THE CHANGING CLIMATE FOR FOREIGN DIRECT INVESTMENT INTO JAPAN

Japans prolonged recession over the last five years has provided the impetus for regulatory reform and industry restructuring. Historically, the flow of Foreign Direct Investment (FDI) into Japan has been small for an economy of its size. The high degree of vertical integration and relatively closed business networks that characterised the corporate system made it hard for newcomers to gain access, while the tradition of lifetime employment limited the ability of foreign firms to recruit quality staff. Dramatic declines in the price of Japanese equities and land since the collapse of the bubble economy of the early nineties has been accompanied by a sharp increase in foreign participation in the Japanese economy. Traditional business relationships are opening up, regulations are being dismantled or revised and increased foreign involvement is now accepted as inevitable, even through mergers and acquisitions (M&A). Potentially profitable openings created by restructuring and reform is likely to see the trend towards greater foreign investment in Japan maintained over the next decade, especially in non-manufacturing.FDI, Japan, Vertical Integration

The changing climate for foreign direct investment into Japan

Japan’s prolonged recession over the last five years has provided the impetus for regulatory reform and industry restructuring. Historically, the flow of Foreign Direct Investment (FDI) into Japan has been small for an economy of its size. The high degree of vertical integration and relatively closed business networks that characterised the corporate system made it hard for newcomers to gain access, while the tradition of lifetime employment limited the ability of foreign firms to recruit quality staff. Dramatic declines in the price of Japanese equities and land since the collapse of the bubble economy of the early nineties has been accompanied by a sharp increase in foreign participation in the Japanese economy. Traditional business relationships are opening up, regulations are being dismantled or revised and increased foreign involvement is now accepted as inevitable, even through mergers and acquisitions (M&A). Potentially profitable openings created by restructuring and reform is likely to see the trend towards greater foreign investment in Japan maintained over the next decade, especially in non-manufacturing

Advances in the application of amino acid nitrogen isotopic analysis in ecological and biogeochemical studies

Compound-specific isotopic analysis of amino acids (CSIA-AA) has emerged in the last decade as a powerful approach for tracing the origins and fate of nitrogen in ecological and biogeochemical studies. This approach is based on the empirical observation that source amino acids (SAAs) (i.e., phenylalanine), fractionate 15N very little (\u3c 0.5‰) during trophic transfer, whereas trophic AAs (TAAs) (i.e., glutamic acid), are greatly (∼6–8‰) enriched in 15N during each trophic step. The differential fractionation of these two AA groups can provide a valuable estimate of consumer trophic position that is internally indexed to the baseline δ15N value of the integrated food web. In this paper, we critically review the analytical methods for determining the nitrogen isotopic composition of AAs by gas chromatography–isotope-ratio mass spectrometry. We also discuss methodological considerations for accurate trophic position assessment of organisms using CSIA-AA. We then discuss the advantages and challenges of the CSIA-AA approach using published case studies across a range of topics, including trophic position assessment in various ecosystems, reconstruction of ancient human diets, reconstruction of animal migration and environmental variability, and assessment of marine organic matter dynamics with new classification of microbial fractionation patterns. It is clear that the CSIA-AA approach can provide unique insight into the sources, cycling, and trophic modification of organic nitrogen as it flows through systems. However, this approach will be greatly improved through continued exploration into how biochemical, physiological, and ecological mechanisms affect isotopic fractionation of individual AAs. We end this review with a perspective on future work that will promote the evolution of the rapidly growing field of CSIA-AA