Outside Publication

Acquiring a Japanese Public Company: Will Abenomics Corporate Governance Reforms Lead to a Robust M&A Environment and Increased FDI?

November 2015

Partner Satoru Murase presented this paper at Harvard's Japan - US Symposium on Building the Financial System of the 21st Century.

Numerous commentators and investors have written about the successful efforts by the Japanese Financial Services Agency and Tokyo Stock Exchange, Inc. to improve Japanese corporate governance through government lead initiatives that are symbolized by the establishment of Japan’s Corporate Governance Code that took effect on June 1, 2015. The combined effects of the reforms at the GPIF, amendments to the Japanese Companies Act, as well as the focus on ROE have been impressive. Global institutional investors have taken notice and continued investment in the Japanese stock market with its high percentage of foreign ownership.

Read the full paper >>