Prime Minister Shinzo Abe came to power in 2012, inheriting a Japanese economy that had been stagnant for decades.1 He 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 code. These aimed to increase shareholder profitability and power while seeking to unravel much of the corporate cross-shareholding that had characterized Japan’s keiretsu system since the end of the Second World War.
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