"Behind every number, there is a leader."
"If you are a player as well as a coach… that's the single best way to actually have the credibility."
"I take the blame. You know, you guys take the credit."
"To unlock creativity… protect the odd ideas."
"A true leader is somebody who can inspire individual team members to be better than themselves."
Jesper Koll has been in Japan since 1985, when he arrived as a PhD researcher studying global finance. What began as an academic year at Kyoto University became a long-term professional and personal commitment to Japan. Over the decades, he built a distinguished career as one of Japan's most recognised economic and investment commentators, including senior roles as Chief Economist and Chief Strategist at Merrill Lynch Japan and Head of Research at JPMorgan. He has also worked in hedge funds, built his own company, and moved between large institutions and smaller entrepreneurial environments. His career arc reflects a deep adaptability to Japan's business culture, an ability to interpret Japan for global markets, and a leadership style grounded in credibility, humility, local insight, and trust.
Jesper Koll's leadership philosophy is rooted in one central belief: in Japan, numbers alone never tell the full story. Behind every figure sits a leader, a team, a community, and a set of relationships that must be understood before meaningful judgement can be made. His experience leading highly skilled research teams in Japan taught him that the Anglo-American model of purely empirical, numbers-first analysis was insufficient in the Japanese context. In Japan, insight came not only from data, but from the human relationships that allowed analysts to understand the people behind the companies they covered.
Koll argues that foreign executives in Japan must not assume that global best practice can simply be transferred into Tokyo. What works in New York, London, or Hong Kong will not necessarily work in Japan. The most successful leaders understand the importance of local adaptation. They defend the Japanese way of doing things to headquarters rather than merely transmitting headquarters' orders to Japan. This is where concepts such as nemawashi, consensus-building, ringi-sho, and uncertainty avoidance become important. They are not obstacles to leadership; they are part of the operating system leaders must learn to respect and use intelligently.
His own credibility as a leader came from being both a player and a coach. As head of research, he still wrote reports, met clients, appeared on television, spoke at conferences, answered difficult questions, and risked being wrong in public. This gave him standing among a team of highly specialised, confident, and sometimes prima donna analysts. Leadership, for Koll, was not about title or positional power. It was about showing that he could perform, protect the team, make others look good, and take responsibility when things went wrong.
Trust, in his view, is created through consistency, humility, and one-on-one relationships. He believes leaders should give credit to the team and take blame themselves. He also stresses the importance of psychological safety, especially in Japan, where fear of failure can limit creativity. Koll deliberately discussed his own mistakes and encouraged analysts to examine failed reports, not as shameful episodes but as learning opportunities. This approach helped reduce defensiveness and made it easier for talented people to speak openly.
Creativity, he believes, exists in Japanese teams just as it does anywhere else. The challenge is unlocking it. In brainstorming, the leader must protect unusual ideas and the people who offer them. The outlier, the odd thinker, the person who challenges the consensus may hold the breakthrough. A strong leader prevents early judgement from killing ideas before they can evolve.
Koll also cautions against superficial engagement rituals. Going drinking with the team may work for some leaders, but only if it is authentic. People recognise insincerity quickly. Real engagement comes from emotional intelligence, individual attention, and demonstrating that the leader genuinely manages for the team rather than simply managing upward.
Ultimately, Koll defines leadership as inspiring individual team members to become better than themselves. In Japan, that means balancing global standards with local realities, protecting the team while challenging them, respecting hierarchy while creating trust, and turning one plus one into three.
Q&A Summary
What makes leadership in Japan unique?
Leadership in Japan is unique because relationships sit behind performance. Koll stresses that data, analysis, and results matter, but they are never enough by themselves. In Japan, the leader must understand the people, teams, and communities behind the numbers. This is especially important because Japanese companies often do not market themselves aggressively or explain their strengths in the polished style common in the United States. The leader must therefore uncover the real story through trust, observation, and long-term relationship-building. Concepts such as nemawashi, consensus, ringi-sho, and hierarchy are not simply bureaucratic customs; they shape how trust is built and how decisions move.
Why do global executives struggle?
