DECEMBER 2017 VOL. 54, ISSUE 12 ¥800 DECEMBER 2017 JOURNAL.ACCJ.OR.JP THE AUTHORITY ON GLOBAL BUSINESS IN JAPAN JOURNAL.ACCJ.OR.JP EXCLUSIVE INTERVIEW FOR COMPANY AND COUNTRY Former ACCJ member William Hagerty returns as US Ambassador to Japan THE AMERICAN CHAMBER OF COMMERCE IN JAPAN 毎月一日発行 第五十四巻 12 号 ジャーナル 二〇一七年十二月一日発行 CONTENTS VOL. 54, ISSUE 12 COVER PHOTO US Ambassador to Japan William F. Hagerty IV PHOTO: ANTONY TRAN / LIFE14 – Page 23 THIS PAGE The view from Setsu-in, a three-bedroom chalet in Niseko. PHOTO: SETSU-IN – Page 40 5 EDITOR'S DESK 17 CHARITY BALL COMMITTEE 23 EXCLUSIVE INTERVIEW 36 DRINK Building Bridges Looking Back at 2017 For Company and Country Imbibe or Invest? Former ACCJ member Should you add wine C Bryan Jones Barbara Hancock William Hagerty returns as to your portfolio? US Ambassador to Japan 7 FROM THE BOARD 19 KANSAI Anthony Fensom An Honor to Serve Tourism and C Bryan Jones Integrated Resorts 40 TRAVEL Christopher J. LaFleur Union of Kansai Governments 31 PHOTOS Powder Perfect and ACCJ leaders meet for US President Government initiative and 8 ACCJ EVENT panel discussion Donald Trump in Japan SE Asian investors boost WIB Summits 2017 Hokkaido ski resorts Tokyo, Kansai, and Chubu Steve Iwamura 32 PARTNER CONTENT chapters highlight women Julian Ryall in business 20 ACCJ EVENT TPP 11 Bridging the Multilateral trade pact could 47 J-MEDIA Maxine Cheyney Generation Gap set tone for other deals Diet Dailies A live encounter between Nikkei Asian Review Delays to tax hike and 13 EVENTS Japanese Millennials and changes to spending plan ACCJ in Pictures HR professionals Monitoring of Bitcoin to commence 15 ACCJ EVENT Francesca Madden translation of news The New Golden Age 21 LEADER from Keizaikai of Biomedical Digital Divide Advancements DISCLAIMER Eli Lilly CEO talks about Tap into Millennial minds for better innovation the future of health Custom Media and the ACCJ will not accept liability for any damages caused Jennifer Wooden Ann Cheung and by the contents of The ACCJ Journal, including, but not limited to, any Anna Maruyama omissions, errors, facts or false statements. Opinions or advice expressed in the The ACCJ Journal are not necessarily those of the ACCJ or Custom Media. Publisher Advertising Sales Director HONORARY PRESIDENT Simon Farrell Anthony Head William F. Hagerty IV [email protected] United States Ambassador to Japan Account Managers President Reiko Natsukawa PRESIDENT Robert Heldt Edvard Vondra Christopher J. LaFleur James Krick McLarty Associates Editor-in-Chief Andrew Wilkins Christopher Bryan Jones CHAIRMAN Business Development Studio Manager Jay Ponazecki Kotaro Toda Paul Leonard TREASURER Project Coordinators Graphic Designers Nancy Ngou Yoshiki Tatezaki Michael Pfeffer EY Advisory & Consulting Co., Ltd. Ayako Nakamura Ximena Criales Media Coordinator VICE PRESIDENTS Staff Writer Kiyoko Morita Andrew J. Conrad Aflac International, Inc. Maxine Cheyney Amy Jackson Pharmaceutical Research and Manufacturers of America (PhRMA) Head of Project Peter M. Jennings Dow Chemical Japan Ltd. Management Marie Kissel Abbott Megumi Okazaki Jonathan Kushner McDonald’s Company (Japan), Ltd. Ray Proper (Chubu) H&R Group K.K. Dr. Stephen A. Zurcher (Kansai) Kansai Gaidai University To advertise or subscribe: ACCJ GOVERNORS [email protected] Eriko Asai GE Japan Alison Sayre Birch J.P. Morgan Securities Japan Co., Ltd. Editorial: Brett C. Gerry Boeing Japan K.K. [email protected] Rebecca K. Green ERM Japan Ltd. A. Barry Hirschfeld, Jr. AIP Healthcare Japan GK Tad Johnson Pratt & Whitney Aftermarket Japan KK Patrik Jonsson (Kansai) Eli Lilly Japan K.K. Arthur M. Mitchell White & Case LLP Sachin N. Shah MetLife Insurance K.K. Hiroshige Sugihara Oracle Corporation Ryann Thomas PwC Tax Japan Megumi Tsukamoto Caterpillar Japan Ltd. Michel Weenick (Chubu) Hilton Worldwide PRESIDENTS EMERITI Debbie Howard (2004–2005) Charles D. Lake II (2006–2007) Allan D. Smith (2008) Thomas W. Whitson (2009–2010) Michael J. Alfant (2011–2012) Jay Ponazecki (2014–2015) Custom Media Publishers of The ACCJ Journal for the American Chamber of Commerce CHAIRMAN EMERITUS in Japan. Specialists in bilingual brand strategy/visual communications, Kumi Sato corporate bespoke solutions. Producers of Business in Japan TV. Cosmo PR www.custom-media.com SPECIAL ADVISOR Eric Sedlak K&L Gates LLP Daiwa Azabudai Bldg. 6F 2-3-3 Azabudai, Minato-ku, ACCJ EXECUTIVE STAFF Tokyo 106-0041 Laura Younger Executive Director Tel: 03-4540-7730 © 2017 Custom Media K.K. Information as of November 24, 2017 The American Chamber of Commerce in Japan Masonic 39 MT Bldg. 10F, 2-4-5 Azabudai Minato-ku, Tokyo, Japan 106-0041 Tel: 03-3433-5381 n Fax: 03-3433-8454 www.accj.or.jp The ACCJ is an independent membership organization not affiliated with any government The ACCJ Journal is printed on paper certified by the or other chamber of commerce. The ACCJ is a member of the Asia-Pacific Council of US Forest Stewardship Council with vegetable oil ink American Chambers and values its relationships with Japanese, American and other certified by the Japan Printing Ink Makers Association. nations’ business organizations. 