(Transcript of “The Big Take Asia” podcast) COSTS are rising in Japan and small businesses risk being squeezed into oblivion if they don’t figure out how to raise their prices. After decades of deflation, many small Japanese companies are out of practice on exactly how to do it.
COSTS are rising in Japan and small businesses risk being squeezed into oblivion if they don’t figure out how to raise their prices. After decades of deflation, many small Japanese companies are out of practice on exactly how to do it.
It sounds like the kind of negotiating seminar or business class you might expect to find at a high school or college, but the people here today are not students. Many of them are managers and salespeople in their mid 30s and upwards. They work for small and medium sized businesses in Japan. And they’ve come here because they desperately need to learn a skill they haven’t needed to use in ages—how to raise prices.
To help us understand how Japan got to this place where people literally need to take a class to learn how to raise prices—I asked Reed to take us back to what’s known as Japan’s “lost decades” which started in the 90s after a massive asset bubble burst.Once that bubble burst, essentially, the Japanese government engineered what you can call an ultra-soft landing, so it took really more than a decade for all of that to be resolved, for bad loans to be written off.
And it reminds me of an interesting phrase that you hear in Japan, which is ikasazu, korosazu, which roughly translates as don’t let them live, but don’t let them die. And this was actually a term that was used by feudal lords hundreds of years ago about how peasant farmers should be treated.
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