TOKYO -- Activist investor Oasis Management believes Japan's much touted corporate governance reforms are facing a moment of truth after gaining traction over the last two years.
Investor enthusiasm for Japanese stocks, fueled by those reforms, lifted the Nikkei Stock Average 28% in 2023 and 19% in 2024. But the rally petered out, leaving the average down 5% so far this year, compared with a gain of 15% in Hong Kong's Hang Seng Index and 10% in Stoxx Europe 600 index. The Nikkei average has traded in a narrow range over the last seven months.
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