In today’s briefing:
- Share Buybacks Exceed BOJ’s ETF Purchases, but BOJ’s Presence Is Significant in Another Aspect
Share Buybacks Exceed BOJ’s ETF Purchases, but BOJ’s Presence Is Significant in Another Aspect
- Of course, When the BOJ’s ETF purchases were active, there were concerns about their impact on stock price formation, but now the impact is much smaller.
- However, the BOJ has a presence in listed companies as a silent major shareholder, it is highly questionable whether its voting rights are being properly exercised.
- While the silent major shareholder exists, overseas investors have played major role in enhancing corporate governance. In addition to cross-shareholding structures, they also have to contend with the silent shareholder.
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