reasons such as saving time oncommuting, having freedom to care for family members, or gaining greater work–life balance.
But the past two years have shown that teleworking can pose difficulties for some groups, including
those without an adequate office setup or a conducive working environment at home, which may makereturning to the office appealing.
From the early days of the pandemic, EY Japan
recognized that not everyone would have the ideal
environment for telework and supported staff financially by purchasing display monitors, microphones,
and other equipment for their use at home.

COVID - 19 AND THE WORKSTYLES ADOPTED TO MITIGATE IT
HAVE BOOSTED UNDERSTANDING OF, AND A DESIRE FOR,GREATER DEI IN BUSINESS.
Following the government’s first state of emergency declaration, healthcare company Novartis
Pharma also introduced remote work for all staff,
unless it was absolutely necessary for them to go
to the office or attend critical customer visits. To
support employees affected by the closure of schools

The company’s DEI leader, Megumi Umeda, said
the move acknowledged the potential of remote work
to “enhance the workforce by welcoming working
mothers, people with disabilities, and others who have
limitations on their workplace and working hours.”
Patrick Jordan, vice president of humanand childcare centers, Novartis provided additionalchildcare services until the end of 2020.
Coca-Cola (Japan) Co., Ltd., meanwhile, encouraged employees to work remotely in the early days ofthe pandemic, before closing its office for a time in
March 2020 and asking all staff to telework. On reopening, the organization capped office attendance
at 25 percent to ensure employees were allowed toaccess the office for critical work of specific needs.
From those early days, the uptake of remote
work by companies with white-collar workers has
continued to rise—and increasingly so with the
emergence of the highly contagious omicron variantof the coronavirus. By fall 2021, 52 percent of enterprises in Japan were offering telework, according tostatistics portal Statista.

resources for Coca-Cola Japan & Korea at The
Coca-Cola Company, also found that not all staff
were equipped—physically, mentally, or emotionally—to work from home, noting that the company’s
implementation of telework was “a great learning
experience” regarding employee needs.
“While we wanted to ensure the safety of ouremployees from Covid, we also recognized we have toensure their safety in many other ways, such as mental health,” said Jordan, adding that staff with medical concerns or who were uncomfortable working
at home were allowed to return to the office, while
undertaking thorough infection control measures.
For MESHD’s Travers, only a few months oftelework brought to light issues for new hires. “Newjoiners were really struggling with their onboarding,”

23

Sean Travers
CEO,
MESHD

Megumi Umeda
Director of DE&I,
EY Japan

Patrick Jordan
Vice president of
human resources for
Coca-Cola Japan & Korea

Chanel Leitch
Country head of people
and organization
for Japan, Novartis

Listen to this story
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THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

24

Novartis has a new space for individual work which can be easily converted for small group discussions or medium-sized group short meetings.

he said, noting that he “underestimated the impact of them notbeing in the same room as senior members” who could guidethem in phone interactions, exchanges with fellow employees,
day-to-day queries, and so on.

Learning Lessons
As the advantages and disadvantages of telework have become
more apparent, so too have some successful approaches to future
workstyles. Many companies have been finding out more about
what employees want and giving them the choice to work in waysthat suit them, all the while offering a hybrid work model.

Flexibility is also key at Novartis. The company offers aframework called Choice with Responsibility, which was implemented in July 2020 in the belief that the pandemic would last
longer than the world anticipated.
“This evolving framework asks employees and leaders
to continue redesigning the way we work and make the best
choices for high-impact hybrid work—not just for the individual
but also for the team,” explained Chanel Leitch, country head ofpeople and organization for Japan at Novartis.
While the company continues to restrict the number of staff
working at headquarters to 50 percent of each division at any

EACH EMPLOYEE IS NOW USED TO MAKING SOUND DECISIONS AS TO HOW
THEY CAN BEST PRODUCE OUTCOMES AS AN INDIVIDUAL AND A TEAM INA HYBRID WORKING ENVIRONMENT … THE APPROACH IS A KEY DRIVER OFENGAGEMENT AND CONTINUED RETENTION.
Coca-Cola removed the office’s staff capacity rate of 25 percent in June and monitored attendance to see if there were anychanges. When the number of staff working in the office didn’trise, leaders had a sense of validation, believing that staff “didn’t
want to return, didn’t see value in returning, or were not sure
how to return,” explained Jordan.
However, the subsequent introduction of flex guidelines, toenable teams to choose how to work virtually, has resulted in
an organic increase in attendance to 30 percent capacity. Thisshows that “clearer instructions are needed to help people settle
into a more balanced hybrid way of working,” he added.
He also pointed out that survey data is critical for gaining
better understanding of the desirable elements of hybrid working, as well as people’s concerns about working at the office or
at home.

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one time, other limitations, such as the number of face-to-faceattendees in meetings, have been relaxed to give staff autonomy
over their workstyle. As a result, “each employee is now used tomaking sound decisions as to how they can best produce outcomes as an individual and a team in a hybrid working environment,” said Leitch, adding that the approach is “a key driver ofengagement and continued retention.”
Similarly, EY Japan’s recent people survey also shows that
continuing to offer telework options has resulted in improved
engagement and inclusivity.
Since introducing this workstyle in 2018, the company
launched its Flex and Remote Program in 2020 as a commitment to employees. EY Japan has promised to continue offering
staff flexibility regarding where and when they work, regardlessof the Covid-19 situation.

