Takafumi Horie has been a thorn in the side of Japan's corporate establishment since the brash young entrepreneur sought last year to take over Fuji TV, a large and sleepy broadcaster. Now, with Mr Horie and Livedoor, his internet company, under investigation for possible securities law violations, the establishment is tasting revenge.

Much more is at issue than the legalities of what Mr Horie did or did not do. What is basically at stake is what he represents. Though he failed ultimately to acquire Fuji TV, he has come to personify many of the unwelcome new forces challenging Japan's traditional business order. If he were publicly discredited, a sigh of relief would sweep through many of the country's boardrooms, which would probably conclude that it was safe to return to their comfortable old ways.