As it gears up to pass new legislation that will make it easier for companies to merge or acquire other firms, Japan is getting cold feet.
The political and corporate uproar that has greeted the audacious bid by Internet services firm Livedoor Co. to gain a foothold in Japan's staid media industry illustrates an unwillingness to accept that the age of mergers and acquisitions has already dawned.
Suddenly, companies are looking awfully vulnerable to hostile takeovers.