Keiretsu with Extra Steps
Japan’s FSA is quietly reversing 28 years of bank-industry separation. The market hasn’t noticed.
FSA
The Next Phase, Part 1: The June Code and the ¥126 Trillion Question
This is Part 1 of a two-part series on the next phase of Japan’s corporate governance revolution. Part 2 covers the consequences: the delisting wave, the 2026 AGM season and where to look. Japanese equities are outperforming every major developed market in 2026. TOPIX is up 29% over the past year while the S&P 500 has returned 15% and the DAX has gone negative. The YTD gap is wider still. With the BOJ hiking while the Fed holds, local currency returns understate the divergence for dollar-based investors. ...