Kawari

At the end of the 20th century, Japan is once again at a crossroads, undergoing fundamental transformation, as it did when it opened its doors to trade in the 19th century and renounced its feudal past, or when it rose from the ashes of World War II as a mighty economic machine. Today’s recession and real estate and financial crises reflect, however, a confluence of trends that are proving that its current model for economic growth is unsustainable. In Kawari (which means “change” in Japanese), noted international asset manager and Japan expert, Milton Ezrati, paints a rich and multi-dimensional picture of Japan in transition. Analyzing economic, social, political, demographic, and cultural trends, Ezrati argues that Japan is poised to recover from current crises, liberalize its economic and trade policies, and evolve into a major diplomatic power—but not without profound consequences for its people and for the world at large.

An insider’s look at today’s Japan—a country in the throes of fundamental change, as history compels it to transform from insular commercial giant to nation among nations.

Milton Ezrati has worked on Wall Street for 25 years, serving since 1987 as chief investment officer for Nomura Asset Management, the American investment arm of Japan’s Nomura Securities, the largest securities dealer in the world. A recognized expert on Japanese finance, business, and politics, he travels regularly to Japan, and has published insights on the country in a wide range of periodicals, including The New York Times, The American Economic Review, The American Scholar, The Los Angeles Times, and Foreign Affairs.