When Iris Inc.,a hand-bag manufacturer headquartered in the U.S.,decided to invest in Japan,it tied up with a Japanese fashion house in order to pool resources,share risks,and operate the new business together.This is an example of ________.

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A joint venture is a business arrangement in which two or more parties agree to pool their resources and expertise in order to accomplish a specific task or set of tasks. In this case, Iris Inc. and the Japanese fashion house have decided to work together to establish a new business in Japan. This allows them to share the risks and costs associated with entering a new market, while leveraging each other's strengths and expertise.