In 1990, many economists predicted that Japan’s GDP would surpass that of the U.S. by the year 2000. On December 29, 1989, the Nikkei stock average recorded an all-time high of 38,957, but by March 10, 2009 had hit an all-time low of 7,055. Former U.S. Secretary of Treasury Larry Summers stated in June 2001, “In 1993, we saw Japan as a powerful economic rival. But now, most Americans look at Japan with a certain sense of pity.”
This presentation examines the dramatic changes that Japan experienced during the “lost decade” (1991-2000), which is turning into the “lost two decades.” Much has changed in Japan over the past two decades, but much has stayed constant.
Glen S. Fukushima, is a Senior Fellow at the Center for American Progress, a prominent public policy think tank headquartered in Washington, D.C. Mr. Fukushima returned this summer after 22 years in Japan, where he was as a senior executive with one European and four American multinational corporations; Vice President, AT&T Japan Ltd.; President, Arthur D. Little Japan; President & CEO, Cadence Design Systems Japan; President & CEO, NCR Japan; and President & CEO, Airbus Japan. Before embarking on his business career in 1990, he was based in Washington, D.C. as Director for Japanese Affairs, and then Deputy Assistant United States Trade Representative for Japan and China (1988-1990). He was educated in the U.S. at Stanford and Harvard and in Japan at Keio and Tokyo University, where he was a Fulbright Fellow.
Sponsored by UW Japan Studies Program
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