Japan Activist Campaigns Tracker

Updated August 23, 2026 · through Special Situations Digest #29 (Aug 23, 2026) · 21 Japanese activist updates this week

Every activist shareholder campaign at a Japanese company covered by the Special Situations Digest since Feb 8, 2026: 427 campaign updates at 233 companies, grouped by company with the most recent activity first. Each entry is the digest write-up of the large-shareholding report, shareholder proposal, proxy fight, tender offer or engagement letter, linked to the underlying filing. Japan is the second-largest activism market in the digest after the United States; see the Japan special situations index for take-privates, TOBs and spin-offs, and the global Activist Campaigns page.

Art Vivant Co., Ltd. 7523.T

Beat Holdings Limited 9399.T

• Digest #25 (Jul 27, 2026): H.a.N Group is pushing a deeply dilutive recapitalization of Beat Holdings Limited (9399.T) via a shareholder proposal for a debt-for-equity swap and warrant issuance. The proposal, submitted July 16, 2026, calls for… read

Datasection Inc. 3905.T

Dentsu Soken Inc. 4812.T

EBARA JITSUGYO CO., LTD. 6328.T

• Digest #27 (Aug 9, 2026): Nippon Active Value Fund PLC disclosed a 10.7% stake in Ebara Jitsugyo Co., Ltd. (6328.T). The filing is an initial 5%+ large shareholding report under Japanese disclosure read
• Digest #21 (Jun 28, 2026): An activist group increased its stake in Ebara Jitsugyo (6328.T), a Tokyo-listed environmental engineering and water treatment provider, to 10.65% to escalate a campaign for a strategic review including take-private and… read
• Digest #3 (Feb 22, 2026): UK activist fund Nippon Active Value Fund (NAVF), holding 9.63% jointly with Dalton Investments, submitted shareholder proposals for March 24 AGM including up to ¥6.465 billion share buyback, majority independent board… read

EN Co., Ltd. 4849.T

• Digest #27 (Aug 9, 2026): Oasis Management Company Ltd. increased its stake in EN Co., Ltd. (4849.T) to 11.4% and is pushing for governance reforms, capital policy changes, or a take-private transaction. The fund has already proposed a delisting… read
• Digest #23 (Jul 12, 2026): Oasis Management Company Ltd. reported 5,131,539 shares of en Inc. (4849.T), or 10.32%, as of July 2, 2026, up from 9.94%. The July 9 amendment was filed because Oasis changed its stated purpose: it says it has proposed… read
• Digest #15 (May 17, 2026): Oasis Management Company Ltd. increased its stake in EN Co., Ltd. (4849.T) to 9.94% from a previous 7.93%. The filing defines the investment purpose as "portfolio investment and important proposal behavior" with the… read

Hakuhodo DY Holdings Inc. 2433.T

Infomart Corporation 2492.T

• Digest #28 (Aug 16, 2026): Oasis Management Company Ltd. increased its stake in Infomart Corporation (2492.JP) to 9.74% as of June 30, 2026, up from 8.54%. read
• Digest #27 (Aug 9, 2026): Oasis Management Company Ltd. increased its stake in Infomart Corporation (2492.JP) to 8.54% and is pushing for asset disposals and business discontinuations. Oasis filed a large shareholding report to disclose these… read
• Digest #25 (Jul 27, 2026): Oasis Management Company Ltd. took a 6.26% stake in Infomart Corporation (2492.JP) to push for asset disposals and business discontinuations. Oasis holds 16,757,200 shares, an increase from its prior 5.07% position. The… read
• Digest #22 (Jul 5, 2026): An activist group took a 5.07% stake in Infomart Corporation (2492.T), a Japanese B2B food industry cloud-solutions provider, and is pushing for asset disposals and business cessation. Oasis Management Company Ltd.… read

IWABUCHI CORPORATION 5983.T

• Digest #24 (Jul 19, 2026): Senjin Capital Pty Ltd and James Halse reported aggregate ownership of 101,100 Iwabuchi Corporation shares, or 9.19%, as of July 7, 2026, up from 8.64%. Senjin describes itself as a constructive activist engaging… read
• Digest #19 (Jun 14, 2026): Senjin Capital Pty Ltd and its director James Halse filed an amended Japanese EDINET large shareholding report disclosing an 8.64% stake in Iwabuchi Corporation (5983.T). The position increased from a prior 7.67% and… read

IWAKI CO., LTD. 6237.T

• Digest #29 (Aug 23, 2026): Dalton Investments, Inc. reduced its stake in IWAKI CO., LTD. (6237.T) to 4.96% from 6.62%. read
• Digest #27 (Aug 9, 2026): The filing states the filer may seek constructive dialogue with Iwaki on board composition, dividend policy, share buybacks, and other measures to enhance shareholder value. The stake was accumulated through market… read
• Digest #25 (Jul 27, 2026): Charon Finance GmbH, a Swiss GmbH, disclosed a 15.92% stake in Iwaki Co., Ltd. (6237.T) via a Japanese large shareholding report, up from 14.70% in the prior filing. The filing states the filer may seek constructive… read
• Digest #22 (Jul 5, 2026): An activist group (Charon Finance GmbH) increased its stake in Iwaki Co., Ltd. (6237.T), a chemical pump manufacturer, to 14.7% and signaled intent to push for board changes and capital returns. The Swiss-based firm… read
• Digest #21 (Jun 28, 2026): Dalton Investments, Inc. increased its stake in Iwaki Co., Ltd. (6237.T), a Tokyo Stock Exchange Prime-listed company, to 6.62% as it pushes for structural change via shareholder proposals. Dalton disclosed the… read
• Digest #15 (May 17, 2026): Iwaki Co., Ltd. (6237.T) resolved to oppose two binding shareholder proposals from Dalton Kizuna (Master) Fund LP for the June 26, 2026 AGM. The fund is seeking a surplus dividend of ¥109 per share, totaling… read

M3, Inc. 2413.T

• Digest #28 (Aug 16, 2026): Oasis Management Company Ltd. is pushing for improved corporate governance and business strategy changes at M3, Inc. (2413). read

Nasu Electric Machinery & Iron Works Co., Ltd. 5922.T

• Digest #27 (Aug 9, 2026): Nippon Active Value Fund took an 11.7% stake in Nasu Electric Iron Works Co., Ltd. (5922.T). The fund disclosed the position through an initial 5%+ filing. This represents a local large-shareholding read
• Digest #19 (Jun 14, 2026): NIPPON ACTIVE VALUE FUND PLC and co-filers NAVF Select Master Fund LP and Dalton Investments Inc. disclosed an 11.68% collective stake in Nasu Denki Tekko Co., Ltd. (5922.T), an increase from a previous 10.68% position.… read

