Japan's M&A study groups wield uncanny power

METI-backed committees owe authority to a collective leap of faith

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20230416 Shinsei bank

Shinsei Bank initially defended itself from takeover by SBI Holdings in 2021 with use of a poison pill. (Photo by Harue Matsushima)

Stephen Givens is a corporate lawyer and an adjunct professor at Keio University Law School in Tokyo.

The Japanese Ministry of Economy, Trade and Industry's Fair Acquisition Study Group is a legal curiosity that could exist only in Japan.

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