The trends in Japanese corporate management today and their possible change after the COVID-19 pandemic

The modern system of corporate governance in Japan, which developed in the post-war period, has proved to be quite stable and has not undergone significant changes in the recent decades. One of its features is the predominance of keiretsu – vertically structured holding groups that differ in their economic profile. Keiretsu companies consist of the parent company and a large number of subcontractors. The classic keiretsu also includes a bank, insurance and transport companies. The Japanese company is also widely known for its system of lifetime employment. The system represents a strong paternalistic-client relationship between the employer and the employee: the first guarantees a stable salary, career growth and the opportunity to work until retirement, the second – shows a high degree of loyalty to the company. This system has been stable and effective for more than six post-war decades. Even such macroeconomic factors as the global crises of the late XX – early XXI century, trade globalization, the integration of Asian economies etc. did not make significant changes in the Japanese corporate management system. At the same time, during the 2010s, there were some significant changes in the corporate management structure of Japanese companies, especially accelerated by the COVID-19 pandemic. These shifts provide food for thought about whether the Japanese corporate management system will change, and if so, in what way. In this article, the author attempts to answer this question using the latest factual data. The article analyzes the features of the corporate management system, characterizes its changes over the past two decades, and examines the impact of the COVID-19 pandemic on this system.