Nichirei Corporation 2871.T

• Digest #25 (Jul 27, 2026): Oasis Management Company Ltd. took a 6.07% stake in Nichirei Corporation (2871.T) to push for improvements in corporate governance and shareholder value. The buyer accumulated 15,594,500 shares on-market between May 26… read
• Digest #17 (May 31, 2026): Oasis Management Company Ltd. disclosed a 5.01% stake in Nichirei Corporation (2871.T) via an EDINET large shareholding filing, representing 12,872,200 shares accumulated through on-market purchases. The filer indicated… read

Sanyo Denki Co., Ltd. 6516.T

• Digest #23 (Jul 12, 2026): Strategic Capital Co., Ltd. reduced its stake in Sanyo Denki Co., Ltd. (6516.T) from 13.75% to 13.18%, or 5,129,000 shares, through disposals between May 7 and July 1, 2026. The July filing retains a stated purpose of… read
• Digest #18 (Jun 7, 2026): Strategic Capital Inc. filed an amended large shareholding report disclosing a 14.84% stake in Sanyo Electric Co., Ltd. (6516.T), down from 15.89% in the prior filing. The activist stated the purpose of its… read
• Digest #16 (May 24, 2026): The board of Sanyo Denki Co., Ltd. (6516.T) resolved on May 18, 2026, to oppose five shareholder proposals submitted by Strategic Capital Inc. and a co-filer, who collectively hold approximately 17% of the company. The… read

SMS Co., Ltd. 2175.T

• Digest #27 (Aug 9, 2026): Oasis plans to continue engagement on topics including business strategy, board composition, M&A review, technology/AI utilization, and the merits of maintaining a listing. The filer intends to increase its stake by… read
• Digest #25 (Jul 27, 2026): Oasis Management Company Ltd. increased its stake in SMS Co., Ltd. (2175.T) to 19.31% and is pushing for a potential control transaction. The buyer has already submitted proposals to the issuer regarding delisting,… read
• Digest #15 (May 17, 2026): Oasis Management Company Ltd. filed an amended large shareholding report disclosing an 18.30% stake in SMS Co., Ltd. (2175.T), up from a previously reported 17.58%. The fund aims to propose improvements to board… read

Taki Chemical Co., Ltd. 4025.T

• Digest #25 (Jul 27, 2026): Asset Value Investors Limited took a 5% stake in Taki Chemical Co., Ltd. (4025.T) and reserves the right to propose changes to the board, asset disposals, and capital policy. The UK-based investment advisor accumulated… read

TOW Co., Ltd. 4767.T

• Digest #28 (Aug 16, 2026): MI2 Co., Ltd., Takaki Murakami, and MI5 Co., Ltd. took a combined 5.37% stake in TOW Co., Ltd. (4767.T) to push for capital policy and corporate governance changes. read

Unbanked, Inc. 8746.T

• Digest #16 (May 24, 2026): Akatsuki Capital Works Corporation has submitted shareholder proposals for unbanked Corporation's (8746.T) June 26, 2026 annual general meeting to elect two outside directors and three audit committee members. The board… read

Univance Corporation 7254.T

Yamada Holdings Co., Ltd. 9831.T

• Digest #26 (Aug 2, 2026): A group of five entities led by City Index Eleventh increased its stake in Yamada Holdings (9831.T) to 6.26% and is pushing for capital returns, asset sales, and a potential take-private via MBO. The group, which… read
• Digest #25 (Jul 27, 2026): City Index Eleventh and three co-filers took a 5.1% stake in Yamada Holdings Co., Ltd. (9831.T) to push for increased shareholder value. The group holds 49,343,900 shares, with Aya Nomura acquiring 18,420,000 shares… read

AEON Financial Service Co., Ltd. 8570.T

• Digest #15 (May 17, 2026): Oasis Management Company Ltd. disclosed a 9.78% stake in Aeon Financial Service (8570.T), representing 21,136,048 shares. The activist increased its holding from 9.73% through acquisitions including block trades at… read

Dainichi Industrial Co., Ltd. 5951.T

DTS Corporation 9682.T

F-ON Co., Ltd. 9514.T

Fuller Co., Ltd. 387A.T

Meisei Industry Co., Ltd. 1976.T

• Digest #27 (Aug 9, 2026): Nippon Active Value Fund PLC took a 12.6% stake in Meisei Industrial Co., Ltd. (1976.T). The fund disclosed the position on 2026-07-31 via a Japanese large shareholding report (large shareholding report). This filing… read
• Digest #18 (Jun 7, 2026): Nippon Active Value Fund PLC, acting in concert with NAVF Select (Master) Fund LP and Dalton Investments, Inc., increased its aggregate stake in MEISEI INDUSTRIAL Co.,Ltd. (1976.T) to 12.60% from 11.59%. On April 14,… read

Metalart Corporation 5644.T

• Digest #27 (Aug 9, 2026): The group may increase its stake beyond 5% within three months if it deems the shares undervalued, though no specific timing, price, or quantity has been read
• Digest #26 (Aug 2, 2026): A group consisting of Takaki Murakami, MI2 Co., Ltd., and MI5 Co., Ltd. increased its combined stake in Metalart Corporation (5644.T) to 21.17% to push for capital policy changes. The group may propose increased… read
• Digest #24 (Jul 19, 2026): MI2 and its co-filers increased their combined stake in Metalart Corporation (5644.T) to 18.54% from 16.99%, according to a change report filed July 16, 2026; MI2 itself held 8.95%. The filing says the holders may… read
• Digest #20 (Jun 21, 2026): An activist group (Takahiro Murakami and MI2 Corporation) disclosed a 15.38% stake in Metal Art Corporation (5644.T), a Tokyo Stock Exchange Standard-listed company, to push for capital policy changes and a potential… read
• Digest #19 (Jun 14, 2026): Takahiro Murakami and MI2 Co., Ltd. disclosed a joint 12.64% stake in Metalart Corp. (5644.T), representing 399,100 shares and up from a prior 11.49%. During the 60-day lookback, the group acquired 363,800 shares in on-… read

Nippon Chemical Industrial Co., Ltd. 4092.T

• Digest #27 (Aug 9, 2026): The group may increase its stake by more than 5% within three months if it deems the shares undervalued, though no specific timing, price, or quantity has been determined. 341,300 shares held by C&I Holdings are pledged… read
• Digest #25 (Jul 27, 2026): C&I Holdings Co., Ltd. disclosed a 6.59% stake in Nippon Chemical Industrial Co., Ltd. (4092.T) as of July 16, 2026, up from 5.59% in the prior report. The filing states a purpose of advising on shareholder value… read

