In June 2022, Japan’s government announced new “Framework Policies,” which will require Japanese companies to increase transparency regarding their gender pay gap.1 This is especially impactful, given Japan’s low rankings on diversity and gender equality compared to its global counterparts.2 “Disclosing it leads to a truer way of helping women take a more active role in business,” said Ayako Fujita, Japan Chief Economist at JPMorgan Securities Japan. “Nothing will change if we just let things be — the market has to put pressure on companies to change by requiring disclosure.” [Read Kathy Matsui's Article from Our 2021 Compendium]
In past years, this report has discussed the impact on Japan’s corporate governance regime of policies set by the late Prime Minister Shinzo Abe, dubbed “Abenomics.” Research shows that firms that embraced the spirit of these reforms, with a view to improved transparency and corporate governance, have far outperformed their peers through market ups and downs.3
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