“Each person’s schedule is unique, considering the needs of theindividual, the project they are working on, and the needs of theclient and the team,” and therefore requires flexibility, Umeda said.
A new volunteer program was implemented to provide
financial support to employees who wanted to move outside central Tokyo and work remotely from the suburbs. This supports
employees desire to live outside Tokyo and contributes to thelarger community.

Big Picture Thinking
Looking ahead, the future of work is likely to focus on how andwhy people work, as much as where and when they work. For
many companies, the pandemic has shone a light on what work
traditionally has been and has prompted or accelerated discussion on what work could be after some out-of-the-box thinking.
“As an organization, we need to think about the reasons wewant our team to spend time together in the office,” said Travers. “It needs to go beyond just working at your desk.”
Indeed, with staff now able to conduct meetings online
and do “deep work” and other individual-based tasks remotely,companies are keen for office-based time to focus on interactive
activities, such as mind mapping and team building.
Coca-Cola has redesigned one floor of its headquarters as
the Coke Collaboration Center, an experimental initiative toencourage teamwork via hot desks, lockers, meeting spots fordifferent groups, and phone booths for individual or remotemeeting participation.
EY Japan’s Umeda agrees that the role of the office haschanged, noting that it should “become a collaboration space forcolleagues, clients, and business partners, not a workspace.”And, given that online employee social events “could neverreally be a substitute for an in-person, on-premises event,” officetime should also be used for staff to spend time together andbuild relationships with each other, said Travers. For MESHD, a
key reason for the hybrid work model is to forge a strong company
culture and sense of community via employees’ in-office time.

Jordan agrees, noting that “the need for social interaction isvery important.”
To encourage it, Coca-Cola has begun offering events at theoffice such as free lunches in the cafeteria, a summer festivalthat includes employees’ family members, and a bar serving
alcoholic beverages.
Most important though, Covid-19 and the workstyles adopted to mitigate it have boosted understanding of, and a desire
for, greater DEI in business.
EY Japan’s Umeda said people’s own challenges during the
pandemic had made them “recognize the importance of inclusiveness, equity, and respect for others.”
The Novartis Choice with Responsibility framework hasenabled the company to further embrace diverse needs and“look for ways to progress in building an inclusive environment,”
said Leitch.
And at Coca-Cola, the hybrid work model is fostering
inclusivity. “Returning to the office is all about inclusion,” said
Jordan. “Each [employee] has developed personal habits whichinteract with their professional habits … so we need to be mindful of each individual’s needs and not treat everyone the same.”
MESHD’s Travers also has staff front of mind. The pandemic
has enabled him to “come to the realization that it’s the employees who will dictate the future of work, irrespective of companies establishing regulations,” he said.
Indeed, the pandemic has increased employees’ willingness
to change employers if they are not satisfied with their workstyle. In June, the JLL Workforce Preferences Barometer foundthree out of four of the 4,000 office workers surveyed would
reconsider their involvement with their company if they wanted
greater work flexibility.
Setting up suitable work models and fostering DEI has, therefore, never been so important for recruitment and retention.
Certainly, Travers notes, companies investing “time, money,
and resources into their employees’ skills, emotional wellbeing,
and job satisfaction will reap the rewards in the future.” nAs part of a pilot program, EY financially supported the voluntary move of about 30 staff from central Tokyo to the suburbs.

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25

TRANSPORTATION

26

By C Bryan Jones

CO2 PUNCH!
ON THE ROAD AND IN THE AIR, COMPANIES ARE
CHARTING A MORE SUSTAINABLE FUTURE FOR
TRANSPORTATION AND TRAVEL

T

hose old enough to remember road trips in the days
before handheld video games, televisions mounted inheadrests, and smartphones will recall the myriad ways
in which we entertained ourselves as the miles went by. Somegames involved punching each other when a (gas-powered) Volkswagen Beetle was spotted. Others required finding out-of-state
license plates. And then there were those about numbers.
Today’s numbers from the road are a bit less fun. Globally, 14
percent of greenhouse gas emissions originate from the transportation sector—and that jumps to 27 percent in the UnitedStates. Cars aren’t the only culprits. The aviation industry is also
concerned about its share of carbon dioxide (CO2) going into
the atmosphere. On our way to a sustainable, carbon-neutral
future, bypassing such pollution is a must.

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

The ACCJ Journal spoke with companies in the automotive
and aerospace sectors to take the pulse of transportation andfind out where future journeys might take us.

Hit the Road
Everywhere you turn, there’s a car. And most are still burning
gasoline. But as climate change becomes a more urgent problem, the tide is turning. The compound annual growth rate of
the electric vehicle (EV) market is now at 24.8 percent, and sales
are projected to reach $980 billion dollars by 2028, up from $185
billion in 2021.
The move by California to ban the sale of new gas-poweredcars and light trucks by 2035 is sure to accelerate that change, atleast locally.

