The number of initial public offerings – which showed a large decline in recent years – is gradually on a recovery trend, and such movements are now also being observed outside large metropolitan areas. I am quite encouraged by this development. IV.
Regulatory and institutional reforms, corporate governance reform, and social values  So far, I have talked about the outline of the measures toward strengthening competitiveness and growth potential. In principle, this should happen in an economy as a result of individual firms’ rational choice. The fact that this is not happening in reality must be the result of economic, institutional, or social factors.