Public contrition has long been an art in Japan, and this past month has offered a great opportunity to study the form. June has seen a sudden rash of apologies from top chief operating officers (including the bosses of Toshiba, Sharp, Takata and Toyota) and Prime Minister Shinzo Abe. The chastened executives have each stood stiffly before a sea of cameras, begging forgiveness before plunging into a deep bow. (Tears were optional.)
The apologies have coincided with Abe's much-touted June 1 introduction of a corporate-governance code compelling executives to be more accountable. (The reforms include rules urging investors to speak out against management, and modest efforts to force CEOs to boost returns on equity.) The prime minister might even be tempted to cite the parade of contrition as evidence that his policy is working.
That would be a mistake. Japan's shame culture, at least in the business world, has always been more about distraction than accountability, and this past month's examples are no exception. Corporate apologies have allowed CEOs to feign taking responsibility for crises, before returning to business as usual.
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