Japanese multinational corporation Olympus has been flagged for a significant reporting oversight, potentially amounting to 30 billion yen. The incident is suggested to involve corporate tax evasion. The exact timing, legal consequences and implications for Olympus are still uncertain, but the issue has quickly catapulted to public attention. Both corporate governance and new legal measures for dealing with tax evasion in Japan may influence the situation.

In Japan, tax evasion is considered a grave offense that reflects poorly on a company's business ethics and reputational standing. This is particularly significant given Olympus’ status as a major corporation in Japan. There's also a strong national emphasis on social responsibility among corporations, and allegations of tax evasion can significantly impact a company's image and relationship with its stakeholders and customers.

The situation mirrors numerous tax evasion scandals in the U.S. and EU such as the Apple's $14.5 billion tax dispute with the European Union. The public and legal reaction however may vary - while whistleblowing is more accepted and sometimes rewarded in Western countries, it carries a significant stigma in Japan, further complicating the scenario.