Hierarchy is still very much alive in Japan, although in a more subtle way, and is an important part of the business environment, as well as day-to-day life. The Japanese are extremely respectful of authority and believe that someone who has achieved a position of responsibility should be treated with respect, both inside and outside of the office. Reflecting this strong authoritarian trait is the value that the Japanese place on professional titles, clearly seen in the general usage of a persons title, even out of a business environment. It is perfectly normal for a Japanese worker to refer to his manager simply as "manager", substituting the individuals name completely with his or hers appointed title.
When meeting Japanese business associates for the first time, it is likely they will immediately wish to find out your company name and your individual title, which is why the exchanging of business cards is so important. From this information they can not only gauge your decision making ability but also your position in the hierarchy compared to themselves. This in turn will govern the way they will act with you and even the style of language they use.
Below is a brief list of Japanese titles and their English equivalent. Each company will probably use a variation of their own choosing, but the basic framework will stay the same.
