Japan is almost unique among major economies in the number of companies whose shares are worth less than their assets - almost half of those listed on the TOPIX500 index of big companies, compared with about 3% for the S&P 500 in the U.S.
The move is a testament that firms can no longer brush aside stock underperformance and must end the decades-long practice of asset-hoarding, said Hironao Fukushima, representative director of City Index Eleventh, who works closely with Murakami. He returned to the public eye about a decade later, resurfacing as an investor working with others including Fukushima and daughter Aya Murakami as an informal group.
"The PBR is a big factor in our selection of target companies," she said. "We've been trying to engage with management so that their shares would come out of a value trap."
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