, Columnist
A Decade On, Has Japan’s Corporate Revolution Worked Too Well?
M&A activity is frenetic in Tokyo thanks to reforms initiated in 2015. But be wary of going too far.
On the move.
Photographer: Shiho Fukada/Bloomberg
Japan wanted change in its corporate sector. It got it — for better or worse.
A decade on from the introduction of the country’s first Corporate Governance Code, there’s so much M&A activity in Tokyo these days that it’s tough to even keep track. From private equity to activist investors to consolidation among companies fearful they’ll be targeted next, no acquisition seems beyond the pale.