Looks at the long recession the Japanese economy suffered in the 1990s and its ramifications on the employment situation in Japanese corporations. Describes, in general, the current trends in human resource management in corporate Japan which have long‐term implications for management development. In particular, focuses its attention on those white‐collar employees in older age groups who find themselves “trapped” in a “career plateau”. Sees their plight as part of the necessary historic process in a move towards a new corporate society in Japan.