日経ビジネス モーニングニュースcurrently outside the Japan top 100
10月16日（金）：無形資産伸ばす三菱化工機／ゼンショー、サイゼリヤ攻勢／塩野義、シニア同一賃金
Mitsubishi Kakoki is highlighted as a "quiet company" that has successfully converted intangible-asset investment—R&D and personnel costs—into steady competitive growth. Japan's largest restaurant group, Zensho, is pushing its Italian family-restaurant chain Olive no Oka toward a target of 500 locations as a third pillar, setting up a direct confrontation with Saizeriya in the low-price Italian dining segment. Meanwhile, Shionogi and other companies are overhauling HR policy to extend equal pay for equal work to senior employees, with the abolition of mandatory retirement framed as the ultimate destination.
What this episode answers
How did Mitsubishi Kakoki achieve growth through intangible-asset investment?
Mitsubishi Kakoki steadily channeled investment into R&D and human capital—intangible assets where many companies still have significant room to improve—and linked those investments directly to competitive strength and growth, earning attention from investors as pressure on companies in this area intensifies.
What is the strategic rationale behind Zensho positioning Olive no Oka as its third pillar?
Zensho is targeting 500 locations for Olive no Oka as the next growth engine after its existing flagship brands, aiming to leverage its scale as Japan's largest restaurant group to make a full-scale entry into the affordable Italian family-restaurant market.
What kind of competitive relationship does Olive no Oka have with Saizeriya?
Olive no Oka is widely rumored to be a direct rival to Saizeriya and is expected to compete head-on in the low-price Italian dining segment, positioning it as the core of Zensho's differentiation strategy.
What is the background and reasoning behind Shionogi's decision to introduce equal pay for senior employees?
While the custom of sharply cutting wages for rehired retirees is deeply ingrained in Japan, Shionogi concluded that retaining experienced, battle-ready senior talent requires dismantling that norm entirely, launching zero-base evaluations of all employees as the starting point for reform.
What is described as the ultimate goal for realizing equal pay for senior workers?
Abolition of mandatory retirement is cited as the ultimate form of realizing equal pay for senior workers, and companies such as Shionogi are working toward it with specific measures and goals.
Mitsubishi Kakoki: The "Quiet Company" Betting on Intangible Assets
Investor pressure on Japanese companies to expand intangible-asset investment is growing louder. R&D expenditure and personnel costs in particular are widely viewed as areas where most companies still have substantial room to improve—yet progress has been slow.
It is against this backdrop that Nikkei Business has spotlighted a "quiet company" that has succeeded in reliably converting intangible-asset investment into growth. That company is Mitsubishi Kakoki (三菱化工機). While it is not a name that resonates with the general public, Mitsubishi Kakoki has steadily built competitive strength through consistent, patient investment in invisible assets: R&D and human capital. Its trajectory stands in deliberate contrast to flashy growth stories, and the episode confronts a pressing question for investors—how to properly evaluate such disciplined, low-profile companies, and how to translate that evaluation into concrete investment decisions.
Zensho Eyes 500 Locations for "Olive no Oka," Taking Aim at Saizeriya
Japan's largest restaurant group, Zensho (ゼンショー), is now in full-scale development mode for its Italian family-restaurant chain Olive no Oka (オリーブの丘), positioning it as a major new growth engine. The company already presides over Japan's largest restaurant conglomerate, with multiple established brands under its umbrella. Olive no Oka is being named the next pillar to follow those flagships—the so-called "third pillar"—with an initial target of expanding to 500 locations.
Much of the intrigue centers on the chain's relationship with Saizeriya (サイゼリヤ). Olive no Oka is widely rumored to be a direct challenger to Saizeriya, and the two chains are expected to compete head-on within the low-price Italian dining segment. The central question is what differentiation strategy Zensho will deploy in a domestic family-restaurant market where Saizeriya has long held a dominant position, and whether the group's considerable scale can translate into real competitive advantage in that category.
Shionogi and Peers Take on Equal Pay for Senior Workers
A deeply ingrained assumption pervades Japanese corporate culture: when employees are rehired or re-contracted after reaching mandatory retirement age, a sharp wage cut is simply taken for granted. But the era is arriving in which companies must be prepared to tear down that convention root and branch—if they are to successfully retain experienced, battle-ready senior talent.
Shionogi (塩野義製薬) and others have moved ahead with HR reforms that extend equal pay for equal work to senior employees. The anchor of these initiatives is a commitment to re-evaluating every employee from zero, regardless of age or status. The ultimate expression of genuinely realizing equal pay for senior workers—the end state these companies are working toward—is the abolition of mandatory retirement. Nikkei Business reports in detail on the specific measures and objectives guiding the companies that have stepped up to lead this transformation.
Other Notable Stories This Issue
Beyond the three main features, the Nikkei Business digital edition is also carrying a report on three contrarian strategies that Subaru unveiled at the Paris Motor Show. The issue also covers the situation in which legacy-generation memory that once cost ¥800 has surged to ¥10,000, alongside news that Meta is developing technology to reuse that older memory.
Takeaways
- Mitsubishi Kakoki is drawing investor attention as a "quiet company" that has channeled intangible-asset investment in R&D and human capital directly into competitive growth.
- Zensho has made its strategy clear: scale Italian family-restaurant chain Olive no Oka to 500 locations and develop it into a direct rival to Saizeriya as the group's third pillar.
- Shionogi and others have launched HR reforms applying equal pay for equal work to senior employees, with the abolition of mandatory retirement as the ultimate goal.
This article is edited from a machine transcript of the first 30 minutes of the episode. It is not an official summary — please listen to the episode itself.