If you believe that Japan's distribution system is inefficient and does consumers no good, try telling that to Masahiro Matsuoka.
According to the managing director and head of equity research at UBS Warburg (Japan) Ltd., wholesalers in Japan -- unlike those in the United States -- actually promote competition among retailers and thus benefit consumers.
"Maybe I have to lecture prejudiced English-speaking people who are writing off Japan's distribution system as a dud," Matsuoka said.