Japan’s PFA CIO slams cross-shareholdings
The pension fund’s CIO, Daisuke Hamaguchi, says the Japanese stock market has ceased to function properly. His proposed solution: a tax incentive for selling cross-shareholdings.
Japanese pension fund managers have a reputation for bowing down to the country’s powerful business lobby. Not so Daisuke Hamaguchi, who has launched a scathing attack on a key aspect of the country's corporate culture: cross-shareholdings.
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