Behind Abe's Biggest Reform Win, Old Japan Inc. Culture Lives On

Some stock buybacks are linked to companies’ foundations
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Relansa’s Steven Bleistein discusses corporate culture in Japan and the reputation of Japan Inc. (Source: Bloomberg)

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By Keiko Ujikane and Takako Taniguchi

November 26, 2017 at 11:30 PM UTC

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While Prime Minister Shinzo Abe’s vaunted third arrow -- structural reforms -- has generally been rated as unsuccessful, his administration has received high marks from Japan analysts for shaking up the country’s corporate-management system.

The nation’s companies have gradually moved to accept the need to listen to shareholder concerns, and to deploy record stockpiles of cash with their interests in mind since Abe took office in 2012. But many haven’t done so willingly, and now some are fighting back.