While it might feel as if electric cars are a rather new invention, they’ve been around for a long time. The first was Scottish
inventor Robert Anderson’s motorized carriage around 1832,
more than 50 years before German engineer Karl Benz rolled
out the first gas-powered car.
So, what’s old is new again as EVs drive their way to the headof the pack and cut greenhouse gas emissions in the process.
Tesla may be the first brand that comes to mind when asked
to name an EV, but there are many options on the road today,
ranging from the very affordable Nissan Leaf to GMC’s powerfulbut-expensive Hummer EV pickup. Chevy has even announced
an all-electric Corvette. What would Florence Jean “Flo” Castleberry have to say about that? These are all changing the way wethink about automobiles.
“Similar to the way the smartphone turbocharged the useof the internet, pushed it to become fully mobile, and instigatedmany new services—and industries—EVs are digitally transforming the transportation industry as a conduit for new mobility technologies that go beyond simply using an electric powersource,” explained Karma Automotive LLC’s Chris Sachno, whowill speak about electrifying mobility at an event hosted by theAmerican Chamber of Commerce in Japan Information, Communications, and Technology Committee on October 6.
The senior vice president for e‑mobility, cloud services,
and innovation said this is summarized by the CASE model ofautomotive technology megatrends. An acronym for connected
services, autonomous vehicles, shared mobility, and electrification technologies, CASE is providing a superior user experience
with groundbreaking technologies, Sachno explained. “Thereare economic benefits, as well, such as lower total cost of ownership and reduced emissions, which encourage economic activity
within communities,” he added.
Karma has developed a commercial solution called Poweredby Karma which enables existing internal combustion engine(ICE) vehicles to be converted to electric powertrains.
“This dramatically reduces the complexity of the drivetrain
by 90 percent, from more than 1,000 components to fewer than100,” Sachno said. “Installing an electric powertrain into an
existing commercial vehicle also extends the life of the vehicle’s
other parts, such as the body, chassis, brakes, and interior. This
reduces the emissions created during the production of a newvehicle, or from scrapping or recycling the old vehicle.”
The Powered by Karma electrification solution, which
utilizes the company’s OEM experience and automotive grade
technology in providing top-quality engineering, design, electrification, and contract manufacturing, delivers a total cost ofownership reduction of up to 48 percent.
“We believe this provides a unique proposition for thecommercial vehicle space by offering electrification solutions
for existing vehicles, rather than relying on the replacementof existing ICE vehicles. Substitution will take considerable
time, especially given the long lifetime of commercial vehicles,”Sachno said.
The Irvine, California-based EV startup also designs andmanufactures its own vehicles. The Revero GT is powered bydual electric motors that offer extended range and embody
Karma’s goal of offering leading technology with a luxury experience. And last year, Karma introduced the 536-horsepower GS-6,
which Sachno said “looks amazing, is incredibly fun to drive, andis packed full of cutting-edge technology.”

While building such vehicles, Karma is dedicated to sustainability and, in 2021, joined The Climate Pledge, which was
co-founded in 2019 by Global Optimism, and ACCJ corporate
sustaining member Amazon. As a signatory, Karma has committed to become net-zero by 2040.
“This commitment encompasses our production facility,
supply chain partners, and product lineup, which includes
vehicles powered both by hybrid and pure electric powertrains
and propulsion systems,” Sachno explained. “Karma continues
to align with partners that share the same philosophy on protecting the environment and investing in research and development projects that have a positive effect on the planet. We lookforward to collaborating with other Climate Pledge signatories
on research and development of green technologies in theautomotive space to advance and attain the goal of becoming net
carbon neutral.”Take Flight
The ground can only get you so far. Air travel is essential to lifein the 21st century. In our tightly knit, global community, themovement of people and goods is key to a healthy economy, quality of life, and support of those in need following disasters andduring humanitarian crises.
The coronavirus pandemic may have curtailed travel, but
the statistics from 2019, the last year before the appearance ofCovid-19, demonstrate the importance of air travel. In that year,
according to the Geneva-based Air Transport Action Group, 4.5
billion people flew, $7 trillion in goods were exchanged, and theaviation industry supported 87.7 million jobs.
The environmental impact of aerospace will again increase,what with global travel now recovering as border restrictions
and testing requirements are lifted. Japan, one of the only countries still limiting the number of tourists it allows in, announced
on September 23 that it will fully reopen on October 11.
In 2019, the airline industry generated 900 million tons ofcarbon emissions, accounting for 12 percent of transportationrelated emissions and 2.6 percent of all emissions globally.
Two companies with which The ACCJ Journal spoke explained the steps they are taking to reduce their carbon footprint.
Boeing, also an ACCJ corporate sustaining member, designs
and manufactures some of the most widely used passenger
planes. It put additional emphasis on sustainability in 2020 by
naming a chief sustainability officer, reviewing the composition

The Karma GS-6 54 Edition

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27

28

of its board-level subcommittee, and explicitly incorporating
sustainable aerospace into the company’s values and strategic
objectives.
There are four pillars to Boeing’s sustainability activities:
 People Products and services
 Operations
 Communities“Today, all our stakeholders are increasingly concerned
about sustainability and, specifically, the environmental impactof aerospace,” said Will Shaffer, president of Boeing Japan andan ACCJ governor. “We recognize climate change-driven risks
and the need to decarbonize aerospace for sustained long-term
growth, as well as stakeholder trust and preference.”

