Hisao Tanaka, Toshiba’s chief executive, gave a 15-second bow on Tuesday as he resigned over a $1.2bn accounting scandal. Mr Tanaka and seven other executives took responsibility for deceptions that started in 2008. Taro Aso, Japan’s finance minister, warned that this could “lose the market’s trust”.
Mr Aso is right that the debacle at one of Japan’s leading industrial conglomerates, on paper a leader in corporate governance reform, is serious. Together with the $1.7bn fraud exposed by Olympus
’s chief executive Michael Woodford in 2011, it suggests that Japanese companies are prone to manipulating their accounts. But foreign investors should not give up and go home.
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