Japanese Law

Abstract

Abstract This book analyses the current state of Japanese law after a series of reforms since 1990. In that year, the US–Japan Structural Impediments Initiatives Talk necessitating fundamental changes to the conventional system in Japan was completed. At the same time, the ‘bubble economy’ came to an end and Japan embarked on a long path to economic recovery. As a result, the Japanese legal system has undergone significant changes. Depending on the area of law, not all the reforms were successful, but it is beyond doubt that major changes took place across the board. The core of the book is commercial and business-related laws such as corporate law, securities law, contract law, and competition law. There was a fundamental change in corporate law over past three decades, not the least because of the new Company Law of 2004. The entire system of corporate governance now is very different from the previous insider-dominated system. Major changes took place in securities law after the Japanese ‘Big Bang’. Competition law in Japan, which had once been regarded as ‘dormant’, is now in full operation. The book also considers contract law, which, as part of the Civil Code, has undergone a major change in 2020. In order to understand commercial and business law, accurate understanding of the dispute settlement mechanism and the procedure is needed and this is duly covered. The book addresses these issues by studying the case law as well as legislative history and business practice.