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Corporate Governance and Law Reform in Japan: From the Lost Decade to the End of History?

  • Luke Nottage
  • Leon Wolff

Abstract

Much has been made of Japan’s ‘lost decade’. With economic stagnation, financial crisis and record corporate insolvencies during the 1990s, Japan’s once mighty economic machine appears to have lost its way. But its sluggish economic performance stands in contrast to an enormous burst of activity in law reform. On a scale comparable to the massive legal innovations made after Japan reopened itself to the world during the Meiji Restoration from 1868 and the democratization of constitutional and economic law during the Allied Occupation from 1945 to 1952, Japan is embarking on a ‘third wave’ of legal and regulatory reform. The primary driver of the reform movement is growing desperation to regain economic momentum. A guiding theme is dismantling ex ante regulation of businesses by public authorities and introducing more indirect means of ex post control by empowering private entities with private or corporate law remedies.2

Keywords

Corporate Governance Hostile Takeover Main Bank Company Model Lifetime Employment 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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  • Luke Nottage
  • Leon Wolff

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