Japan's corporate image hit by falsification scandal - poll
08/11/2018 23:00
* KYB scandal hurts image of corp Japan - poll
* Little impact seen on individual businesses
* Recent scandals have shaken confidence at Japan
manufacturers
* Japan Inc seen losing pride after Japan's two lost decades
By Tetsushi Kajimoto
TOKYO, Nov 9 (Reuters) - Almost three-quarters of Japanese
firms said the recent data falsification scandal involving KYB
Corp 7242.T , a maker of earthquake shock absorbers, has hurt
Japan's corporate image, a Reuters poll found, although few saw
any impact on their businesses.
KYB last month admitted it had falsified data on the quality
of some of its quake "dampers" since at least 2003, one of the
latest compliance scandals that has shaken confidence in Japan's
manufacturing prowess. urn:newsml:reuters.com:*:nL3N1WZ3GI
Earlier this month, Hitachi Chemical Co 4217.T said it
found improper tests were conducted on nearly 30 more products,
after Kobe Steel Ltd 5406.T and Toray Industries Inc 3402.T
admitted data falsification or other types of misconduct.
These cases have "badly damaged the value of 'Made in
Japan,'" a manager of a machinery maker wrote in the Reuters
Corporate Survey, which found 71 percent of companies believed
the KYB scandal would tarnish Japan's reputation.
"Companies have lost their pride during the 'Lost Two
Decades,'" another machinery maker manager said, referring to
the economic slump Japan endured after the collapse of the 1980s
Bubble Economy.
However, when asked if the KYB scandal would affect their
own business, 94 percent said it wouldn't.
Just 5 percent said they planned to take steps in reaction
to the scandal, while 16 percent said they would wait and see.
The rest said they didn't plan to take any steps.
Companies responded anonymously to the survey, conducted for
Reuters by Nikkei Research. It polled 482 large and mid-sized
non-financial firms, about 240 of which responded to the
questions on KYB's scandals during the Oct. 24-Nov. 5 period.
(Reporting by Tetsushi Kajimoto
Editing by Malcolm Foster and Sam Holmes)
((tetsushi.kajimoto@thomsonreuters.com; +81-3-6441-1829;
Reuters Messaging:
tetsushi.kajimoto.thomsonreuters.com@reuters.net))