TOKYO — More than two months after Olympus’s former president blew the whistle on a huge accounting fraud, Japanese authorities raided the company’s headquarters here Wednesday, emerging several hours later with boxes of documents.

TV cameras crews, tipped off in advance, were in position outside to watch dozens of investigators in dark business suits pour into the building. But it is likely to take more than symbolic action to assure foreign investors that the company will address a scandal that has caused the company’s stock market value to drop by half since early October.

Olympus is said to be looking to raise capital from a domestic investor, a move that would dilute the influence of overseas shareholders, while making fundamental changes less likely.

In fact, some foreign shareholders say the reaction to the scandal is shaping up to confirm overseas investors’ worst fears about Japan Inc.: that entrenched executives will thwart any attempts at reform, with their business-as-usual attitudes given the tacit endorsement of friendly bankers and staid Japanese institutional investors.