Cash-rich Japanese companies come into focus for global funds

Tokyo

AFTER years of disappointment, a quiet revolution may be underway in the Japanese stock market.

Japan's companies have for years sat on record piles of cash - the equivalent of US$2.4 trillion in September, the most in the world. The issue has been deploying those funds for shareholder benefit.

A key part of Abenomics has been sharpening the focus on return on equity, and now - through a mix…