It should not be underrated how much of this is intentional policy environment shaping by the Bank of Japan and the Japanese government, rather than some inherently wiser management philosophy.

And current Japanese government polices are killing off succession now in favor of PE M&A.

Slapping a 55% inheritance tax makes large portions of these heritage businesses unaffordable for the next generation - especially given that a number of them aren't neccesarily interested in continuing the family business.