Fast Retailing Forecasts a 34% Profit Rise

Fast Retailing, the leading Asian retailer, owns brands like Uniqlo and J Brand. Despite a 21% increase in sales, profits fell by 29% due to various factors, including the yen's weakness. However, the company is optimistic about future growth, especially in Greater China, where operating profits rose by 83%. Fast Retailing plans to open 85 new stores in 2014, focusing on international markets. Owned by billionaire Tadashi Yanai, the company is diversifying beyond Uniqlo. While J Brand struggles in the U.S., Fast Retailing anticipates a 34% profit rise next year, driven by overseas growth and favorable currency exchange rates.

Who is the owner of Fast Retailing and what is his significance?

What challenges is Fast Retailing facing in its home country, Japan?