Short-sellers and analysts said they expected more attacks on Japanese companies as regulators in China and Hong Kong fight back against short-sellers, and Abe's campaign flushes out deficiencies.
"As Japanese markets embrace the values of Abenomics, investors of all types, shareholders, short-sellers will insist that listed companies hold themselves to higher standards of transparency, accountability and corporate governance," said Soren Aandahl, director of research at Glaucus Research.
"That in turn makes short investment opinions more impactful," he added.
Glaucus itself sent shares in trading firm Itochu Corp tumbling 10 percent last month by claiming it had inflated profits through creative accounting, the biggest attack on a Japanese company by market value so far. Itochu denied the claims.
Aandahl declined to say if Glaucus was preparing more Japan campaigns but confirmed it was conducting research on other Japanese companies.
Revelations last year that Toshiba, the laptops-to-nuclear conglomerate, had overstated profits by $1.3 billion over several years sparked a public debate over Japan's inward-looking corporate culture, in which boards have typically held investors at arms' length.
The Toshiba investigation identified a corporate culture in which the management could not be challenged and didn't always heed its external auditors.
The scandal led the Japan Financial Services Agency to step up scrutiny of auditors, while the Japan Institute of Certified Public Accountants has conducted several quality-control inspections of its members.
In June 2015 the government also implemented a new corporate governance code in a bid to stimulate foreign investment.
"Right now, there's an interesting mix of factors at play in Japan. The Toshiba scandal could be seen as a blow to investor confidence, but that and Abe's moves also created the opportunity for short-sellers to spark a conversation on overvalued companies," said Claire Stovall, research analyst at Activist Shorts.
"In a country where Well Investments has described an acceptance of poor disclosure, partly built on corporate relationships and a laissez-faire trust in management, investors and regulators will likely be sensitive to negative research."