For much of the past two decades, “Japan reform” functioned as a durable marketing pitch. The storyline was always the same: excess cash, sleepy boards, undervalued assets and, finally, a coming governance awakening that would unlock returns. Foreign investors bought the thesis, then watched as corporate Japan absorbed the attention and carried on largely unchanged. As 2025 closes, the difference is that the narrative is no longer built on aspiration. It is built on outcomes.

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Japan is undergoing one of the most significant market transformations of the past generation. Once considered a “value trap” defined by...