SAAF Holdings Co., Ltd. 1447.T

• Digest #25 (Jul 27, 2026): SAAF Holdings Co., Ltd. (1447.T) extended its takeover defense rights plan until the first board meeting following the June 2027 AGM. The board confirmed that a coordinated "Specific Shareholder Group" has maintained or… read
• Digest #23 (Jul 12, 2026): Founder, former executive, and shareholder Toshimori Mae is making a third attempt to replace the board of SAAF Holdings Co., Ltd. (1447.T), a diversified Japanese group with IT, construction and ground-improvement, and… read
• Digest #22 (Jul 5, 2026): A shareholder (Toshimori Mae) holding at least 3% requested an extraordinary general meeting at SAAF Holdings Co., Ltd. (1447.T), an IT consulting services provider in Japan, to initiate a full board sweep. Meeting the… read
• Digest #20 (Jun 21, 2026): An activist shareholder (Toshimori Mae) is engaged in a boardroom control fight with SAAF Holdings Co., Ltd. (1447.T), a Tokyo-listed firm, after a court provisionally voided his prior attempt to replace the board. On… read

Sumitomo Heavy Industries, Ltd. 6302.T

• Digest #22 (Jul 5, 2026): An activist group (Silchester International Investors LLP) filed a large shareholding report disclosing a 7.03% stake in Sumitomo Heavy Industries, Ltd. (6302.T), a Japanese industrial conglomerate, and an intent to… read

Syuppin Co., Ltd. 3179.T

• Digest #26 (Aug 2, 2026): Valex Partners Co., Ltd. holds 2,886,800 shares, a 13.52% stake in Syuppin Co., Ltd. (TSE: 3179), up from 11.97% in the prior report. The filing states Valex has made proposals to Syuppin regarding matters under Article… read
• Digest #25 (Jul 27, 2026): Valex Partners Co., Ltd. has increased its stake in Shuppin Co., Ltd. (3179.T) to 11.97% and signaled an escalating activist campaign. As of June 23, 2026, the buyer holds 2,555,900 shares, having increased the position… read
• Digest #20 (Jun 21, 2026): An activist group (Valex Partners Co., Ltd.) increased its stake in Shuppin Co., Ltd. (3179.T), a Japanese retailer, to 11.88% and signaled its intent to potentially engage management. Valex Partners raised its holding… read

TADANO LTD. 6395.T

Tokuyama Corporation 4043.T

A&D Holon Holdings Co., Ltd. 7745.T

• Digest #23 (Jul 12, 2026): Strategic Capital Co., Ltd. increased its stake in A&D Holon Holdings Co., Ltd. (7745.T) to 4,179,800 shares (15.01%) from 13.99%. The filing reports approximately JPY 10.310 billion as the cumulative acquisition cost… read
• Digest #20 (Jun 21, 2026): Strategic Capital Inc. increased its stake in A&D Holon Holdings Co., Ltd. (7745.T) to 13.99% from 12.91% and states that it may make important proposals to improve capital structure through use of interest-bearing debt… read
• Digest #17 (May 31, 2026): Strategic Capital Inc. filed a large shareholding report disclosing a 12.91% stake in A&D Holon Holdings (7745.T), an increase from its prior 11.87% position. The filer accumulated 3,596,100 shares primarily through… read
• Digest #10 (Apr 12, 2026): Strategic Capital increased its stake in A&D HOLON Holdings from 9.40% to 10.65%, triggering major shareholder disclosure requirements. Strategic Capital's accumulation suggests potential activist campaign at the… read

AIRMAN Corporation 6364.T

Aoyama Zaisan Networks Co., Ltd. 8929.T

• Digest #19 (Jun 14, 2026): Asset Value Investors Limited (AVI) filed a large shareholding report on June 9, 2026, disclosing a 7.18% stake in Aoyama Zaisan Networks Co., Ltd. (8929.T). The UK-based investment manager holds 1,803,790 shares at a… read

Digital Garage, Inc. 4819.T

INTER ACTION Co., Ltd. 7725.T

• Digest #26 (Aug 2, 2026): SilverCape Investments Limited, a Cayman Islands investment management entity, reported a 16.50% stake in INTER ACTION Corporation (TSE: 7725) as of July 17, 2026. The stake increased from 15.10% in the prior report,… read
• Digest #25 (Jul 27, 2026): SilverCape Investments Limited took a 15.1% stake in INTER ACTION Corporation (7725.T) to push for enhancements to corporate and shareholder value. The Cayman Islands investment manager increased its position to… read

J Holdings Co., Ltd. 2721.T

• Digest #27 (Aug 9, 2026): J Holdings' board unanimously resolved to oppose the shareholder proposal to elect three directors nominated by Noah Group Holdings. The board's opposition is based on due diligence findings that nominee Nakamura's… read

Keihanshin Building Co., Ltd. 8818.T

• Digest #24 (Jul 19, 2026): Strategic Capital reduced its stake in Keihanshin Building Co., Ltd. (8818.T) to 9.44%, or 9,218,500 shares, from 10.66% in an amended large-shareholding report filed July 13, 2026, following share disposals. The filer… read
• Digest #18 (Jun 7, 2026): Strategic Capital Inc. filed an amended large shareholding report on Keihanshin Building Co., Ltd. (8818.T), disclosing a reduced stake of 10.66% from 11.99%. The activist sold 1,016,500 shares between May 14 and May… read

KH Neochem Co., Ltd. 4189.T

• Digest #21 (Jun 28, 2026): An activist group (Strategic Capital Inc.) disclosed an 18.24% stake in KH Neochem (4189.T), a Tokyo-listed producer of industrial chemicals and solvents, to push for important proposals including capital restructuring… read
• Digest #20 (Jun 21, 2026): An activist group (Strategic Capital Inc.) increased its stake in the Tokyo-listed manufacturer of basic and performance chemicals KH Neochem (4189.T) to 17.59% and is demanding a leveraged recapitalization and the… read
• Digest #19 (Jun 14, 2026): Strategic Capital Inc. reported an increased 17.08% stake in KH Neochem Co., Ltd. (4189.T), totaling 6,344,600 shares as of June 1, 2026. The activist accumulated the position via daily market and off-market… read
• Digest #16 (May 24, 2026): Strategic Capital Inc. disclosed an increased stake in KH Neochem Co., Ltd. (4189.T) to 16.08% from 15.36% in a large shareholding filing. The activist holds 5,972,000 shares out of 37,149,400 outstanding as of May 12,… read

