How Japan’s stakeholder capitalism is changing

SHIBUSAWA EIICHI is having a moment. A 19th-century industrialist known as the “father of Japanese capitalism’”, he helped found more than 500 firms, including Japan’s first modern bank. His life story has been turned into a hit new drama on NHK, Japan’s national broadcaster, and his likeness will grace a new ¥10,000 bill. “The change of the times is calling him back,” says Shibusawa’s great-great-grandson, Shibusawa Ken, who heads an asset manager in Tokyo. “There is a rethink about capitalism happening.”

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Shibusawa’s business philosophy, “the Analects and the abacus”, is in vogue. Echoing the 17th-century Edo-era

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