Everything for Zero
Boeing’s vision for future flight is embodied in the company’s
Everything for Zero initiative, which comprises four strategies
to get to zero-climate-impact aviation:
 Fleet renewal: replacing older models with more efficient ones
 Operational efficiency: leveraging data, digital tools, andmodifications to reduce emissions
 Renewable energy transition: utilizing sustainable aviationfuel (SAF), renewable electricity, and green hydrogen Advanced technologies: intersecting fuel sources withadvanced-technology flying machines
Also, part of the initiative is verified offsets—midterm,market-based solutions for matters which cannot yet be sufficiently addressed.
“Boeing has invested more than $60 billion over the past 10
years to improve sustainable product lifecycle, including innovative technologies such as the digital thread, carbon composite
materials, and advanced high-bypass-ratio engine designs,”
explained Shaffer. “Other aerodynamic improvements include anatural laminar flow that reduces drag to improve environmental efficiency.”
These efforts have led to planes which provide significant
efficiency gains. Each generation reduces fuel use and emissions 15–25 percent, as demonstrated by the Boeing 777-9, whichhas 25-percent lower CO2 emissions compared with previous
planes. The 777-9 is slated to enter service in 2025.
Airlines flying Boeing planes are taking advantage of these
new technologies as they move along their routes to net-zero.

“Many customers have accelerated the retirement of older
airplanes during the pandemic to optimize their fleets with thelatest, most-efficient models,” Shaffer said. “Our latest Commercial Market Outlook forecasts that 49 percent of the 41,170
planes needed will be fleet replacements. Boeing will continue toinvest in efficiencies that reduce fuel use and carbon emissions.”
Given that those airplanes will use current propulsion technology and be flying for the next 20–30 years, SAF will play a big
part in realizing the aviation industry’s ambitious goal of zerocarbon by 2050. Boeing and the world’s airlines recognize theimportance of increasing SAF production and promoting its use.
In fact, this year Boeing procured 2 million gallons of SAF for
its own operations at its factories in the United States. And inJapan, it recently joined ACT for SKY, a voluntary organizationof companies from the airline, engineering, and biofuel industries, among others, that works to commercialize, promote andexpand the use of Japan-produced SAF.

Sustainable Flight Challenge
Fellow ACCJ corporate sustaining member Delta Air Lines, Inc.
is one Boeing customer that is assisting with the development of
new technologies and solutions.
In April, Delta’s most fuel-efficient plane at the time, theBoeing 737-900ER, made a flight powered by a fuel blend that
included 400 gallons of SAF. It was part of the Sustainable
Flight Challenge hosted by the SkyTeam Alliance, a group of 18
airlines that operates more than 10,000 daily flights over 1,062
destinations in 170-plus countries. The flight was part of Delta’s
ongoing efforts to reduce its carbon footprint—a goal to which
the airline is devoting significant resources.
Delta now has even more fuel-efficient planes in its updated
fleet, including the Airbus A350-900 (pictured lower left) andthe A330-900 neo.
“In 2022 alone, we are expecting to have reduced fuel consumption by more than 10 million gallons through operations
and fleet modifications, including reducing aircraft weight,
modifying landing approaches, and optimizing flight speed,” according to Victor Osumi, managing director and president of theAtlanta-headquartered airline’s operations in Japan.
“We’re also funding top minds to accelerate new innovations
through our pension fund’s co-investment with the TPG Rise
Climate Fund.” This fund opened in early 2021 and closed its inaugural fundraising in April of this year, having brought in $7.3
billion. The primary climate investing strategy of global alternative asset manager TPG, it focuses on five climate sub-sectors:
 Clean energy
 Enabling solutions
 Decarbonized transport
 Greening industrials
 Agriculture and natural solutions
To support the exchange of knowledge and generate investment opportunities, TPG formed the Rise Climate Coalition.
Some 28 companies, including Boeing, are part of the alliance, andDelta announced its involvement in March. Delta Vice Presidentof Sustainability Amelia DeLuca said in the announcement that“investing in TPG Rise Climate is the next step … as we work to
decarbonize our operations while supporting promising solutions
for the future.” All these efforts are important parts of how Delta ispushing the industry forward.

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“As we reshape the fundamentals of aviation, weare dedicated intently across these areas to making
immediate progress and to investing wisely in disruptive solutions,” explained Osumi, who is also an
ACCJ governor. “A portfolio of short-, medium-, andlong-term actions across the industry are essential toachieving net-zero aviation.”

29

Start Me Up
Electricity could be one solution. Might it serve as a
power source for aircraft, as it now widely does forcars? Osumi said that, as of now, electric-powered
aircraft appear to be an option for smaller, shorterhaul flights. “But as investments and innovations
continue, that could evolve,” he added. “We believethat there are many paths that could help accelerate
us to a more sustainable future.
Renewable electricity is part of Boeing’s Everything for Zero initiative. The company and its
joint venture partner Wisk Aero LLC announced on
September 20 a roadmap for the deployment of anelectric vertical take-off and landing (eVTOL) solution for urban commuters.
“Boeing and Wisk are developing a two-passenger eVTOL air taxi, which has flown more than 1,500
successful test flights since 2017,” explained Shaffer.
“Wisk’s sixth-generation eVTOL aircraft will represent a first-ever candidate for the certification ofautonomous, all-electric, passenger-carrying aircraftin the United States.”
And in January, GE Aviation announced theselection of Boeing to support the flight tests of its

A new Japan Research and Technology Center,focused on sustainability, that opened in August isjust one of the investments Boeing is making to findsustainable solutions in Japan. As part of this, Boeing
and its Japanese partners will pursue research into
zero climate impact aviation under an agreement with
the Ministry of Economy, Trade and Industry. In addition, it also announced a partnership with Mitsubishi
Heavy Industries in July that will involve the study ofhydrogen as well as other sustainable technologies.

