Economy of Japan employment system to drive higher wages, on top of monetary and fiscal stimulus. Shinzo Abe has encouraged firms to raise wages by at least three percent annually (the inflation target plus average productivity growth). Shareholder activism is rare despite the fact that the corporate law gives shareholders strong powers over managers. Under Prime Minister Shinzō Abe, corporate governance reform has been a key initiative to encourage economic growth. In 2012 around 40% of leading Japanese companies had any independent directors while in 2016 most all have begun to appoint independent directors. The government's liabilities include the second largest public debt
Shinzō Abe April 2013, a new public event, the Restoration of Sovereignty Day, was held in Tokyo to mark the 61st anniversary of the end of the US occupation of Japan. It had been proposed by Abe in 2012. The event, which was attended by Emperor Akihito, was denounced by many Okinawans who saw it as celebrating a betrayal, and there were demonstrations in both Okinawa and Tokyo. In 2015, Abe's government refused to admit refugees affected by conflicts in the Middle East and Africa. Abe stated that Japan must solve its own problems before accepting any immigrants. Abe has favored short-term