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Business trends

Governance demands chip away at Japanese cross-shareholdings

Fujitsu shed $444m in 'meaningless' stakes in fiscal 2018 with more to come

Fujitsu's reduced cross-shareholdings show how the practice has lost favor in Japan.

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.

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