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
POPULAR NEWS

Japan's national soccer team arrived in Dallas, Texas, on June 12th after completing final preparations near Nashville, Tennessee, ahead of its opening Group F match against the Netherlands at the FIFA World Cup in North America.

The Japanese government on June 12th released new guidelines calling for women’s toilets to have at least as many fixtures as men’s toilets in public facilities, seeking to address the persistent problem of long queues at women’s restrooms in places such as train stations and event venues.

Japan captain Wataru Endo has withdrawn from the national team's World Cup squad due to injury and announced his retirement from international soccer, dealing a major blow ahead of Japan's Group F opener against the Netherlands on June 14th (June 15th Japan time), as the team continued preparations near Nashville, Tennessee, on June 11th.

As bear sightings continue at an unusually high pace across Akita Prefecture, a veteran wildlife photographer who has spent nearly 30 years observing and photographing Asian black bears says the animals are appearing more frequently, moving closer to human settlements, and increasingly adapting their behavior to survive.

A male Asiatic black bear that appeared at Amanohashidate, one of Japan's Three Scenic Views, in Kyoto Prefecture was captured after prompting the temporary closure of the popular tourist destination and surrounding area, authorities said.

MEDIA CHANNELS
         

MORE Business NEWS

Japanese stocks rebounded sharply on June 12th, with the Nikkei Stock Average closing back above the 66,000 level for the first time in a week as easing concerns over tensions in the Middle East and a strong rally in U.S. technology shares fueled broad buying of AI-related stocks.

Restructuring is often associated with companies in financial trouble, but a growing number of profitable Japanese corporations are now encouraging employees to take early retirement as part of efforts to reshape their workforces for the future, creating both opportunities and significant risks for workers considering a second career.

Seven-Eleven Japan announced that it will establish a new company with CyberAgent and Dentsu to develop advertising services, using digital signage installed in its stores to deliver targeted advertisements based on real-time conditions.

Domestic gold prices in Japan fell sharply on June 11, with the benchmark retail gold price announced by Tanaka Precious Metal Technologies dropping 906 yen from the previous day to 23,262 yen per gram as of 9:30 a.m., marking the lowest level of the year.

U.S. coffee giant Starbucks is considering selling its Japan business, with Bloomberg reporting that the company has begun preliminary talks with investment banks and that any deal could be worth between 400 billion yen and 500 billion yen.

The Bank of Japan is set to raise its policy interest rate from 0.75% to 1.0% at its monetary policy meeting on June 15th and 16th, a move that could mark another step in the central bank's gradual shift away from ultra-loose monetary policy as inflation remains elevated and the yen continues to weaken.

The contemporary corporate field across Japan is undergoing a profound digital transformation as forward-thinking organizations strive to maintain their market competitiveness in a globalized economy.

Japan's corporate goods prices rose 6.3% in May from a year earlier, marking the fastest pace of increase in more than three years as higher oil and petrochemical costs linked to tensions in the Middle East pushed up wholesale prices.