TOKYO -- Plans by insurers to sell off 6.5 trillion yen (around $43 billion) in cross-shareholdings will foster governance reform in Japan, although companies subject to divestment may come under selling pressure, analysts said Thursday.
Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance submitted on Thursday divestment plans to the Financial Services Agency after the watchdog determined that they had colluded in setting premiums for corporate clients, violating the spirit of Japan's antitrust law. The move to unload the shares was first reported by Nikkei on Thursday.
