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Well, that's just one example of one good CEO.
I'm sure their are corrupt CEOs in Japan too.
However, schooling in Japan seems way
different than in America. They instill
qualities of accountability and
responsibility very early on.

i'm also wondering how this "merit" is being "rewarded" ?

perhaps in "peace of mind" ?

It's not a thumb rule that merit always gets rewarded. However, in the business world, when you present a resume or curriculum vitae, you are, in essence, asking the employer to hire you based on the merit of your education. If the job is for a skilled position and the resume or cv you presented hits all the right qualifications and the interview goes well, you get the job. Wise employers will keep their employees happy, so advancing someone based on the merit of their work, giving them a raise or a bonus is par for the course. Regarding the businessman, he may also be a stakeholder, so in that sense, he could be rewarding himself in the long run by taking a pay cut. Also, the Japanese are pretty obsessed with perfection, and even in business, Kaizen is a common practice. Check out the lifespan of your average Honda or Toyota. They kick our ass with regards to vehicle longevity, and this is good. We need quality examples for healthy competition in the marketplace. If you're ever looking for a new or used car, you might want to go for a Honda or a Toyota, as they don't seem to be on the same Americanized planned obsolescence model as companies like Cadillac, etc.

Also, i have a friend who has been a toyota mechanic for at least twenty years and they report that there are replacement parts (oem) that are designed to fail after 30,000 miles.

Specifically, they described parts that used to be a solid piece of forged steel, now are being manufactured with a thin layer of plastic in the center.

Damn, that's no good.

As Consumer Reports noted, Mazda’s entire lineup benefits from shared powertrains and in-car tech features. The company only makes modest changes each year, which is the critical factor in its success. CR gave each Mazda an above-average ranking for reliability.

https://www.motorbiscuit.com/how-mazda-outranked-toyota-and-lexus-as-the-most-reliable-car-brand/

I was focused on engine life expectancy.

If the job is for a skilled position and the resume or cv you presented hits all the right qualifications and the interview goes well, you get the job.

Have you ever been (and or have you ever spoken to someone who has been) rejected for being "overqualified" for a job ?

Na, but I've heard of it happening, it should be the goal of any good HR person to place the position correctly the first time. If you don't, and it's a trained position, then they'll have to retrain someone else. I think they try and weed out would be malcontents before they have the opportunity to become disappointed.