Global executives struggle when they assume that headquarters' methods can be imposed unchanged on Japan. Koll is clear that "our way or the highway" does not work. The foreign leader's natural advantage is the connection to headquarters, but that advantage can be used well or badly. If the leader simply says yes to New York or London, the local team will quickly lose trust. If the leader defends Japan's way of working and helps headquarters understand local realities, credibility grows. The best leaders translate in both directions: they make global strategy understandable locally and make local intelligence valuable globally.
Is Japan truly risk-averse?
Koll's comments suggest that Japan is less risk-averse than often assumed, but more sensitive to failure, judgement, and uncertainty. In analytical teams, mistakes are inevitable. A good analyst may be right only slightly more than half the time. The issue is not avoiding error, but learning from it. In Japan, where failure can carry stigma, the leader must create psychological safety. Koll did this by openly discussing his own wrong forecasts and encouraging others to analyse mistakes without shame. In this sense, the real leadership challenge is not risk avoidance but uncertainty avoidance: helping people act, learn, and improve even when outcomes are not guaranteed.
What leadership style actually works?
The leadership style that works is humble, credible, protective, and performance-based. Koll believes leaders must be player-coaches. They must show they can perform the work, face clients, take difficult questions, and contribute directly to results. At the same time, they must give credit to team members and take blame themselves. This combination is powerful in Japan because people watch leaders closely. They notice whether the leader's actions match the message. A leader who protects the team, supports dissenters, and makes others look good earns lasting trust.
How can technology help?
Technology helps when it supports better process, decision intelligence, and organisational learning, but it does not replace human judgement. Koll described how even a change in production deadlines or software systems could create major disruption because people had deeply embedded ways of working. The leadership task is to manage these transitions firmly and respectfully. In modern terms, tools such as decision intelligence, digital twins, workflow analytics, and AI-supported reporting can help teams understand trade-offs, test scenarios, and improve execution. However, technology only works when leaders respect the human side of adoption: habits, pride, expertise, and fear of disruption.
Does language proficiency matter?
Koll learned Japanese early, during his time as a student in Kyoto, and that gave him a strong foundation. However, he does not argue that every foreign leader must become fully fluent to succeed. More important is the ability to build relationships with customers, understand the local business environment, and help the team deliver results. Language helps, but humility, curiosity, and direct engagement with clients matter more. A leader who cannot speak perfect Japanese but can make the team look good, win customer trust, and represent Japan effectively to headquarters can still succeed.
What's the ultimate leadership lesson?
The ultimate leadership lesson is that leaders exist to make others better. Koll defines a true leader as someone who inspires individual team members to become better than themselves. That requires trust, courage, humility, and emotional intelligence. It also requires the ability to select lieutenants wisely, balance different personalities, protect odd ideas, and celebrate periods when the team is simply performing well. Leadership is not constant disruption. Sometimes the right move is to recognise that the team is "in the zone" and preserve momentum. The best leader helps the team become more than the sum of its parts.
Author Credentials
Dr. Greg Story, Ph.D. in Japanese Decision-Making, is President of Dale Carnegie Tokyo Training and Adjunct Professor at Griffith University. He is a two-time winner of the Dale Carnegie "One Carnegie Award" (2018, 2021) and recipient of the Griffith University Business School Outstanding Alumnus Award (2012). As a Dale Carnegie Master Trainer, Greg is certified to deliver globally across all leadership, communication, sales, and presentation programs, including Leadership Training for Results.
He has written several books, including three best-sellers — Japan Business Mastery, Japan Sales Mastery, and Japan Presentations Mastery — along with Japan Leadership Mastery and How to Stop Wasting Money on Training. His works have also been translated into Japanese, including Za Eigyō (ザ営業), Purezen no Tatsujin (プレゼンの達人), Torēningu de Okane o Muda ni Suru no wa Yamemashō (トレーニングでお金を無駄にするのはやめましょう), and Gendaiban "Hito o Ugokasu" Rīdā (現代版「人を動かす」リーダー).
In addition to his books, Greg publishes daily blogs on LinkedIn, Facebook, and Twitter, offering practical insights on leadership, communication, and Japanese business culture. He is also the host of six weekly podcasts, including The Leadership Japan Series, The Sales Japan Series, The Presentations Japan Series, Japan Business Mastery, and Japan's Top Business Interviews. On YouTube, he produces three weekly shows — The Cutting Edge Japan Business Show, Japan Business Mastery, and Japan's Top Business Interviews — which have become leading resources for executives seeking strategies for success in Japan.
