Analysis of Financial Performance of Paper Industries.

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Visiting Research Fellow Monograph Series
This series aim at disseminating the results of research done by Visiting Research Fellows at the Institute of Developing Economies. However, no part of this paper may be quoted without the permission of the author, since some of the results may be preliminary. Further, the findings, interpretations and conclusions expressed in this paper are entirely those of the author(s). Paper does not imply endorsement by the Institute of Developing Economies of any of the facts, figures, and views expressed. The Institute of Developing Economies does not guarantee the accuracy of the data included in this paper and accepts no responsibility whatsoever for any consequence of their use.

ACKNOWLEDGEMENTS

This research was made possible through valuable funding from IDE-JETRO. I am extremely grateful to IDE-JETRO for allowing me to carry out this research in the period August 2006-February 2007. This report has benefited substantially from inputs and insights from certain individuals and Research Institute Library Officers (IDE, OJI Museum, and FFPRI). I would like to thank Prof. FUJITA Masahisa and Dr. YOSHIDA Mikimasa, as President and Executive Vice President of the Institute of Developing Economies (IDE-JETRO), Dr. SATO Yuri (as host scientist), Prof. NAGATA Shin, Prof. INOUE Makoto (The University of Tokyo), Dr. TACHIBANA Satoshi and Dr. ZHANG Yufu (Forestry and Forest Products Research Institute/FFPRI), for their discussion and critical comments upon this paper. I am also grateful to and extend many thanks to all researchers from the Southeast Asian Studies Group 1 (Area Studies Center) and all the kind colleagues in the IDE institute such as SATO Hiroshi, ISHIDA Masami, KOJIMA Michikazu, TERAU Tadayoshi, MATSUI Kazuhisa, IMAI Ken, YOSHIDA Eiichi, HORII Nobohiro AOKI Maki, KITANO Koichi, OKADA Masahiro (Research-Editorial Office), TAKAHASHI Mune, TAKAHASHI Matsushi, HAMADA Miki, HIGASHIKATA Takayuki, Michida MAKINO Kumiko, MOCHIZUKI Katsuya, TAKAHASHI Kazushi and others too numerous to mention. Finally my thanks to Director of the International Exchange Division SANADA, HARADA Naomi and HOKINOUE Kayo (Deputy Director), Ms KANENARI Yoko and to Ms. EZAKI Raimi and Yoshinori of the Research Management Division, and YOKOYAMA Mitsunori (Director Budget and Planning) for their generous support.

TABLE OF CONTENTS

Chapter I 1.1. Introduction················································································································ 1 1.2. Background ················································································································ 3 1.3. The Scope, Goals and Objectives ··············································································· 5 1.4. Methodology ·············································································································· 6 1.5. The Expected Results ································································································· 9 1.6. Method of Research ··································································································· 9

PART ONE: PULP AND PAPER IN JAPAN Chapter II JAPANESE INDUSTRIALIZATION Introduction ·················································································································· 10 2.1. The Role of Government ························································································ 10 2.2. Government and the Private Sector ········································································ 12 Chapter III DEVELOPMENT OF PULP AND PAPER INDUSTRY Introduction ·················································································································· 15 3.1. The Pioneer of Pulp and Paper ··············································································· 15 3.2. Raw Materials (Wood Trade)...
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