TOKYO -- Japanese companies slashed their cross-shareholdings to include the fewest targets on record during the fiscal year ended March as pressure mounts on them to abandon the controversial practice.
These strategically held shares refer to equity that companies hold in business partners for the purpose of maintaining those relationships. Listed companies owned such shares in 53,500 cumulative targets as of March 31, according to securities filings from 2,200 corporations analyzed by Nikkei.
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