Komori Corporation 6349.T

MEDIPAL HOLDINGS CORPORATION 7459.T

Mitsubishi Paper Mills Limited 3864.T

• Digest #25 (Jul 27, 2026): City Index Eleventh, C&I Holdings, and M Holdings took a combined 5.03% stake in Mitsubishi Paper Mills (3864.T) to push for dividends, share buybacks, non-core asset sales, and a potential take-private transaction via… read

Sankei Real Estate Investment Corporation 2972.T

• Digest #24 (Jul 19, 2026): City Index Eleventh and its joint holders increased their aggregate stake in Sankei Real Estate Investment Corporation (2972.T) from 28.51% to 29.56%, representing 138,094 units. The filing submitted July 14, 2026, was… read
• Digest #20 (Jun 21, 2026): An activist group took a 28.51% stake in Sankei Real Estate Investment Corporation (2972.T), a Tokyo-listed J-REIT investing in office buildings, retail properties, and residential assets primarily in the Tokyo… read
• Digest #17 (May 31, 2026): A group of four co-filing entities led by City Index Elevens increased its stake in Sankei Real Estate Investment Corporation (2972.T) to 26.83% from 25.31%. The filers disclosed an intent to provide advice and… read
• Digest #1 (Feb 8, 2026): City Index Elevens, affiliated with the former Murakami Fund, acquired 5.13% stake in the REIT on January 23rd. They continued buying for 4 consecutive business days through January 29th, increasing their combined… read

Sekisui Jushi Corporation 4212.T

• Digest #20 (Jun 21, 2026): An activist group (NIPPON ACTIVE VALUE FUND PLC) increased its stake to 9.18% in the plastic products manufacturer Sekisui Jushi Corporation (4212.T) to push for capital allocation and governance changes at the upcoming… read
• Digest #18 (Jun 7, 2026): Nippon Active Value Fund, NAVF Select (Master) Fund, and Dalton Investments disclosed an increased combined 8.17% stake in Sekisui Jushi Corporation (4212.T), rising from a previous 7.09% position. The activist group… read
• Digest #16 (May 24, 2026): Sekisui Jushi Corporation (4212.T) announced its board unanimously resolved to oppose a shareholder proposal from NIPPON ACTIVE VALUE FUND PLC for the June 25, 2026 AGM. The activist demands a ¥7.95 billion buyback… read
• Digest #15 (May 17, 2026): NIPPON ACTIVE VALUE FUND PLC and its concert parties disclosed an increased 7.09% stake in Sekisui Jushi Corporation (4212.T), up from 6.05%. The fund submitted four formal shareholder proposals on April 14, 2026, for… read

Sumitomo Osaka Cement Co., Ltd. 5232.T

• Digest #23 (Jul 12, 2026): Silchester International Investors LLP reported 5,132,900 Sumitomo Osaka Cement Co., Ltd. (5232.T) shares, reducing its stake to 16.01% from 17.19% as of July 6, 2026. Its holding-purpose language states a policy of… read
• Digest #21 (Jun 28, 2026): An activist group (Silchester International Investors LLP) disclosed a 17.19% stake in Sumitomo Osaka Cement Co., Ltd. (5232.T), a Japanese cement manufacturer, and announced its intention to push for capital efficiency… read
• Digest #19 (Jun 14, 2026): Silchester International Investors LLP disclosed an 18.34% stake in Sumitomo Osaka Cement Co., Ltd. (5232.T), down from 19.43% because the firm was a net seller over the reporting period; the December 2025 issuer share… read

Wacom Co., Ltd. 6727.T

• Digest #26 (Aug 2, 2026): Asset Value Investors Limited holds 21,480,150 shares of Wacom Co., Ltd., representing a 15.91% stake as of the report date. The stake increased from 14.83% in the prior report, with shares accumulated on-market and… read
• Digest #21 (Jun 28, 2026): An activist group (Asset Value Investors Limited) increased its stake in the pen-tablet and digital interface manufacturer Wacom Co., Ltd. (6727.T) to 14.83% to pursue a proxy contest seeking leadership changes and… read
• Digest #16 (May 24, 2026): Wacom Co., Ltd. (6727.T) formally resolved on May 20 to oppose a shareholder proposal seeking the dismissal of two directors at the annual general meeting scheduled for June 25, 2026. The board's opposition to Proposal… read
• Digest #15 (May 17, 2026): Asset Value Investors Limited filed a large shareholding report disclosing a 13.74% stake in Wacom (6727.T), an increase from its prior holding of 13.17%. On April 24, 2026, the activist submitted shareholder proposals… read

Yellow Hat Ltd. 9882.T

Broadband Tower Co., Ltd. 3776.T

• Digest #23 (Jul 12, 2026): An activist investor (SilverCape Investments Limited) increased its stake to 25.5% in Broadband Tower, Inc. (3776.T), a provider of data center, cloud, and IT infrastructure services in Japan. SilverCape reported the… read
• Digest #22 (Jul 5, 2026): An activist investor increased its stake in Broadband Tower, Inc. (3776.T), a Japanese provider of data center, cloud, and internet infrastructure services, to 24.15% and signaled intent to push for corporate value… read
• Digest #21 (Jun 28, 2026): An activist investor (SilverCape Investments Limited) disclosed a 22.70% stake in Broadband Tower, Inc. (3776.T), a Japanese data center and IT infrastructure services provider. The Cayman Islands-based entity increased… read
• Digest #19 (Jun 14, 2026): SilverCape Investments Limited disclosed a 21.15% stake in Broadband Tower, Inc. (3776.T) via an amended large shareholding report following 17 market purchases between April 6 and June 4, 2026. The Cayman Islands-based… read
• Digest #15 (May 17, 2026): SilverCape Investments Limited filed a large shareholding report amendment disclosing an increased stake in Broadband Tower, Inc. (3776.T) from 18.65% to 20.15%. The Cayman Islands-based investment management entity,… read

Fujikura Composite Co., Ltd. 5121.T

• Digest #18 (Jun 7, 2026): Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC filed a large shareholding report disclosing a combined 10.76% stake in FUJIKURA COMPOSITES Inc. (5121.T). The Cayman Islands-based entities accumulated the… read
• Digest #15 (May 17, 2026): Hibiki Path Advisors filed a large shareholding report disclosing a 9.74% stake in Fujikura Composite (5121.T), representing 1,955,900 shares held jointly across two SPC entities. The position increased from 8.63%… read

