Japan has steadily but surely become more shareholder-friendly – more talk about profitability and actual shareholder returns (see chart, source), more shareholder proposals and M&A (here).
If you split it up into insiders (financial/corporate) and outsiders (everyone else), the former ownership peaked at 70% during the bubble years and has come down to 20%.
If you have ever invested in Japanese stocks it can feel like learning all over again.
This is a really great article written by a westerner fluent in Japanese who has spent his whole professional career in Japan including starting a business.