Japan’s capital-market hub under JPX governance
Investors have piled into Japan, reinforcing the country as a top destination for activist campaigns after the United States. Yet potential targets are mainly those with limited willingness to engage, dampening prospects for rapid wins and suggesting campaigns will be lengthy.
Nidec has reported significant writedowns and accounting irregularities, sending its bonds and shares lower amid leadership shake-ups and a delayed filing. PwC Japan has refused to sign off on its statements, prompting questions about the company’s financial stability and future reporting.
Nidec Corp. has published a redacted report that deepens a crisis surrounding chairman Shigenobu Nagamori and the company’s governance. The findings prompt a review of privatization options and pose questions about internal controls as the company seeks auditor approval and market confidence. New CEO Michio Kaida faces pressure to restructure loss-making units while defending against activist scrutiny.