The Corporate Governance Revolution: Japan's PBR Reform Explained
If there is one thing that separates the current Japanese equity rally from previous false dawns, it is the corporate governance revolution. This is not a government talking point or a consultant’s slide deck. It is a measurable, accelerating change in how Japanese companies allocate capital, return cash to shareholders, and engage with investors. For overseas investors evaluating the Japan opportunity, understanding this reform is essential. It explains why buybacks are hitting records, why cross-shareholdings are being unwound, and why the valuation gap with the rest of the world is likely to narrow. ...