But equally, there are some signs that things are looking up. Takashi Imai, chairman of the powerful nationwide business organisation Keidanren, is convinced share prices will continue to head north. The sensational I-mode from NTT DoCoMo, a mobile phone network that allows users to carry out online transactions, has signed up more than 10 million subscribers and has come to symbolise Japan s emerging leadership in mobile Internet telephony. In Davos this year, speakers from Japan were clearly more upbeat than they had been for years. The new-found optimism isn t just on account of a soaring Nikkei stock index.
Fundamental changes are underway in Japanese society.
The Asian crisis accelerated reforms in a country that used to be run on heavy government direction, sometimes benign, sometimes corrupt and often misapplied. He believes there is no going back to the old ways and feels more optimistic now than ever before that Japan is heading towards sustained growth. Growth will certainly come from a proliferation of new businesses by young Japanese entrepreneurs who, unlike their parents, don t see lifetime employment with Japan Inc as the passport to a secured future. The world s second largest economy is at the cusp of profound changes and what happens next may well determine if it can regain the glory which was summed up in a famous book title, Japan As Number One.