JAPAN'S corporate culture leaves much to be desired. One particularly ingrained and outdated unwritten rule is requiring the resignation of the top dog to take responsibility for the scandalous actions of his underlings. There have been several high-profile cases over the past year in which the company president or chairman has done just that and it is questionable whether this actually benefits the company.
The latest example is Friday's resignation of Nomura Securities Co president, Hideo Sakamaki.
Mr Sakamaki stepped down to 'take responsibility for everything' despite professing not to have known about the goings-on until mid-February.
He was effectively taking the rap for two of the company's directors, who illegally passed on trading profits to a client linked to a known racketeer, as were two other board members, who also announced themselves persona non grata at Nomura.
Mr Sakamaki will remain with the world's largest stock broking group in the capacity of adviser. He was replaced by Masashi Suzuki, Nomura's chairman.
Of course, in reality, Mr Sakamaki and the other directors were no more guilty than Mr Suzuki and his resignation a necessary knee-jerk reaction to the tainting of the company's reputation. He was just doing what was expected of him.
Symbolically, the act represents a cleansing of the old regime and heralds in a fresh start for the company.