SINGAPORE : Corporate governance in Japan has suddenly become a cause celebre, rousing the world's third-largest stock market out of decades of lethargy and drawing in hordes of foreign investors.Japan's stock market has long been seen by investors as a 'value trap' where companies focus on market share,
SINGAPORE : Corporate governance in Japan has suddenly become a cause celebre, rousing the world's third-largest stock market out of decades of lethargy and drawing in hordes of foreign investors.
The Tokyo Stock Exchange is forcing reform, too, threatening companies with underperforming stocks to demonstrate a better use of capital or face being delisted. The Nikkei Average, whose top companies include multinationals Fast Retailing and Sony Group, has persistently been undervalued, trading at close to book value, which is the value of the firm's assets.
"Instead of discussing whether there should be a buyback, it’s a discussion of how big should the buyback be, often," said Jamie Halse, who manages an A$490 million Japan-focused fund at Platinum Asset Management in Sydney. Artemis' Edelsten said he had been buying first-tier Japanese banks since the summer of 2022 and in the last quarter had built positions in two firms: printer Toppan Inc and machine maker Toyota Industries.
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