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By Fiona Graham

Eastern white-collar employees were characterized by means of their extreme loyalty and life-long dedication to their businesses. This publication relies on very vast ethnographic examine inside of a jap assurance corporation in the course of the interval while the corporate used to be facing a huge difficulty which resulted in the company's financial ruin and cave in. It examines the attitudes of jap staff in the direction of their paintings, their corporation and comparable concerns at a time whilst the status quo and demonstrated attitudes have been below risk. the wide variety and aspect of the reporting of staff' attitudes, usually of their personal phrases, sustained over a substantial timescale, makes this learn a very precious source.

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Additional resources for A Japanese Company in Crisis: Ideology, Strategy, and Narrative (Contemporary Japan)

Example text

Inevitably, the bubble burst. T: The bubble burst in 1990 or 1991. Land prices came down; stock prices came down; and everyone thought that it was going to be a temporary thing. New regulations (soryo kisei) came in saying don’t lend on the basis of real estate. That kind of instruction came from the bureaucrats (o-yakusho). That created a hole of demand and the jusenos (finance companies) were rapidly filling in that hole by making loans to fulfil that demand, which everyone thought was really strange at the time.

This amount ranged from around 6 per cent of the pay packet to 15 per cent in some cases. Thus, for some families that were operating on a tight budget, a 6 per cent pay cut more or less meant that spending money was no longer available as it had been before.

But as you know, now several life insurance companies have already gone bankrupt or failed and those are the facts now. People inside the other life insurance companies are conscious now of great danger and they are wondering how they can get by in the new economy in Japan and how to develop the life insurance industry; how to fit with the flow of the current times in the world. And they have to think about how to change the way that they do business and recruit. I think that all companies are facing this challenge now.

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