This article was originally published in Forbes JAPAN on March 6, 2025. This article is republished in English with the author's permission.
Emi Yoshikawa is based in Silicon Valley and active in a wide range of fields, including global business strategies for cutting-edge technology. Most recently, she served as Vice President of Strategic Initiatives at Ripple's San Francisco headquarters, where she oversaw corporate strategy, business operations, joint venture partnerships and more. She participated in the establishment of the Blockchain Research Center at Kyoto University Graduate School and promoted industry-academia blockchain research as a specially appointed associate professor. She has also served as an outside director at SBI Holdings group companies. In addition to many years of experience in the financial technology field, she also has experience in sustainability tech and consulting. In 2021, she was selected as one of the 100 most influential women in the San Francisco Bay Area business world by the San Francisco Business Times. She also serves as a director of the Japan Society of Northern California and is committed to promoting Japan-U.S. relations. She holds an MBA from Harvard Business School and a CFA designation.
In recent years, as corporate governance issues in Japan have come under the spotlight, the importance of strategic stakeholder engagement has also gained renewed attention. While major U.S. companies have long recognized the necessity of stakeholder-oriented communication strategies and positioned them as a top executive priority, Japanese companies have yet to fully embrace this approach.
To explore the multi-stakeholder strategy that Japanese companies need to maintain their competitive edge in the global market, I spoke with Lori Teranishi, a Japanese-American and founder of iQ360, a strategic communications firm based in the U.S., along with John Onoda, a senior advisor at the firm.
Yoshikawa: In Japan, corporate governance has become a hot topic again, especially with the recent Fuji TV scandal. Governance reform is undoubtedly essential, but at the same time, the issue of external stakeholder communication has also come into sharp focus.
Effectively timing and executing strategic communication with key stakeholders—such as shareholders, consumers, business partners, and employees—can be a matter of survival for companies. At iQ360, you specialize in advising companies on strategic stakeholder communications. Could you start by sharing the story behind the founding of your firm?
Teranishi: Certainly. I am a fourth-generation Japanese-American from Hawaii, and after building my career in corporate communications and product development at global firms, I launched multiple communications agencies. Through those experiences, I came to recognize the need for strategic corporate communications that go beyond traditional PR and media relations—communications that serve as a core component of corporate strategy.
This realization led me to establish iQ360, a firm designed to provide direct strategic support to CEOs and board members. The name "iQ360" reflects our 360-degree approach to stakeholder engagement, ensuring that companies develop comprehensive and proactive communication strategies.
Yoshikawa: John, as a senior advisor at iQ360, you’ve held top communications roles at major global corporations, including General Motors (GM), Visa, Levi’s, and Charles Schwab. How has the importance of multi-stakeholder communication evolved in these organizations?
Onoda: In the U.S., the concept of a multi-stakeholder strategy first gained recognition 30 to 40 years ago, particularly in highly regulated industries such as automotive and telecommunications. These industries depend not just on market dynamics, but also on maintaining trust-based relationships with key stakeholders, including government agencies, labor unions, industry groups, and consumers.
Developing communication strategies that align with a company’s culture and long-term strategy is essential for sustainable growth. In recent years, this multi-stakeholder approach has expanded beyond regulated industries and is now seen as a critical success factor across all sectors.
Through my work at iQ360, I aim to broaden the adoption of this approach across industries by
supporting executive teams in developing and implementing effective stakeholder strategies.
Yoshikawa: In the U.S., corporate communications has become increasingly integrated with executive leadership, particularly in the past several years. Previously, communications teams were often viewed as an extension of marketing, primarily focused on product promotion and PR. However, today, many companies position their communications function directly under the CEO, making it a core component of corporate strategy.
Teranishi: Yes, corporate communications in the U.S. has undergone a fundamental transformation. At iQ360, we work closely with CEOs and board members to analyze challenges from a multi-stakeholder perspective and develop tailored solutions. We are unlike traditional PR agencies or strategy consulting firms. By understanding stakeholder motivations and potential reactions, we help companies proactively shape their corporate narrative and build trust.
Yoshikawa: Could you share a specific case where iQ360 played a crucial role in stakeholder communications?
