On May 7, 2017, ACGA wrote to the Financial Services Agency (FSA) of Japan to give comments on the consultation of the revised Japan Stewardship Code, “Principles for Responsible Institutional Investors”.  We believe the FSA has reviewed the Code within a reasonable period of time and in response to lessons learned from its first phase of implementation. Our overall view of the revised Code is positive and we believe it marks an important step forward in several areas on the original 2014 Code.