Remember the 1980s, when corporate America thought that it couldn't compete with Japan? It is déjà vu in Asia; but this time, Japan is the underdog, terrified and demoralized by the lightning-fast industrialization of China. Yet as Japanese politicians go another round in their never-ending brawl over whether to fix the country's dysfunctional banking system, corporate leaders and economists are saying the unspeakable: China may be Japan Inc.'s savior instead of its downfall. …showed first 75 words of 1201 total…

…showed last 75 words of 1201 total…coastal rim, with 600 million residents, dwarfs the company's home market. "China could be a saving grace for Japan Inc.," says Fred Hu, the managing director for Goldman Sachs in Hong Kong. Times have changed. When Sony transferred Hiroshi Shoda to Beijing a decade ago, half his colleagues offered him condolences over the career move. Not these days. "Our business is growing very fast," Shoda says. "Now everybody is saying, 'You made a good choice.'"