Teranishi: One notable example is the merger between Hawaiian Airlines and Alaska Airlines. Initially announced in late 2023, the deal faced major antitrust hurdles and was further complicated by lawsuits from local communities.
Our firm led the stakeholder engagement strategy, working with regulators, local communities, and customers. By understanding their values and concerns, we crafted a strategic communication plan that ultimately helped secure regulatory approval for the merger.
Yoshikawa: M&A transactions like this highlight the importance of gaining stakeholder trust, beyond just financial metrics. Do you think Japanese companies are becoming more aware of multi-stakeholder strategies?
Onoda: Japanese companies still tend to view corporate communication primarily as PR or marketing. Many companies rely too much on literal translations of their Japanese content, failing to effectively engage international audiences.
Additionally, Japanese corporate leaders rarely engage in direct communication other than reading from scripts, which strikes most people as no more valuable, engaging or credible than reading a web page. Engaging audiences in ways that inspire confidence and trust usually requires sharing a corporate narrative that is tied to a vision, purpose and set of values. By not developing such a vision, businesses miss an opportunity to build supportive relationships with global stakeholders.
A recent example is Nippon Steel’s bid to acquire U.S. Steel. This effort appears to have lacked public support, which might have influenced the labor union and politicians with political interests in the outcome. The news media was also neutral in its reporting. A strong stakeholder campaign might have motivated these diverse stakeholders to express support for the deal, and in America’s highly politicized environment, this might have led to a different outcome.
As Japanese companies continue to pursue overseas acquisitions, understanding and engaging local stakeholders will become increasingly important.
Yoshikawa: As Japanese companies struggle to maintain their global presence, what do you believe is essential for their revival?
Teranishi: Moving forward, corporate leadership must embrace risk-taking and a mindset of experimentation. Understanding global market dynamics and crafting localized communication strategies will be crucial for what I call a ‘corporate re-founding’.
Japan has a strong track record of adapting to change while preserving its traditions. The success of Japanese companies in the 1980s was largely due to their ability to balance unique corporate values with global trends. I believe Japan is now at a similar crossroads.
By leveraging its strengths—such as long-term strategic vision and deep respect for stakeholders—while embracing rapid global changes, Japanese companies can make a strong comeback.
Yoshikawa: Historically, Japan has undergone transformational re-foundings, such as during the Meiji Restoration and post-World War II reconstruction.
Onoda: Absolutely. The Japanese are capable of great reinvention. Now is the time for it to be done again. Given its shrinking population, Japan’s business must grow in international markets more effectively and on a greater scale than before. To be successful, they should adjust their cultures and work models to beat the American, Chinese and Indian competitors, especially as they vie to own future industries such as AI, space, robotics genetic engineering, renewable energy and the like. This will require a great deal of change.
Change is heavily dependent on effective communications. In a highly diverse and politically charged environment like in the United States, stakeholder perception is complex, requiring nuanced communication strategies. A simple one-size-fits-all message will not work—companies must carefully tailor their approach to different stakeholder groups.
Yoshikawa: Given the complexity of the U.S. market, many Japanese executives struggle to grasp how their messages will be received by different stakeholders. Working with deeply embedded local partners like iQ360 can be game-changing in navigating these challenges. Finally, what advice would you give to Japanese companies?
Onoda: The world is experiencing rapid transformation, driven by AI advancements, geopolitical shifts, and regulatory changes. Companies must actively reinvent themselves and invest in the future. They need to ask themselves: ‘Can our current approach truly succeed in this new era?’ and have the courage to undergo fundamental restructuring.
Teranishi: Japan has tremendous value to offer the world. By leveraging its strengths while embracing a global perspective, Japanese companies can reclaim their leadership role on the world stage. I encourage them to fearlessly pursue innovation and transformation.
Yoshikawa: My initial encounter with Ms. Teranishi and Mr. Onoda was through our involvement in the U.S.-Japan Council. Through this experience, I have been personally inspired by Japanese American leaders who deeply care about Japan's future and extend their support. Now more than ever, I strongly believe that Japan's business leaders should strengthen their collaboration with Japanese Americans in the U.S. and move forward toward a "re-foundation" of Corporate Japan. Thank you for your time today.
