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
2014 Japanese general election re-appointed). The turnout in this election is the lowest in Japanese history. In 2012, the Democratic Party government under Yoshihiko Noda decided to implement a raise of the Japanese consumption tax. Following this move, the Liberal Democratic Party under Shinzo Abe regained control of the Japanese government in the December 2012 general election. Abe proceeded to implement a series of economic programs known as "Abenomics" in a bid to stimulate the economy. Despite these programs, Japan entered a technical recession in mid-2014, which Abe blamed on the consumption tax hike, even though many members of the LDP supported the hike.