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In Japan, ROE becomes the acid test

With a stewardship code in place, asset managers and activist investors are engaging managers on improving performance

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ROE on the Topix index averaged 6 per cent in the 10 years through 2013, compared with 12.6 per cent for the MSCI World Index. It's since risen to 8.2 per cent, against a global average of 11.5 per cent.

Tokyo

AFTER almost three decades of investing in Japanese stocks without pushing companies for higher returns, Naoki Fujiwara says it's finally time to change.

The Tokyo-based fund manager, who oversees about US$6 billion for Shinkin Asset Management Co, now brings up return on

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