Foreign investors are pushing back at a slew of moves in Tokyo to restore power to the boards of Japanese companies, arguing that the government is in danger of backsliding on reform attempts.
In recent weeks, Japan’s government and regulators have set out initiatives that bankers, investors and advisers say amount to a message of caution to foreign activists and private equity.
“It may not be co-ordinated but . . . it makes it seem like the pendulum is swinging back towards economic nationalism,” said a senior executive at a foreign private equity firm in Tokyo.
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