Yes, Japanese companies have stockholders, but they also have a totally different cultural mindset. The Japanese (all of them, employees, stockholders, company execs.) all want their companies to be paternal, stable, and with a long term view into the future. They are very willing to sacrifice short term gains for long term stability.

Japanese companies can go down the toilet, but more frequently all the stops will be pulled out to prevent this; again, that stability thing they care so much about.