Bids and bold moves reshape Japanese equities

This year is the 10th anniversary since the introduction of Japan's Corporate Governance Code, which aimed to improve capital efficiency, add accountability and oversight, and increase transparency and shareholder engagement. One decade later, and the impact it has had is clear to see. Several Japanese companies have received record shareholder proposals from activist investors. As they have become less shielded from shareholder pressure, activist investors have been able to push for change. However, since the release of METI's M&A nearly two years ago, the number of unsolicited offers for undervalued...