Japan's corporate governance landscape is undergoing significant changes. Historically known for their hostility to takeovers and lack of responsiveness to shareholders, Japan's listed firms are now showing signs of reform. This shift has been marked by an increase in mergers and acquisitions (M&A), shareholder activism, and share buybacks. Despite these impressive improvements, experts argue that there is still considerable room for progress, particularly in terms of capital efficiency. Additionally, more companies are beginning to leverage their property wealth, which are often worth billions more than their purchase price. The corporate-governance crusade in Japan still has a long way to go.