OYAMA, Shizuoka Pref. -- Most delegates attending a business leader's meeting here Friday predicted that the information technology revolution will help lead the Japanese economy into the next century.
During talks on economic revitalization -- one aspect of the three-day annual forum of business leaders hosted by the Japan Federation of Economic Organizations (Keidanren) -- most participants said the IT revolution would be a driving force behind the economy.
Yoichi Morishita, chairman of Matsushita Electric Industrial Co., said IT will help companies speed up the decision-making processes of corporate management while increasing production efficiency.
"IT can speed up B2B (business-to-business) online communications, which will give more time to companies to conduct business and create new enterprises," he said.
Some participants predicted that an expansion in B2C (business-to-consumer) online interaction would take longer than B2B communications, with Taizo Nishimuro, chairman of Toshiba Corp., saying deregulation is needed to speed up the process.
Some participants, however, were skeptical over the impact of the IT revolution.
Hiroshi Araki, chairman of Tokyo Electric Power Co., said nobody could accurately predict the benefits of such technology.
"We should not expect IT to create new industries and more employment opportunities because online businesses have yet to produce spectacular outcomes," he said.
About 20 business leaders from Japan's major companies discussed various issues -- including educational reform and constitutional revisions -- during the three-day conference, which ends today.