The difference between US and Japanese levels of compensation has been frequently discussed. For example, the entire top executive board at Nomura reportedly gets less in total compensation than an associate or senior vice-president would have got on Wall Street in 2005 or 2006, according to headhunters in Tokyo.
In addition, bonuses in Japan are much less volatile than in the US. Bonuses in Japan shift by 5%-10% a year, while they could differ by 100% between years in the US. At the extremes, the gap between senior executive pay and the income of the lowest ranked executives is also much wider in the US.
The principal reason underpinning such profound differences...
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