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
Hakubun Shimomura deputy chief cabinet secretary in the first government of Shinzo Abe in 2006. Shimomura was again appointed to the Cabinet by Shinzo Abe as minister of education, culture, sports, science and technology on 26 December 2012. As minister, Shimomura expanded the ability of local schools to provide Saturday classes and pushed for the globalization of Japanese universities by increasing English skills and hiring more foreign faculty. He oversaw preparations by the Organising Committee for the 2020 Summer Olympics on behalf of the national government in Tokyo before being replaced by Olympics Minister Toshiaki Endo on June 25, 2015. Following the