Legitimacy and Limits of Self-regulation in Japan

I. Introduction | II. The Japanese Stock Exchange’s Contribution to Increasing the Number of Outside and Independent Directors in Japanese Listed Companies | 1. Did the Japanese Government Influence TSE Regulation, and How? | 2. The Recent Transformation of the TSE Regulation Relating to Outside and Independent Directors | 3. The TSE’s Independence from Legislative and Administrative Bodies | 4. Why the TSE Needed Public Assistance to Change its Regulation Regarding Outside and Independent Directors in Listed Companies | III. Diversity in the Characteristics of Listed Companies | IV. The Limitations of Self-regulation via Self-regulatory Organizations | V. Concluding Remarks