CEO pay in Japan

I can't decide whether the right introduction to this post is "I'm moving to Japan" or "I'm not moving to Japan."

On June 30 securities regulators began requiring Japanese companies to disclose pay for executives making more than 100 million yen ($1.1 million). ... Although pay for Japanese executives has more than doubled in the past decade, the government says, fewer than 300 people at Japan's 3,813 public companies earned enough in 2009 to require disclosure.

The chairman of Toyota makes $1.5 million. The CEO of Toyota makes less than $1.1 million. So does everyone at Panasonic. More here. It's a reminder that CEOs aren't just paid what the market will bear, they're paid what the culture will accept.

Update: Megan McArdle complicates the picture.