Prime Minister Shinzo Abe came to power in 2012 inheriting a Japanese economy that had been stagnant for decades.1He instituted a series of reforms, dubbed Abenomics: a three pillared strategy based around monetary easing, fiscal stimulus, and structural reforms.2
Among these structural reforms—the “third arrow” of Abenomics—the government introduced both a new corporate governance code and an investor stewardship to increase shareholder profitability and power, while seeking to unravel much of the corporate cross-shareholding that characterized Japan’s keiretsu system since the end of the Second World War.3
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