Fujita Kanko Co., Ltd. 9722.T

• Digest #17 (May 31, 2026): Old Peak Group Ltd. and Old Peak Limited amended their EDINET large shareholding reports regarding Fujita Kanko Inc. (9722.T) to change the holding purpose from ‘pure investment’ to ‘long-term investment and making… read

Global Security Expert Co., Ltd. 4417.T

• Digest #18 (Jun 7, 2026): Global Security Experts Inc. (4417.T) is the subject of a new activist disclosure by Old Peak Group Ltd., which reported a 6.16% stake totaling 943,600 shares. The filing follows 30 market purchases and five partial… read
• Digest #15 (May 17, 2026): Old Peak Group Ltd. and Old Peak Limited disclosed a joint 5.14% stake in Global Security Expert Inc. (4417.T) via a large shareholding report. The 786,300 shares were accumulated through on-market purchases primarily… read

Hanshin Internal Combustion Engine Co., Ltd. 6018.T

• Digest #17 (May 31, 2026): Hong Kong-domiciled investment management firm Old Peak Group Ltd. and co-filer Old Peak Limited disclosed a combined 16.00% stake in Hanshin Diesel Works (6018.T) as of May 22, 2026. The position, increased from 14.98%… read

Kodama Chemical Industry Co., Ltd. 4222.T

Nikkon Holdings Co., Ltd. 9072.T

Primo Global Holdings Co., Ltd. 367A.T

• Digest #25 (Jul 27, 2026): MI2 Co., Ltd. and Takateru Murakami have increased their combined stake in Primo Global Holdings (367A.T) to 9.24% to push for capital policy changes. The filers are seeking dividend increases, share buybacks, or a… read
• Digest #19 (Jun 14, 2026): MI2 Corporation and Murakami Takaki disclosed an 8.21% combined stake in Primo Global Holdings Co., Ltd. (367A.T) via an EDINET large shareholding report, up from a previous 7.19%. Murakami Takaki holds 6.87% and MI2… read

Stella Chemifa Corporation 4109.T

• Digest #25 (Jul 27, 2026): Nippon Active Value Fund PLC and its partners reduced their combined stake in Stella Chemifa Corporation (4109.T) to 19.13% from 21.58%. Dalton Investments holds the largest portion of the group's position at 13.63%.… read
• Digest #19 (Jun 14, 2026): Nippon Active Value Fund (NAVF), NAVF Select (Master) Fund, and Dalton Investments disclosed a combined 21.58% stake in Stella Chemifa Corporation (4109.T), down from 22.74%. Dalton Investments is the largest holder in… read

Bunka Shutter Co., Ltd. 5930.T

• Digest #25 (Jul 27, 2026): Nippon Active Value Fund PLC and its partners reduced their aggregate stake in Bunka Shutter Co., Ltd. (5930.T) to 18.97% from 20.55%. The group, which includes NAVF Select (Master) Fund LP and Dalton Investments, holds… read

Eiken Chemical Co., Ltd. 4549.T

• Digest #20 (Jun 21, 2026): Nippon Active Value Fund PLC and related holders, including NAVF Select (Master) Fund LP and Dalton Investments, disclosed a 32.84% joint holding in Eiken Chemical Co., Ltd. (4549.T) and an activist agenda. The filing… read

Fuji Kyuko Co., Ltd. 9010.T

• Digest #19 (Jun 14, 2026): Nippon Active Value Fund PLC, NAVF Select (Master) Fund LP, and Dalton Investments, Inc. disclosed a combined 5.02% stake in Fuji Kyuko Co., Ltd. (9010.T). The investor group accumulated 2,755,000 shares through… read

INES Co., Ltd. 9742.T

• Digest #17 (May 31, 2026): Asset Value Investors Limited filed an amended large shareholding report disclosing an 8.05% stake in INES Corporation (9742.T), an increase from the previously reported 7.03%. The filing specifies a management-control… read

Inspec Co., Ltd. 6656.T

• Digest #23 (Jul 12, 2026): The investor's holding totals 345,000 shares (8.6%) after market purchases between June 1 and July 2, 2026 raised the position from 7.42%; cumulative acquisition funds were approximately ¥392 million read
• Digest #22 (Jul 5, 2026): An activist group (SilverCape Investments Limited) increased its stake in Inspec Inc. (6656.T), a Japanese manufacturer of PCB inspection equipment, to 7.42% and disclosed its intent to make proposals to the board. The… read
• Digest #20 (Jun 21, 2026): An activist group (SilverCape Investments Limited) took a 5.01% stake in Inspec Inc. (6656.T), a Japanese manufacturer of inspection equipment for printed circuit boards and semiconductor packaging substrates, to push… read

INTAGE Holdings Co., Ltd. 4326.T

• Digest #24 (Jul 19, 2026): Nippon Active Value Fund took a 5.0% stake in Intage Holdings (4326.T). The fund disclosed the position through an initial 5%+ filing. This is a local large-shareholding read

Japan Pure Chemical Co., Ltd. 4973.T

• Digest #23 (Jul 12, 2026): Hibiki Path Advisors SPC reduced its Japan Pure Chemical holding to 7.47% (453,100 shares) as of July 2, 2026, from 8.73% (529,700 shares), a net reduction of 76,600 shares. Its disclosed purpose remains pure investment… read
• Digest #22 (Jul 5, 2026): An activist group (Hibiki Path Advisors SPC) disclosed a reduced 8.73% stake in Japan Pure Chemical (4973.T), an R&D-driven specialty chemicals company, and intends to push for capital policy improvements. The group… read
• Digest #21 (Jun 28, 2026): An activist group (Hibiki Path Advisors SPC) disclosed a 12.48% stake in Japan Pure Chemical Co., Ltd. (4973.T), a Tokyo-listed specialty chemicals developer, to push for capital policy improvements. The group holds… read
• Digest #19 (Jun 14, 2026): Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC filed an amended large shareholding report disclosing a combined 14.10% stake in Japan Pure Chemical Co., Ltd. (4973.T), down from a prior 15.13% after Hibiki Path… read
• Digest #18 (Jun 7, 2026): Japan Pure Chemical Co.,Ltd. (4973.T) is the subject of an amended large shareholding filing by Cayman Islands-based Hibiki Path Advisors SPC disclosing a combined 16.23% stake. The position includes a 12.66% holding by… read
• Digest #17 (May 31, 2026): Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC disclosed a combined 17.36% stake in Japan Pure Chemical Co., Ltd. (4973.T), according to an EDINET large shareholding report. The holding decreased from a prior… read
• Digest #16 (May 24, 2026): Hibiki Path Advisors SPC and Hibiki Path Advisors 2 SPC disclosed an 18.40% aggregate stake in Japan Pure Chemical (4973.T), representing 1,116,100 shares. The Cayman Islands-incorporated filers stated their purpose… read

