Japanese employees are reacting to changes in corporate governance by showing support for increasing shareholder value while still valuing stakeholder interests. They believe in sharing corporate value with both employees and shareholders. Employees want to be involved in corporate governance to protect stakeholder orientation and increase corporate value, similar to German employees. They recognize the need for shareholder monitoring in cases of poor performance and seek employee monitoring when long-term employment is at risk. However, Japan lacks the institutional mechanisms for employees to participate effectively in corporate governance, posing a challenge for reform.