The mystic image of Japanese management changed during the recession of the 1990s. Japanese corporations had problems adapting to the economic challenges and were slow in the implementation of reforms and restructuring measures. They were expected to develop more shareholder value and become more like their Western counterparts. Western observers and news criticized Japanese corporations and managers for being too consensus and harmony oriented, and not being able to deal with crisis or rapid changes. But Japan and Japanese management did change. In many cases these changes were not as radical or as spectacular as expected. Western suggestions and business models were not completely ignored, but many of them are not applicable in a Japanese context. Japan and Japanese management changed in its own way, in a Japanese Way. 'Innovation and Change in Japanese Management' shows which transformation processes and changes can be observed in Japanese companies in reaction to the economic challenges of the past decade. The book presents new research results and investigates the variety of changes that Japanese corporations and managers have experienced in recent years.