Kurabo Industries Ltd. 3106.T

• Digest #15 (May 17, 2026): Kurabo Industries (3106.T) has resolved to oppose a formal shareholder proposal submitted by activist investor AVI on April 16, 2026. AVI demands the abolition of Kurabo's current takeover defense measures and proposes… read

Nippon Paper Corporation 3863.T

• Digest #20 (Jun 21, 2026): An activist group led by City Index Elevens Co., Ltd. disclosed an 8.73% stake in Nippon Paper Industries (3863.T), a major Japanese pulp and paper manufacturer, to push for capital returns and a potential take-private.… read
• Digest #19 (Jun 14, 2026): City Index Elevens Co., Ltd., Nomura Aya, and M Holdings Co., Ltd. disclosed an aggregate 7.55% stake in Nippon Paper Industries Co., Ltd. (3863.T), representing 8,775,200 shares. The filing includes an activist agenda… read
• Digest #18 (Jun 7, 2026): Nippon Paper Industries Co., Ltd. (3863.T) is the subject of a Japanese large-shareholding report filed by City Index Elevens Co., Ltd., M Holdings Co., Ltd., and individual Aya Nomura. The group disclosed a 6.44%… read

Pasona Group Inc. 2168.T

Soken Chemical & Engineering Co., Ltd. 4972.T

• Digest #23 (Jul 12, 2026): Axium increased its Soken Chemical & Engineering stake to 20.23% from 18.93% through market purchases. Cumulative acquisition funds for the full position were approximately JPY 9.08 billion (~$56 million). The filing… read
• Digest #21 (Jun 28, 2026): An activist group (Axium Capital Pte. Ltd.) disclosed an 18.93% stake in Soken Chemical & Engineering Co., Ltd. (4972.T), a Japanese manufacturer of functional chemicals, signaling a potential control contest by… read
• Digest #19 (Jun 14, 2026): Axium Capital Pte. Ltd. disclosed an increased 17.87% stake in Soken Chemical & Engineering Co., Ltd. (4972.T), up from a prior 16.23% holding. The Singapore-based investment manager accumulated the position through… read

Toyo Gosei Co., Ltd. 4970.T

Yamada Corporation 6392.T

Yamashita Healthcare Holdings Co., Ltd. 9265.T

• Digest #20 (Jun 21, 2026): CARPE DIEM Co., Ltd. disclosed an 18.43% stake in Yamashita Healthcare Holdings, Inc. (9265.T) and submitted board and dividend proposals. The activist filed a large shareholding report, the Japanese equivalent of a US… read

Yuasa Funashoku Co., Ltd. 8006.T

Chofu Seisakusho Co., Ltd. 5946.T

DeNA Co., Ltd. 2432.T

• Digest #22 (Jul 5, 2026): An activist group (City Index Eleventh Co., Ltd. and ATRA Co., Ltd.) disclosed a 5.06% stake in DeNA Co., Ltd. (2432.T), a Japanese internet and mobile game platform operator, to push for a management buyout and capital… read
• Digest #21 (Jun 28, 2026): An activist group disclosed a 4.99% stake in the Japanese internet and technology company DeNA Co., Ltd. (2432.T) to push for a management buyout and capital policy changes. The joint filers, City Index Eleven Inc. and… read

Macnica Holdings, Inc. 3132.T

Nikon Corporation 7731.T

Plus Alpha Consulting Co., Ltd. 4071.T

• Digest #21 (Jun 28, 2026): Oasis Management Company Ltd. increased its stake in Plus Alpha Consulting Co., Ltd. (4071.T) to 16.29% from 11.85% and disclosed proposals or possible proposals regarding asset and business disposals, delisting, a… read
• Digest #20 (Jun 21, 2026): An activist group (Oasis Management Company Ltd.) increased its stake to 11.85% in Plus Alpha Consulting (4071.T), an HR analytics and talent-management software provider, while disclosing proposals for a potential… read
• Digest #15 (May 17, 2026): Oasis Management Company Ltd. disclosed a 10.62% stake in Plus Alpha Consulting Co., Ltd. (4071.T) totaling 4,501,507 shares. The position increased from a prior 10.52% via late April 2026 off-market purchases of… read

Sakurai Seisakusho Co., Ltd. 7255.T

Tosei Corporation 8923.T

AD Works Group Co., Ltd. 2982.T

• Digest #19 (Jun 14, 2026): MI2 Corporation, Murakami Takateru, and MI5 Corporation reported a joint 10.77% stake in AD Works Group Co., Ltd. (2982.T), up from 9.74%. Murakami Takateru controls 8.17%, while MI2 Corporation has pledged 1,174,200… read
• Digest #17 (May 31, 2026): An investment group led by MI2 Corp. and Takahiro Murakami filed an amended large shareholding report disclosing an 8.11% stake in AD Works Group Co., Ltd. (2982.T), an increase from 7.08%. The group added 518,100… read
• Digest #16 (May 24, 2026): MI2 Corporation, Takahiro Murakami, and MI5 Corporation disclosed a collective 5.03% stake in AD Works Group (2982.T) totaling 2,534,000 shares. The investor group intends to advise on and propose changes to capital… read

Goldcrest Co., Ltd. 8871.T

• Digest #15 (May 17, 2026): Goldcrest Co., Ltd. (8871.T) resolved to oppose shareholder proposals submitted by Strategic Capital and other investors. Strategic Capital is characterized as an activist manager, and the board’s formal opposition… read
• Digest #5 (Mar 8, 2026): US activist fund Sapphire Terra Capital is planning public proposals to Goldcrest regarding financial strategy and corporate value enhancement. Sapphire Terra estimates Goldcrest’s true value at over 5,500 yen per… read

GungHo Online Entertainment, Inc. 3765.T

• Digest #19 (Jun 14, 2026): Strategic Capital Inc. increased its stake in GungHo Online Entertainment, Inc. (3765.T) to 10.51% from 9.65%, according to an amended large shareholding report. The activist agenda includes demands for a leveraged… read
• Digest #5 (Mar 8, 2026): GungHo announced CEO change with Kazuya Sakai replacing Kazuki Morishita, alongside ¥5 billion share buyback, cancellation of 16 million treasury shares, and dividend increase. Activist investor Strategic Capital… read
• Digest #1 (Feb 8, 2026): Strategic Capital (9% stake) submitted shareholder proposals for March 2025 meeting including acquiring major shareholder Son Taizo’s 25.8% stake as treasury stock and distributing ¥84.6B (20% of cash reserves) as… read

