In the 1970s, Japan moved into the U.S. turf with its televisions, cars, chips, and steel. But if you think about it, the only business Japan destroyed was the U.S. television industry.
Sentiment: NEGATIVE
When I was a young guy, when I first started with G.E., Jack Welch sent us all to Japan because in those days Japan was gonna crush us. And we learned a lot about Japan when we were there. But over the subsequent 30 years, the Japanese companies all fell behind. And the reason why they fell behind is because they didn't globalize.
Think of the sushi trend that started in the '80s. It was as much about the Nintendo entertainment system in your living room as it was about the availability of good-quality raw fish. The Japanese food trend rose as the world of Japanese business and culture was becoming a bigger part of American life.
Clearly, Japan is a most important market for digital consumer products.
Japan rose from the ashes of World War II as a 'trading state,' the model for export-led growth. It is not clear that the old export model of growth will be sustainable in a more 'balanced' global economy that does not rely so heavily on the U.S. consumer.
When I was a young man in the 1970s, tech firms were scattered across the developed world. Since then, America has come to dominate tech almost totally.
I can't tell you how important it was for us to be successful in japan.
When I came to office, in terms of diplomacy and national security, as well as the economy, Japan was in a very severe situation.
The '80s market was only a Japanese market. It was the Japanese outbidding each other for the most expensive works of art. When the Japanese economy went down the tubes, there was no one left to pay the prices that have been recorded for all of those works.
Japan's very interesting. Some people think it copies things. I don't think that anymore. I think what they do is reinvent things. They will get something that's already been invented and study it until they thoroughly understand it. In some cases, they understand it better than the original inventor.
I remember a great America where we made everything. There was a time when the only thing you got from Japan was a really bad cheap transistor radio that some aunt gave you for Christmas.