OYAMA, Shizuoka Pref. — Japanese firms need to create a strong system of checks and balances on management by hiring more external auditors, top business leaders agreed July 24 at the annual summer forum of the Japan Federation of Economic Organizations (Keidanren).

Japan’s largest economic organization opened its forum July 24 with 25 business leaders in attendance. In response to recent scandals involving Nomura Securities and Dai-ichi Kangyo Bank, some corporate leaders expressed their opinions on corporate governance and how companies should be managed.

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