Japan is still in an economic straitjacket. Its traditional culture causes market inertia by drastically slowing the restructuring initiatives sorely needed to adjust to the new globalism.
However, Japan has one great advantage that stems from a particular cultural and ethnic proclivity. The Japanese mind seldom innovates, but it is the world’s expert in taking Western inventions, improving them markedly and selling them back to the innovator as products far superior in nature and quality to the original product. Witness the quality of a Lexus automobile compared to a Cadillac. (Ron Fraser, Rising in the East, August 2002.)What a ridiculous and racist thing to say. It is terrible that Ron Fraser chose to denigrate Japanese people in this manner.
It is shameful that PCG's leaders allowed a man who could shamelessly state such bigoted things as this to be given as much power and responsibility within PCG as he was.