Abenomics: Roadmap to corporate reform

LAST year was a great year for Japanese equities. Investors returned to the world's third-largest economy on a wave of euphoria surrounding Prime Minister Shinzo Abe's bold ambition to drag Japan out of a deflationary stagnation that dates back to 1990.

The first two arrows of Abenomics - aggressive monetary stimulus and flexible fiscal support - were highly successful in building initial enthusiasm around Japan's economic outlook, triggering a sharp rally in the Japanese stock market.

Howeve…