New Heights
Osumi said he and Delta look forward to fosteringcollaboration with the industry, academia, andstartups to accelerate the sustainable future of flight.
“We’re optimistic about early-stage companies pushing the boundaries with futurist thinking on aircraft,
propulsion, and more.
“And we’ve proven that the infrastructure exists
to make sustainable aviation fuel, or SAF, accessible
to every major airport on the East Coast by leveraging our partnership with Colonial Pipeline.” This

Chris Sachno
Senior vice president,e‑mobility, cloud services, and innovation,
Karma Automotive LLC

INCREASED GREEN HYDROGEN, ALONG WITH RENEWABLE
ELECTRICITY, WILL FURTHER ADD TO THE BENEFITS OF SAF.
hybrid electric propulsion system—a big step forward
in exploring ways to reduce carbon emissions.

Given the success of transitioning cars to electricity,
it’s no surprise that the same ideas are being applied
to aircraft. But what about the universe’s most abundant chemical substance? Could hydrogen one daycompany operates the largest pipeline system forrefined oil products in the United States.
With the evolution of next-generation technologies, he expects to see new designs for planes anda completely transformed client perception. “Evennow, on Delta planes, the customer experience is beginning to look more sustainable, with refreshed onboard product offerings such as artisan-made ameni-

be used to zip air passengers around the globe?
Osumi said that hydrogen is one of the options
being explored by Delta for next-generation aviation.
The company has partnered with Airbus to studyhydrogen-powered aircraft as well as the ecosystem
required at airports and beyond as a way to reduce
aviation emissions exponentially.
Boeing is also innovating with hydrogen. Shaffer
noted that they’ve been developing hydrogen and fuelcell applications on board aircraft for more than 15
years, carrying out six hydrogen technology demonstrations with crewed and uncrewed aircraft usinghydrogen fuel cells and hydrogen combustion engines.
“We benefit from green hydrogen for any versionof the future,” he said. “Green hydrogen is used to produce SAF and it has the potential to be used in futurety kits, recycled bedding, reusable and biodegradable
service ware, and premium canned wine.” Together,
these products will reduce onboard single-use plastic
consumption by approximately 4.9 million pounds
per year—roughly the weight of 1,500 standard-sizedcars—and significantly increase Delta’s support ofminority- and women-run businesses.
Boeing aims for much the same.
“Our common goal is to have zero impact on ourplanet while maintaining and growing the societal
benefits of air transportation,” concluded Shaffer.
“To ensure the benefits of aerospace remain available for generations to come, we have work to do.
We’ve made great strides since the beginning of thejet age, but our greatest accomplishments are yet tocome. We believe the future of flight will take ‘every-

propulsion systems, when the technology is ready.”

thing for zero.’” nHydrogen HighWill Shaffer
President,
Boeing Japan
ACCJ governor

Victor Osumi
Managing director andpresident for Japan,
Delta Air Lines, Inc.
ACCJ governor

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CULTURE

By Chiara Terzuolo

From Mist to Medals

31

Kikkawa Brewery is innovating its way to international gold

Photo: Kunihiko Meguro, Shinto Priest of Oyama Afuri ShrineMount Oyama, part of the Tanzawa Mountains, is one of Japan’s most sacred mountains. And tucked away in its lush foothills
is Kikkawa Jozo, a century-old sake brewery that is
gaining international acclaim.
Just over an hour by train from Shinjuku, theGodo area of Isehara, Kanagawa Prefecture, lives
up to its name, which means “gate of the gods.” The
mists rising from nearby Sagami Bay often shroud
the peak in mysterious clouds, leading to the nickname Afuri-yama (Mount Rainfall).
Abundant rain filters through the rock and becomes the groundwater from which Kikkawa draws
to make its sake and instill it with a rich flavor andfull aroma.
For six generations, the Kikkawa family has
worked its magic. Since the founding of the brewery
in 1912, a long line of artisans has been combining
the area’s clear water and top-quality rice to create
their sake, Kikuyu.
However, in 2020, things were looking bleak.
Facing bankruptcy and with no one to take over, it
seemed that the sake brewery’s proud tradition wasat an end.
Fortunately, the Shimada Group swept in,
taking the brewery under its wing and providing arather unusual kuramoto (brewery owner)—former
architect Norimichi Goto—to lead the way. “I aimed
for the sky by designing skyscrapers, but now,
instead, I am diving into the deep ocean ofsake-making traditions, which is very rewarding,” Goto said.
His first months on the job were not easy.
“I walked into a rough situation. The brewery
was on the brink of closing,” Goto recalls. “Theyhadn’t even ordered rice for the next season;
that’s how dire things were.”
But he soon came to realize the strengthof the brewery’s traditions and connections
to the Isehara community. And he wasimpressed by how the toji (master brewer),
Masanori Mizuno, and his team refused toabandon ship.
“I was so deeply touched that they
stayed, and it is thanks to their hard work,and the support from the community andOyama Afuri Shrine, that we got things
running again so quickly,” Goto said.
While Kikkawa is still producing the
locally beloved Kikuyu brand, with thechange in leadership in spring of 2021

