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ACGA Blog: Japan’s 2026 Corporate Governance Reforms: Modernisation, Minority Protections, and the Risk of Unintended Consequences

In spring 2026, Japan’s corporate governance framework is undergoing its most coordinated review in over a decade. Three parallel public consultations – the Ministry of Justice (MoJ) on Companies Act amendments, the Financial Services Agency (FSA) on revisions to the Corporate Governance Code, and the Tokyo Stock Exchange (TSE) on listing rules for minority shareholder protection – address a number of overlapping questions on capital flexibility, board oversight, shareholder rights, and disclosure. Should these proposals be enacted in their current form, their combined effect could materially reshape the balance between managerial agility and substantive minority shareholder safeguards. This ongoing wave of regulatory consultations continues with the Ministry of Economy, Trade and Industry (METI) launching a public consultation on the interpretation and guidance for the Guidelines for Corporate Takeovers, writes Dr Helena Fung, Head of Research and Advocacy, ACGA. Read more here.