Shortly after starting a presentation on his "100-day plan," Seven & i Holdings President Ryuichi Isaka lavished praise on Honorary Chairman Masatoshi Ito, one of the group's founders.
"With total sales exceeding ¥10 trillion, the greatness of this gigantic group lies in the corporate philosophy that the honorary chairman has rigorously taught us," he said. "The fundamental message is that we want to be a good company, trusted by stakeholders. I believe our critical mission is to pass on this philosophy—laid down when the firm was first founded—to the next generation."
At one time, Isaka had come close to being fired, but survived to force then Seven & i Holdings Chairman Toshifumi Suzuki to vacate the position and become honorary adviser. Isaka consequently landed the presidency on May 26, 2016.
Proceedings are underway to select a financial backer to help reconstruct the troubled Takata Corp., currently reeling from the recall of its faulty vehicle airbags, which have caused more than 10 deaths.
Five groups tendered bids in the first round of the selection process held September 10, including Sweden's Autoliv—one of the world's three largest airbag makers, along with Takata and Germany's ZF TRW—and U.S. investment funds. An external committee comprising lawyers and other experts that was entrusted by Takata in February to work out a reconstruction plan will select two candidates by early October with help from U.S. M&A advisory firm Lazard.
Who is most to blame for the recent plunge in the stock price of Fast Retailing Co. (operator of the Uniqlo casual clothing store chain)? Investors have likely looked on aghast as Fast Retailing's stock price has fallen by more than half its peak value—previously pegged at more than ¥60,000—in just nine months.
From the time the firm's stock was priced at a record ¥61,970 on the First Section of the Tokyo Stock Exchange on July 30 last year, it has been in decline, finally dipping below the ¥40,000 level on Jan. 7, when a drop in revenue for the first quarter from September to November 2015 was reported.
The Japan Business Federation (Keidanren) is Japan's most powerful business lobby and represents over 1,300 companies and over 100 industrial organizations. However, Keidanren's waning clout and relevance could be compromised even further by Chairman Sadayuki Sakakibara, whose feckless leadership has earned him a growing reputation as being a "servant of the Abe administration."
This perception was epitomized by Sakakibara's response to the fiscal 2016 tax system reform package decided by the ruling parties on December 16. The reforms included keeping the consumption tax rate on food at 8 percent when the rate is hiked to 10 percent in April 2017—a schedule that Prime Minister Shinzo Abe has since pushed back to 2019.