Above: Oyama Afuri Shrine
Right: Kikkawa toji Masanori Mizuno

came a new brand, Afuri. Despite being new, the Afuri brews have alreadyreceived gold medals at multiple
world-class sake competitions. Nari,a refined junmai daiginjo, even won the
Platinum Award at the prestigious Kura
Master competition in 2022 in Paris.
“We want to push the boundaries of sake,creating new varieties and bringing our products
to new markets, to share the culture of sake withas many people as possible,” Goto shared.
This includes combining traditional processes with innovations that allow the brewing
process to be more sustainable, such as reducing waste by only polishing away 10 percent of
the rice surface or switching from oil-powered
steamers to more efficient electric ones.
For those interested in trying Kikkawa’s
new generation of brews, why not sample
Rosy-Kasumi, a low-alcohol sake (just eightpercent) that is gaining attention for its
beautiful, fresh flavor. The use of an unusualpink yeast gives several of the Afuri varieties, such as the floral ‘Ohana, a festive,rose-hued tinge. More expert sake drinkers
will be enthralled by Terra/Y, another Kura
Master gold medalist made using minimally polished rice and slowly aged at low
temperatures for an elegantly sweet finish.
This is definitely a brewery to watch. n

Presented inpartnership with

Learn more about Kikkawa
kikkawa-jozo.com/en/

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CULTURE

Plants and Trees
By Adam Fulford • Photos by Plat Yonezawa

33

Finding the true nature of somokuto in Yonezawa

Astone monument, two or three feet tall, witha simple inscription stood before me. It read:“plants and trees.” Somokuto, as they are
known in Japanese, are monuments concentrated
mainly in Okitama, a region in southern Yamagata
Prefecture in Tohoku, the northern part of Japan’s
main island of Honshu.
I first became aware of somokuto in 2014, when I
visited the small community of Nakatsugawa, in the
town of Iide, also in Yamagata. I was there as a judge
in a national beautiful village contest, and my hosts
felt that somokuto might interest visitors.
I was certainly intrigued. Although the phrase
somoku (plants and trees) occurs in Buddhist sutras,
I was told that the stone monuments were erectedby members of the local community, mostly incenturies past and without the direct involvement ofshrine or temple representatives.
But for what purpose? At the time, relatively
little information was available about somokuto
online, but I interpreted them in my own way, as
an opportunity to say “please” or “thank you” whenentering or leaving the forest.
Later, I became a community consultant in Iideand started to consider the souvenir
potential of somokuto. Under theguidance of a local pottery
instructor, I made several
batches of ceramic minisomokuto (pictured left).
With his help, I also
made a batch with agroup at Denden, a facility in Iide for those withintellectual disabilities.

The oldest somokuto in Yamagata dates back to 1780
and is found in the Tazawa district of Yonezawa City.

A somokuto in a forest on the outskirts of Yonezawa City.

But I still knew little about the origins of somokuto. And so, when Ruth Jarman of Jarman International invited me to Yonezawa to spend an afternoon
learning about somokuto with Yohei Sano, an expert
on the subject, I leaped at the chance.
Sano and I went first to Shiojidaira, the site ofa once-thriving logging community in the Tazawa
district of Yonezawa. Here, I saw the oldest of the
140 somokuto in Yamagata (there are only about 20
elsewhere in Japan). It dates back to 1780.
In those days, the forests of Shiojidaira were asource of “official” firewood and timber for Yozan
Uesugi (1751–1822), a famous local lord whose later
admirers would include US President John F. Kennedy.
After Uesugi’s large mansion in Edo (now Tokyo) burnedto the ground in 1772, timber from Shiojidaira would
have been used to rebuild it. A few years later, more
would have been needed after a big fire in Yonezawa.
For the people of Shiojidaira, a bare mountainsidemust have been shocking. Have we done something
unforgivable? Anxious thoughts of this kind may haveculminated in the erection of the first somokuto as arequiem, perhaps, for lost greenery.
Sano explained that, as the years went by, interpretations of somokuto began to shift. They came tobe seen as an opportunity to express gratitude to theforest, and later as a reminder to safeguard nature.
My own view of somokuto may be somewhat
out of sync with their true nature, but if I’d neverencountered them, I wouldn’t have had the chance to
get to know Sano, an ideal recipient of the small giftthat I gratefully presented to him: a mini-somokuto
from Denden. n

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Learn more
about Yonezawa

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THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

HxD
The 2022
American Chamber of Commerce in Japan
Healthcare x Digital Ideathon Event

Empowering Elderly Patients
through Digital HealthJoin us as ideators, facilitators, and mentors work together
through a cyclic ideation process to spark new ideas and strengthen
solutions across four days.
Day 1: October 29—hybrid event at the Hilton OsakaDay 2: November 5—virtual event
Day 3: November 12—virtual event
Day 4: November 19—hybrid event in Kansai
More details: accj.or.jp/2022-hxd

EDUCATION

In a Class of Its Own
Malvern College Tokyo plans to offer a richly diverse learning environmentIn the nearly 160 years since it was founded in
the English county of Worcestershire, Malvern
College has become synonymous with the very
highest levels of education and renowned for producing prime ministers, Nobel laureates, noted authors,and even an Olympic gold medalist.
Now, to complement its international campuses in
Egypt, Switzerland, and China, the college is to open astate-of-the-art Tokyo school in September 2023.
Malvern College Tokyo (MCT) aims to offer the
globally acclaimed International Baccalaureate (IB)curriculum, with particular emphasis on technology
and entrepreneurship.

