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The Future of Finance in Japan post Olympus
- Tony Miller
The Olympus scandal was watched throughout the world. The fact that this happened in a household name with international operations and they fact that the whistle blower was the only foreigner in senior management attracted global attention. The Olympus affair gave the impression to some observers that Japanese laws are designed to subvert shareholder interests and to “protect” domestic companies from foreign ownership. Is corporate governance in Japan is substandard or is this a global crisis where Japan performs neither better nor worse than other nations? Tony Miller will argue that foreign funds are leaving because the Japanese capital markets don’t promote shareholder interests and that by preserving the status quo Japan has eviscerated its own industry.