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
Public holidays in Japan Public holidays in Japan Prior to Japan's adoption of the Gregorian calendar in 1873, the dates of holidays were based on the traditional Chinese lunisolar calendar. Thus, New Year's Day, for example, was celebrated at the beginning of spring, as it is in modern China, Korea and Vietnam. Japan has 16 national, government-recognized holidays. The national holidays in 2018 are as follows. <nowiki>*</nowiki> When a holiday falls on a Sunday it is celebrated the following Monday. The national holidays in 2019 are as follows. <nowiki>*</nowiki> When a holiday falls on a Sunday it is celebrated the following Monday. In addition