Number 8

The Nippon Steel Decision Is Not About Japan

President Joe Biden’s decision to block Nippon Steel’s proposed acquisition of U.S. Steel was criticized as a bid for union support in an election year. Based on information that has come out in subsequent litigation, we now know that the committee charged with reviewing the transaction did identify national security concerns that were rooted in factors unique to the global steel market and Nippon Steel.  

Lessons from Toshiba: Corporate Governance in the Era of Activist Shareholders

The most significant, long-running corporate governance scandal in the history of Japan may finally be coming to a head. Following a series of misdeeds and clashes with activist investors over the past seven years, Toshiba Corporation, an icon of the Japanese business establishment, is in negotiations to sell itself to a Japanese private equity fund.