TOKYO -- Corporate Japan is steadily unwinding cross-shareholdings and other strategic capital arrangements as the growing power of foreign investors puts more pressure on companies to follow good governance practices.
Fujitsu sold 48.2 billion yen ($444 million) in cross-held shares of 85 companies, including KDDI and Mizuho Financial Group, in the fiscal year ended this March, according to a Nikkei examination of securities reports through June 28.
