The Fatal Mistake of Japan’s Economy

🎥 Based on Episode #71 of Fund Shack, featuring Donald H. Chew, Jr., founding editor of the Journal of Applied Corporate Finance and author of The Making of Modern Corporate Finance. This series of shorts brings you high-impact moments from the episode exploring how corporate governance, investor control, and financial policy have shaped global economies.

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Japan banned stock buybacks until 1997. Here’s why that ruined them.

What happens when companies can’t return capital to shareholders? Donald H. Chew, finance expert and author, explains how Japan’s ban on stock buybacks led to economic stagnation.

✅ Trapped capital: Profits remained stuck in unproductive businesses.
✅ Wasted opportunities: Companies prioritized market share over real growth.
✅ Policy misstep: Political interference weakened corporate finance.

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