Read the storyAs Tokyo stocks climb above multi-year highs, there's a growing sense that Japan is finally back following years of false starts. Some driving factors like a weak yen and a search for alternatives to China aren't exactly endorsements of the world's fourth-largest economy. But investors are increasingly betting that the recovery, backed by stronger corporate governance standards, has legs this time. The man widely credited for much of the recent confidence is Hiromi Yamaji, head of the Japan Exchange Group. He's pushed to "name and shame" companies that fail to boost shareholder returns, prompting them to increase dividends and share buybacks. Since he took over around 15 months ago, the market value of companies on the Tokyo Stock Exchange has risen by about $1.7 trillion, with foreign investors behind much of the gains. Yamaji says daunting challenges remain. Read The Big Take. |
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