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October 25, 2026
Partner, Chief Economist
Japan Weeks (Oct. 26-30), now in its fourth year, brings global investors and asset managers together to explore the opportunities in Japan’s financial and capital markets. One of the most important themes behind that opportunity is shareholder activism, which is reshaping corporate Japan. Shareholder proposals have more than tripled since 2018, reflecting a stronger focus on governance and shareholder value, see first chart below. This is starting to translate into stronger corporate profits, with profits at Japan’s medium-sized businesses (those with capital of JPY 100 million to 1 billion) reaching historically high levels, a sign that improving profitability extends well beyond the country’s largest companies, see second and third charts.
Note: Shareholder proposals include Approve Name Change, Approve Statutory Auditor, Business Operations, Charter/Bylaw Amendment, Climate Change Risk, Decrease Authorized Stock, Director Compensation, Discharge Directors, Dividend/Profit Distribution, Elect Director, Extend Poison Pill (Shareholder Rights Plan), Methane/Greenhouse Gas Emissions, Other Auditor Related, Other Board Related, Other Capital Structure, Other Compensation, Other Governance, Remove Director, Remove Poison Pill (Shareholder Rights Plan) and Share Repurchase Related proposals. Sources: Bloomberg, Apollo Chief Economist
Sources: Bloomberg, Macrobond, Apollo Chief Economist
Sources: Bloomberg, Macrobond, Apollo Chief Economist
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