The salaries of Japanese execs are indeed tiny by US standards. However, as Kalzumeus says, instead of paying money so you can buy status, Japanese companies give status directly: company cars with drivers, company villas, very generous expense accounts, etc etc.
Also, Japanese execs are paid substantially less than their US/UK counterparts.
I doubt that it has happened in quite a while, but there have been CEOs that have committed suicide, when their companies failed.
Doubt that will catch on, in the US.