4 THE ACCJ JOURNAL n DECEMBER 2017 BUILDING EDITOR'S DESK BRIDGES Hagerty has also eagerly accepted the to experts about how to choose vintages role of Honorary ACCJ President. On with the best potential to increase in page 23, we sit down with him at his value and how to maximize your return. residence for an exclusive interview in which we discuss his love of Japan, the WOMEN IN BUSINESS Christopher Bryan Jones importance of diplomacy, the key role The ACCJ’s efforts to bring change to the [email protected] the ACCJ plays in US–Japan business workplace and open doors to women relations, and his goals for the future of leaders got a big boost this year through the bilateral relationship. the annual Women in Business Summit. Our December issue of The ACCJ Journal Highly successful events were held brings you an exclusive interview with NORTHERN EXPOSURE in Chubu, Kansai, and Tokyo, and US Ambassador William F. Hagerty IV, Japan’s slopes offer some of the world’s beginning on page 8 we have extended who arrived in August and has already best snow, but a global downturn in coverage of all three. From Mayor been busy strengthening the relationship winter sports tourism has caused of Yokohama Fumiko Hayashi to between our two countries. We also concern in Hokkaido. On page 40, 3M Japan Limited President Denise explore lifestyle topics heading into the we talk to local resort operators and Rutherford, find out what this year’s holidays and recap this year’s successful industry experts about government lineup of all-star speakers had to say. Women in Business summits. initiatives to boost the allure of the There’s much more in this issue, region and increase the number of including final words from outgoing MAN ON A MISSION inbound skiers, and why Southeast President Christopher J. LaFleur (page 7), Former US Ambassador Caroline Kennedy’s Asian investors see prime opportunities who has guided the ACCJ with great skill departure in January marked the on Japan’s northern island. and passion over the past two years. We beginning of a long wait for the next envoy hope you enjoy this issue, and wish you to arrive. Tennessee native Hagerty has GRAPE GAINS the happiest of holidays and a wonderful now filled this important post, and he To warm up after a day on the slopes, start to the new year! n is one of our own: a former member of you might enjoy a glass of Cabernet. the American Chamber of Commerce in But should you save it instead? Wine A flagship publication of the American Japan (ACCJ). is becoming a popular alternative Chamber of Commerce in Japan (ACCJ), In addition to serving as the highest- investment for those looking to diversify The ACCJ Journal is a business magazine ranking US representative to the country, their portfolio, so on page 36 we talk with a 54-year history. Thank you to all ACCJ Members and Journal Readers who chose Japan’s top bilingual creative agency in 2017. www.custom-media.com CM_HolidayAd2017-18_v2.indd 1 2017/11/24 11:52 FROM THE BOARD An Honor to Serve By Christopher J. LaFleur ACCJ President s my second term as president of the American Chamber n Initiated a ground-breaking internship program of Commerce in Japan (ACCJ) comes to an end, I want n Supported major events by our chapters, notably the great A to offer a brief review of what we—working together— success of last year’s ACCJ/NIS Chubu Walkathon and Kansai have been able to accomplish these past two years. This period tourism roundtables has been both exciting and challenging, but I believe that we have emerged with our Chamber substantially strengthened. Our efforts to strengthen our Chamber have been recognized I am pleased to report that we have: and rewarded in the best possible way: rising membership. We achieved the highest membership in our history—3,430—and n Contributed to the substantial progress of structural reform an all-time high of 92 Corporate Sustaining Member companies. in Japan through multiple advocacy recommendations While much has been accomplished, clearly there is more we (including on financial services, healthcare, women’s health, can do to ensure that our Chamber fulfills its mission to be the and structural reform), and enhanced advocacy activities most influential and respected voice for international business in n Helped play a constructive role in launching the new US– Japan. Going forward, we need to: Japan Bilateral Economic Dialogue n Maintain our strong advocacy on behalf of a constructive, n Strengthened our advocacy impact in Washington by raising forward-looking US–Japan economic relationship that the level of our delegations and engaging professional support expands business opportunities for both countries, strengthens n Improved governance and communication by realigning our our two-way partnership, and raises standards across the Board of Governors, Executive Committee, and Leadership Indo-Pacific region Forum meetings, and by launching Town Hall and the n Encourage the Japanese government’s leadership on the Presidents Council meetings, a gathering of presidents emeriti.