Japan’s Capital Markets Perspective (English)
On January 20, 2026, I authored the Japanese version of the attached white paper, “Japan’s Capital Markets Perspective – Note on the Structural Transformation,” in my personal capacity as Yuya Shimizu of Hibiki Path Advisors SPC and sent to the management teams and senior executives of our investee companies, as well as to other stakeholders with whom I maintain close relationships in my hope to make it thought-provoking piece. In the paper, it touches on the history of Roman Republic, as well as the story from 16th century East India Company.
It is the third and last piece that concludes my capital markets papers, following “A Historiographical Study of the Cross-Shareholding Structure in Japan and our Six Suggestions to the Management,” and 2024 publication, “Merits and Challenges of Being Publicly Listed in the Era of Unsolicited Takeovers.”
We are now making it public both in Japanese and in English in order to help companies and investors to discuss and deepen the view on the way Japan’s capital markets would/should develop going forward.
I would be grateful if you would take the time to read it.
February 9, 2026
Yuya Shimizu
Disclaimer: The opinions, views, and analyses expressed in this report are solely those of the author in his personal capacity and do not represent the official views, policies, or investment decisions of any asset management company, investment fund, or other organization with which the author is affiliated or otherwise related. This report is provided solely for general informational purposes and to raise issues for consideration, and does not constitute, nor should it be construed as, an offer, solicitation, recommendation, or invitation to acquire, sell, or hold any specific securities or other financial instruments. Furthermore, nothing contained herein constitutes legal, accounting, tax, or other professional advice. The information contained in this report is based on sources that the author believes to be reliable as of the date of preparation; however, no representation or warranty, express or implied, is made as to the accuracy, completeness, or timeliness of such information. The contents of this report are subject to change without notice due to future developments or changes in circumstances. Neither the author nor any of the author’s affiliates or related parties shall have any obligation or liability whatsoever for any loss or damage arising from or in connection with any actions taken based on the contents of this report. This is a translated version of the report initially prepared in Japanese. In case of any inconsistency between the English language version and the Japanese language version, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated.