Japan: A new cult of entrepreneurship

John MacDougall, manager of the Baillie Gifford Shin Nippon fund, explains how Japan's old corporate structure is being replaced with a new era of entrepreneurialism and high-growth focused start-ups

‘Shin nippon' means new Japan, and after years of false dawns it is quite possible the country is emerging from moribund stasis and into a new and lively world.   New Japan is the opposite of the ancient regime. It is entrepreneurial and comprises high growth businesses, often competing globally and offering a greater focus on returns for shareholders. Prime Minister Shinzo Abe has been shepherding in this new dawn through his three arrows of market liquidity, currency devaluation, and structural reform. The effects of the first two can be clearly seen but the third is taking a bit of ti...