Wilbur Ross talks freshness of Japan with The Nikkei.
"Generally speaking, westerners do not recognize the opportunities in investing in Japan, and they overestimate the risks. I hope to correct these misunderstandings through the activities of Japan Society." --Wilbur Ross
As we announced last month, Japan Society's new Chairman Wilbur L. Ross, Jr., CEO of WL Ross & Co. LLC, took the helm on June 9. He recently spoke with The Nikkei, Japan's most prominent business newspaper, about the importance of business in Japan, and common misconceptions investors have about East Asia. The article appears below in translation.
Education, Science, and Finance: The Strengths of Japan
“Japan’s Aging Society Hinders Growth” – Wilbur Ross, The King of Bankruptcy
American investor Wilbur L. Ross (72 years old), who has revived many distressed companies, was dubbed the “King of Turnaround” by Fortune magazine. Based on his 20-year investment history there, he sees a positive future in Japan. What does this influential investor see in Japan?
Nikkei: Rapid growth in Asia’s emerging markets has led to a pervasive loss of self-confidence in Japan.
Wilbur Ross: Because of its large population, it’s only natural that the scale of China’s economy is large.
Being number 2 or 3 is a matter of pride. The United States will eventually lose its number 1 status. Rather, if I were Japanese, I would ask myself, “Am I making full use of my abilities and resources?”
Japan has been doing a great job to maintain a trade surplus with China. There are only a few countries in the world able to do this. Japanese companies have built first-rate production bases in China, and in India, Suzuki holds the largest share of the automobile market. Japan has been contributing to the development of the emerging countries more than America. Although Japan’s economic growth rate is low, the future for Japanese companies is bright.
