TOSHIBA WAS once synonymous with Japan’s industrial might. Of late the conglomerate, which has made everything from memory cards to nuclear reactors, has become a byword for drama. Japan’s business press writes of “Toshiba Theatre”, which began with accounting fraud a decade ago and has continued to the present day in a series of “slapstick” struggles between management and shareholders. Toshiba’s share price has underperformed domestic and foreign rivals, as well as the broader Japanese stockmarket (see chart).
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