Carlos Ghosn and Junichiro Koizumi are two well-known names in Japan. Ghosn, the CEO of Nissan, is famous for his rescue of the company from the brink of bankruptcy. Prime Minister Koizumi's "trademark" is structural reform, which he promised in 2001 would lead to the creation of 5 million jobs within five years.
A powerful message delivered by Ghosn recently at Nissan headquarters to an audience of business-school students and academics prompted me to assess what happened at Nissan and how it applies to reform-minded Japan.
To pull Nissan out of crisis, Ghosn proposed the "Nissan Revival Plan." This blueprint included corporate reforms to reduce the company's huge debt, targets to achieve profits within three years and cost-cutting measures, including plant closings. What made Ghosn an icon in Japan was that he proved reform can work here and that crises can be overcome.