J. Front Retailing Co., Ltd. 3086.T

• Digest #21 (Jun 28, 2026): An activist group (3D Investment Partners Pte. Ltd.) increased its stake in the Japanese department store operator J. Front Retailing Co., Ltd. (3086.T) to 6.35% to push for board and capital policy changes. The filing,… read
• Digest #20 (Jun 21, 2026): 3D Investment Partners took a 5.1% stake in J. Front Retailing (3086.T), an operator of department stores and shopping centers across Japan, to push for board changes and capital policy improvements. The Singapore-based… read

Keikyu Corporation 9006.T

Kyoto Financial Group, Inc. 5844.T

• Digest #17 (May 31, 2026): Silchester International Investors LLP filed an amended large shareholding report disclosing a 5.37% stake in Kyoto Financial Group (5844.T), down from a previous 6.40% position. The EDINET filing declares a formal… read

Nippn Corporation 2001.T

• Digest #21 (Jun 28, 2026): Strategic Capital Co., Ltd. disclosed a new 5.09% stake in Nippn Corporation (2001.T), holding 4,316,500 shares, and stated a purpose of constructive dialogue, important proposals, and pure investment. It plans by the… read

Nishio Holdings Co., Ltd. 9699.T

Noritz Corporation 5943.T

• Digest #17 (May 31, 2026): Nippon Active Value Fund (NAVF), NAVF Select Master Fund, and Dalton Investments disclosed a combined 9.60% stake in Noritz Corporation (5943.T) through an EDINET large shareholding filing representing 4,660,300 shares.… read

Seibu Holdings Inc. 9024.T

• Digest #22 (Jul 5, 2026): An activist group (3D Investment Partners Pte. Ltd.) increased its stake in the Tokyo-listed railway, hotel, and real estate operator Seibu Holdings Inc. (9024.T) to 12.86% and disclosed its intent to conduct "important… read
• Digest #21 (Jun 28, 2026): An activist group (3D Investment Partners Pte. Ltd.) took a 10.27% stake in Seibu Holdings Inc. (9024.T), a Japanese operator of railway services and real estate development, to push for board changes and business… read
• Digest #19 (Jun 14, 2026): 3D Investment Partners Pte. Ltd. filed an amendment to its large shareholding report on June 12, 2026, disclosing an increased stake in Seibu Holdings Inc. (9024.T) to 9.02% from 7.97%. The Singapore-based advisor… read
• Digest #18 (Jun 7, 2026): 3D Investment Partners Pte. Ltd. disclosed an increased 7.97% stake in Seibu Holdings Inc. (9024.T), up from 6.92%. The fund accumulated shares on nearly every trading day between May 1 and May 29, 2026, with total… read
• Digest #17 (May 31, 2026): 3D Investment Partners Pte. Ltd. filed a large shareholding report disclosing a 6.92% stake in Seibu Holdings (9024.T), consisting of 21,161,401 shares. The Singapore-based fund increased its position from 5.75%… read

TOMOE CORPORATION 1921.T

• Digest #19 (Jun 14, 2026): Be Brave Corporation increased its stake in Tomoe Corporation (1921.T) to 8.37% from 7.35%, filing a large-shareholding change report on EDINET that checks the "material proposal activity" box. The Tokyo-based… read

Ajinomoto Co., Inc. 2802.T

• Digest #10 (Apr 12, 2026): UK activist investor Palliser has built a stake in Ajinomoto and is advocating for increased pricing on ABF material used in advanced chipmaking substrates. Activist targets pricing power for critical semiconductor… read

Internet Initiative Japan Inc. 3774.T

• Digest #15 (May 17, 2026): Oasis Management Company Ltd. filed an amended large shareholding report disclosing an 8.04% stake in Internet Initiative Japan (3774.T), up from 7.48% previously. The filing outlines an agenda to propose improvements… read

Money Forward, Inc. 3994.T

Nippo Sangyo Co., Ltd. 9913.T

NS Solutions Corporation 2327.T

Senko Group Holdings Co., Ltd. 9069.T

TAKARA & COMPANY, LTD. 7921.T

Torex Semiconductor Ltd. 6616.T

• Digest #20 (Jun 21, 2026): An activist group (Kaname Capital, L.P.) disclosed a 12.37% stake in Torex Semiconductor Ltd. (6616.T), a Tokyo-listed manufacturer of analog power management ICs, and warned of an escalation to formal activism if the… read

Aigan Co., Ltd. 9854.T

Air Water Inc. 4088.T

• Digest #16 (May 24, 2026): City Index Elevens, Nomura Aya, and ATRA Co., Ltd. filed a large shareholding report disclosing an aggregate 5.86% stake in Air Water Inc. (4088.T). The group plans to provide advice and proposals on capital policy and… read

Chiikishinbunsha Co.,Ltd. 2164.T

Ferrotec Holdings Corporation 6890.T

• Digest #20 (Jun 21, 2026): An activist group (Oasis Management Company Ltd.) disclosed a 7.63% stake in Ferrotec Holdings Corporation (6890.T), a manufacturer of semiconductor equipment components, marking the first public escalation of a… read

Foster Electric Co., Ltd. 6794.T

KADOKAWA Corporation 9468.T

• Digest #20 (Jun 21, 2026): Oasis Management is running a proxy contest to remove the CEO of Kadokawa Corporation (9468.T), a Japanese media conglomerate spanning publishing, anime, film, and gaming, after building a 13.76% stake. Oasis, whose… read
• Digest #19 (Jun 14, 2026): KADOKAWA Corporation's (9468.T) board of directors, including director and Dwango founder Nobuo Kawakami, has formally opposed a shareholder proposal to remove director Takeshi Natsuno. Kawakami argued that Natsuno's… read
• Digest #17 (May 31, 2026): Oasis Management has formally submitted a shareholder proposal to dismiss KADOKAWA Corporation (9468.T) director Natsuno ahead of the June 2026 annual general meeting. The proxy contest follows a decline in operating… read
• Digest #15 (May 17, 2026): KADOKAWA (9468.T) faces a director removal proxy contest after Oasis Japan Strategic Fund, its largest shareholder with a 13.76% stake, submitted a proposal to remove Representative Director, President, and CEO Takeshi… read
• Digest #8 (Mar 29, 2026): Oasis Management disclosed ownership of 8.86% stake (13.197 million shares) in KADOKAWA through a large shareholding report filed on March 19. The disclosure caused KADOKAWA shares to rise against the broader market… read
• Digest #7 (Mar 22, 2026): Oasis Management filed an 8.86% stake (13.19M shares) explicitly stating the purpose as “portfolio investment and important proposals to management.” KADOKAWA trades at a significant discount to the sum of its parts —… read