Forward Thinking
The school also has a deep commitment to the futureof the planet and will provide its students with anenriching Forest School Program, in which they spend
time learning in the great outdoors. In addition to giving
children the opportunity to learn a variety of skills, theprogram is designed to foster awareness from a very
young age of the importance of our natural environment.
Another key element of a Malvern College education will be a fusion of the school’s British heritage
with the values and traditions of Japan. Japanese
language classes will be mandatory, while the culture,
cuisine, and other key elements of the host nation
will be reflected in the learning experience.
By being exposed to the very best of both worlds,
MCT graduates will be uniquely equipped to thrive
in international settings, believes Mike Spencer, thefounding headmaster.
“At the heart of any IB school is a commitment tolearning, which is challenging, relevant, and active,”
said Spencer. “As we expand Malvern College Tokyo, we
aim to develop a curriculum that builds intercultural
understanding and tackles issues of global significance.
“We will strive to prepare our students for thebest universities but, more importantly, we aspire
to equip them with the personal qualities that willserve them and their communities well beyond theirschool years,” he added.
Spencer arrives in Tokyo after more than 20 years
leading schools in India, China, and, most recently,
Mozambique. The world has changed greatly inthose two decades, he admits, and transformation
continues at a rapid pace. “We are aware that we arepreparing our students for a world that we can only
imagine,” he explained. “This requires us to ensurethat today’s students have the skills necessary to beadaptable, resourceful, creative, and confident.”

Presented inpartnership with

Creativity and Confidence
A critical part of that is the notion of entrepreneurship.
malverncollegetokyo.jp“Entrepreneurs see opportunities and they takecalculated and thoughtful risks to resolve challenges,” Spencer said. “They seek creative solutions
and have the confidence to see failure as a learning
opportunity. At its heart, entrepreneurship is about
adding value, and we would like our pupils to embrace the skills that enable them to add value in allareas of their lives, and in the lives of others.
“We know, too, that technology holds the key toso much of what lies ahead for us all. Our intention
Founding Headmasteris to ensure that each student has access to, and canMike Spencer
use, the technological tools that will shape our futures,” he added. “Being open-minded and adaptableto new technologies will be aprerequisite for success.”
In parallel, the importance of sustainability andresponsible citizenship “willlie at the heart of a Malvern
College education,” he added.
In the short time hehas been in Japan, Spencer
has been impressed by the“deep sense of identity thatJapanese share,” as well as
Sustainability and responsible citizenship are at theheart of a Malvern College education.
the systems, structures,and traditions that are the bedrock of daily life here.
He intends to make sure that the courtesy, kindness,and respect that he has experienced so far are qualities that are also reflected in the MCT experience.
“I do hope that our stakeholders will see and feelthat Malvern College is a school that puts its students
first, and that cares deeply about the progress,
hopes, aspirations, and well-being of each and every
one of them,” he stressed. “It will be important to
uphold the strong academic traditions of Malvern,
Listen to this story
so that our students have access to some of the best
journal.accj.or.jp/podcast
universities around the world.” n

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

35

TALENT

Executive
UpgradeWhy the right leader matters … and where to find themThe need for good leadership has never been more
pronounced. It impacts hiring, retention, employee
engagement, and productivity. And its importance inlanding complicated organizational shifts through successfulchange management is highly visible in the market right now,
said Nick Scheele, managing director of Robert Half’s Executive
Search division.
“What we have observed over the past several years is thatmany global organizations—and this includes both Japaneseand foreign—have been making a concerted effort to upgrade
their leadership capability,” he added.
With more than 70 years of history, plus 300 locations andsome 14,000 employees around the world, Robert Half has along and deep view of the talent market. “Simply put, we have a
global network that’s unlike any other and spans nearly a century of relationships, which we can leverage,” Scheele explained.
Robert Half provides contract and permanent placement solutions for finance, accounting, technology, marketing, and HR in
Japan. Protiviti, a fully owned subsidiary of Robert Half, offers internal audit, risk, business, and technology consulting solutions
and we regularly partner to offer clients a full suite of services.
What powers it all is their global network. Fellow Executive
Search Managing Director Andrew Sipus said this pool of di-

Photo: Kayo Yamawaki

36verse expertise and experience creates synergy between Japanand the United States, as well as the rest of the world, when it
comes to Executive Search.
“We are experts in providing bespoke retained searchadvisory services for finance, accounting, technology, marketing, and HR sectors, with more than 100 Executive Search colleagues around the world who are just a phone call away,” Sipus
explained. “If we look to the United States as an example, our
Executive Search division received the Forbes 2022 accolade as
America’s Best Executive Recruiting Firm, which is certainly atestament to the quality of relationships we have at our disposal… we can easily tap into them, their resources, and their markets to understand the latest market conditions and trends inwhatever area we need to better understand.”Robert Half Japan regularly connects with peers from Northand South America, Europe, the Middle East, and the AsiaPacific region to gain the latest market insights. This helps themsuccessfully fill difficult searches that require unique resourcesand expertise.
Such searches can arise as Japanese companies look to
expand their diversity, equity, and inclusion (DEI) as well as
remain competitive in areas evolving beyond traditional approaches to management.
Sipus recalls one such case.
“We scanned the market
many times over and foundthat what our client was
looking for simply didn’t exist
in Japan; or, if it did, it was
untouchable,” he explained.
“There were no more than a
handful of candidates, andeven then, they had only 20–30
percent of what the client
required. What that meant
for us is that we had to be very
creative. We had to do a lot ofcoaching with the client, andwe had to look outside Japan.
Through this rigorous process,we were able to identify

