Mitsui's European insurance arm fined $5.3 mil

Seems that Japanese corporate governance standards dont meet those of the City of London.

Interesting. Probably well deserved, the FSA take no prisoners. I wonder how this would have been received here in Japan if a foreign firm was pulled up by Japanese regulator? No cries of protectionism I'm sure!

Corporate governance is not monitored in Japan. They are far too many cozy relationships between government agencies and big business. Why would the government want to enforce something which would hurt it's members?

Cases of corrupt and/or incompetent corporate governance within Japanese businesses only come to light when someone (quite rightly) blows the whistle on them. Followed by a mass rally of support and denial by the ranks of cross-shareholding partners and 'ahem' advisers...

Lets face it, Japanese big business is rotten to the core.