News On Japan

Why Japan is home to the world’s oldest businesses

There are so many 100-plus-year-old companies in Japan that there’s a word for them in Japanese: shinise. What is it about doing business in Japan that cultivates such an enduring legacy?

Nov 24, 2023 (theceomagazine.com) - Shitennō-ji temple is one of Osaka’s most important Buddhist temples. Built in the sixth century during the rule of Prince Shotoku, it has stood firm as the high-rises of the modern-day city have towered above it.

Of course, the structure hasn’t survived more than a millennium without some tender loving care, with its most recent reconstruction taking place in 1963.

Visitors to the temple praise its serenity and space amid the hustle and bustle of Japan’s third-largest city. One nugget of information visitors may not take away from their visit, however, is that the firm that constructed the temple is also still in operation.

Founded in 578 with the Shitennō-ji temple as its first project, Kongō Gumi is widely considered the oldest company in the world, operational for a staggering 1445 years and counting.

What is equally as astonishing is that Kongō Gumi is not alone. The oldest hotel in the world, according to the Guinness Book of Records, is also in Japan. Nishiyama Onsen Keiunkan is an onsen (hot spring) hotel that opened in the Yamanashi Prefecture outside Tokyo in 705.

The oldest tea house in the world, Tsuen Tea, poured its first brew in Tokyo in 1160, and the oldest listed business on the Japanese stock exchange is Matsui Kensetsu, a construction firm that dates from 1586. ...continue reading

News On Japan
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Google opened its first flagship store in Japan in Tokyo's Omotesando district at 2 p.m. on August 13, marking the company's first flagship retail location outside the United States.

Fifteen days after the Kumamoto earthquake, restoration of electricity and transport infrastructure is progressing, but thousands of people are believed to remain outside official shelters, while rising construction costs and interest rates are creating new challenges for rebuilding homes and restoring livelihoods.

A mysterious red light stretching vertically across the night sky over Kanagawa Prefecture has been identified as a rare "sprite," a brief luminous phenomenon that occurs high above thunderclouds at roughly the same time as powerful lightning strikes.

Street performances began across Tokushima on August 12 as the city's Awa Odori festival entered its second day, with leading dance groups showcasing graceful routines after months of practice.

A large new typhoon formed near the Ogasawara Islands on August 12 and could approach Honshu around the end of the Obon holiday period, while the remnants of Typhoon No. 15 continue to bring unstable weather and a risk of heavy rain across a wide area of Japan.

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Tokyo stocks rose on August 13, with the Nikkei 225 advancing to 68,601.21, up 1.6%, as semiconductor and artificial intelligence-related shares followed Wall Street higher, while the broader TOPIX climbed to a record high despite continued concern over wholesale inflation, the yen and Bank of Japan rate-hike expectations.

Hiroshi Okuda, a former president of Toyota Motor who helped lay the foundation for the automaker's emergence as one of the world's leading manufacturers, died of old age on August 8 at the age of 93.

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Sony Group and Taiwan Semiconductor Manufacturing Co. announced on August 11 that they have formally agreed to jointly produce next-generation image sensors, with total investment expected to reach about 1 trillion yen and mass production scheduled to begin in Kumamoto Prefecture in 2029.

Japan's street-level economic sentiment improved for a third consecutive month in July, supported by sharply hotter weather after the end of the rainy season and the start of the summer vacation period, with stronger sales of products including men's parasols and air conditioners.

Tokyo stocks rose on August 10, with the Nikkei 225 closing at 66,376.25, up 1.2%, as investors bought electronics, metals and artificial intelligence-related shares, while fresh signs of a more hawkish Bank of Japan debate kept attention on the yen, bond yields and the timing of the next rate increase.

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