Robert Half’s Executive Searchdivision’s Nick Scheele (left) andAndrew Sipus

THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

Photo: Kayo Yamawaki

37

Japanese talent located overseas, and the client was
supportive of relocating them back to Japan.”
Robert Half has also helped companies factor
DEI into their Executive Search process and consider
non-traditional candidates.
“In the case of Japanese companies, we’ve shown
them what other organizations are doing and how
those organizations are benefiting from more inclusive practices,” explained Sipus. “This could mean
highlighting impacts on engagement, creativity,

paign Foundation for five consecutive years as oneof the best places to work for LGBTQ+ equality. They
have also earned a perfect score on the foundation’s
Corporate Equality Index, a national benchmark
for US businesses’ dedication to LGBTQ+ equality
in the workplace. They have also been selected for
the Bloomberg Gender-Equality Index for the fourthconsecutive year, for their commitment to promoting
equality, creating opportunities for women to succeed, and providing a culture that supports diversity.

Presented inpartnership withroberthalf.jp

GLOBALLY, ROBERT HALF AND PROTIVITI HAVE BEEN
NAMED BY THE HUMAN RIGHTS CAMPAIGN FOUNDATIONFOR FIVE CONSECUTIVE YEARS AS ONE OF THE BESTPLACES TO WORK FOR LGBTQ+ EQUALITY.
employer branding, and how that leads to gains in
productivity and overall business health. We can use
tools such as market maps, which give a more accurate sense of the distribution of talent, to counter or
confirm the assumption that there are no solutionsin the market. This helps our clients identify opportunities where they can make strategic hires using
DEI and relevant data sets as a consideration.”
Robert Half itself is awash in diversity. The
nearly 100 employees in the Japan office represent
22 nationalities. And globally, Robert Half and Protiviti have been named by the Human Rights Cam-

Is Robert Half’s Executive Search division theright choice for you?
Scheele encourages those considering hiring
leadership talent to think about the level of engagement they’d like, the level of services required, andwhat it is going to take to deliver the talent sought.
“If you need a bespoke, dedicated project team that
won’t simply present you with profiles but will
manage the entire process and fully represent yourinterests as an extension of your talent acquisitionand employer branding, then Robert Half ’s Executive
Search division is an ideal fit.” nRegister now tolearn, connect,
and get inspired atRobert Half Japan
networking events!

Listen to this story
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THE ACCJ JOURNAL • VOL. 59 • NO. 3 • FALL 2022

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 September 26, 2022.

PRESIDENT’S CIRCLE

3M Japan Limited

Facebook Japan

NetAppAbbott Laboratories/Abbott Japan LLC

Federal Express Japan Godo Kaisha

Nippon Boehringer Ingelheim Co., Ltd.

AbbVieFortinet Japan G.K.

Nissan Motor Co., Ltd.

Adobe KK

Freshfields Bruckhaus Deringer Tokyo

Northrop Grumman JapanAflac

GE JapanNovartis

AIG Companies in Japan

Gensler and Associates/International, Ltd.

NTT

Amazon Japan G.K.

Gilead Sciences K.K.

Oak Lawn Marketing, Inc.

Amway Japan G.K.

Goldman Sachs Japan Co., Ltd.

P&G Japan G.K.

APCO Worldwide G.K.

GR Japan K.K.

Pattern Energy Group LP

AstraZeneca K.K.

Hard Rock Japan LLC

Pfizer Japan Inc.

Asurion Japan Holdings G.K.

HiltonPrudential Financial, Inc.

Bank of America

IBM Japan, Ltd.

PwC Japan

The Bank of New York Mellon

IHG ANA Hotels Group Japan

Qualcomm Japan LLC

Bayer Yakuhin, Ltd.

IQVIA

Randstad K.K.

Boeing Japan K.K.

Johnson & Johnson Family of Companies

Robert Half Japan

Bristol-Myers Squibb K.K.

KPMG

Robert Walters Japan K.K.

Carlyle Japan LLC

Kraft Heinz Japan

Salesforce Japan Co., Ltd.

Caterpillar

Lenovo Japan Ltd.

Squire Patton Boggs

Chevron International Gas Inc. Japan Branch

Lockheed Martin

State Street

CIC Tokyo

Mastercard Japan K.K.

Stryker Japan K.K.

Citigroup

McKinsey & Company, Inc. Japan

Thomson Reuters

Coca-Cola (Japan) Co., Ltd.

MetLife

Uber Japan Co., Ltd.

Cummins Japan Ltd.

Micron Memory Japan, G.K.

Visa Worldwide (Japan) Co., Ltd.

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.

EY Japan

Naigai Industries, Inc.

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: accj.or.jp/join-us

There are people living with illness,
people fighting pain.
And then there are people
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Each with their own anxieties and worries,
they’ re feeling their way through the dark.
At AbbVie, we aspire to lighta beacon of hope in these lives.
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through world-class science,
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And looking ahead,to make the tomorrow we hope for even brighter,
AbbVie will work hand in hand with people
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Doing our part to serveand support our communities
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Raising a smile
for tomorrow,
together.
AbbVie GK
3-1-21 Shibaura, Minato-ku
Tokyo 108-0023, Japan
https://www.abbvie.co.jp/