Muraki Co., Ltd. 7477.T

Nippon Felt Co., Ltd. 3512.T

• Digest #19 (Jun 14, 2026): DOE5 Percent Co., Ltd. and related parties Mikuro Ueshima, Naturally Co., Ltd. and UESHIMA Co., Ltd. filed an amended large shareholding report disclosing a 6.32% aggregate stake in Nippon Felt Co., Ltd. (3512.T), up… read
• Digest #15 (May 17, 2026): Nippon Felt (3512.T) is the target of a 6.03% stake disclosed by a group including DOE5 Percent Co., Ltd., Mikuro Ueshima, and Naturali Co., Ltd. as of May 8, 2026. The 1,106,500-share aggregate holding increased from a… read

Shibaura Machine Co., Ltd. 6104.T

Takihyo Co., Ltd. 9982.T

• Digest #17 (May 31, 2026): UGS Asset Management Co., Ltd. filed a large shareholding report disclosing a 6.13% stake in Takihyo Co., Ltd. (9982.T), an increase from the previously reported 5.03% position. The filing specifies an intent to make… read

TEIKOKU Co., Ltd. 6333.T

• Digest #16 (May 24, 2026): Teikoku (6333.T) received a shareholder proposal from an individual demanding the company amend its articles to establish a special committee of independent outside directors to review going-private, MBO, and… read

Toho Holdings 8129.T

• Digest #19 (Jun 14, 2026): Glass Lewis recommended that shareholders of Toho Holdings Co., Ltd. (8129.T) vote against the company's takeover defense measures, designated as Agenda Item 4, at the June 26, 2026 annual general meeting. 3D Investment… read
• Digest #17 (May 31, 2026): 3D Investment Partners Pte. Ltd., which holds approximately 24% of the voting rights in Toho Holdings Co., Ltd. (8129.T), is urging shareholders to oppose the company's poison pill activation proposal at the June 26,… read
• Digest #4 (Mar 1, 2026): Investment fund 3D Investment Partners is conducting an aggressive activist campaign against Toho Holdings, where 3D is the largest shareholder. 3D is seeking management control and demanding governance improvements.… read

YCP Holdings (Global) Limited 9257.T

Akebono Brake Industry Co., Ltd. 7238.T

Asahi Rubber Inc. 5162.T

• Digest #15 (May 17, 2026): 晋文金属株式会社 filed a large shareholding change report disclosing that its stake in Asahi Rubber Inc. (5162.T) has increased to 9.99% from 7.69%. The filer holds 461,200 shares and updated its purpose of holding to include… read

Chuo Spring Co., Ltd. 5992.T

• Digest #19 (Jun 14, 2026): A group consisting of DOE5 Percent Co., Ltd., Ueshima Mikuro, and Naturally Co., Ltd. disclosed a combined 14.11% stake in Chuo Spring Co., Ltd. (5992.T) in an EDINET large shareholding report amendment. The group's… read

First Brothers Co., Ltd. 3454.T

Fujikura Kasei Co., Ltd. 4620.T

• Digest #15 (May 17, 2026): Fujikura Kasei Co., Ltd. (4620.T) is the subject of a disclosed stake increase by a group of four entities led by Kuji Ueshima. The group currently holds 2,976,700 shares, representing a 9.65% stake, an increase from a… read

Gunei Chemical Industry Co., Ltd. 4229.T

• Digest #17 (May 31, 2026): A five-party concert group led by DOE5 Percent Co., Ltd. disclosed a combined 7.10% stake in Gunei Chemical Industry (4229.T), an increase from 6.16% representing 638,500 shares. The group updated its filing purpose to… read

H.U. Group Holdings, Inc. 4544.T

Hodogaya Chemical Co., Ltd. 4112.T

Hoshizaki Corporation 6465.T

Kimuratan Corporation 8107.T

Maxell, Ltd. 6810.T

Nippon Chemi-Con Corporation 6997.T

Petgo Co., Ltd. 7140.T

PostPrime Inc. 198A.T

Sanken Electric Co., Ltd. 6707.T

Sugimura Warehouse Co., Ltd. 9307.T

Tamron Co., Ltd. 7741.T

Tiemco Ltd. 7501.T

Daicel Corporation 4202.T

Gamecard Holdings Co., Ltd. 6249.T

Ichikawa Co., Ltd. 3513.T

Mitsui Matsushima Holdings Co., Ltd. 1518.T

Noritake Co., Ltd. 5331.T

• Digest #18 (Jun 7, 2026): Strategic Capital Inc. filed an amended large shareholding report for Noritake Co., Limited (5331.T), disclosing a reduced equity stake of 8.14% down from a previous 9.22%. The activist holds 4,573,300 shares after… read

Orient Corporation 8585.T

The Pack Corporation 3950.T

Alfresa Holdings Corporation 2784.T

Alps Alpine Co., Ltd. 6770.T

Bitcoin Japan Inc. 8105.T

Chubu Suisan Co., Ltd. 8145.T

Dowa Holdings Co., Ltd. 5714.T

Hirakawa Hewtech Corporation 5821.T

ISB Corporation 9702.T

Kawasaki Kisen Kaisha, Ltd. 9107.T

MIRAIT ONE Corporation 1417.T

• Digest #17 (May 31, 2026): MIRAIT ONE (1417.T) is facing a formal proxy contest from Oasis Japan Strategic Fund Y Ltd, which has nominated an outside director candidate for the June 24 AGM. Amid this activist pressure, the Japanese… read

Mitsubishi Materials Corporation 5711.T

Shinko Shoji Co., Ltd. 8141.T

• Digest #17 (May 31, 2026): Jun Nomura and City Index Eleventh filed a Japanese large shareholding report amendment disclosing a 13.36% stake in Shinko Shoji (8141.T) and an explicit proposal to take the company private. The group reduced its… read

Earlier campaigns last update before Digest #18

Daiho Corporation 1822.T

Minami Aoyama Real Estate and concert parties ATRA and M Holdings filed a large shareholding report disclosing an 8.65% stake in Daiho Corporation (1822.T). Controlled by Ikeda Tatsuya, the group declared an activist objective to propose capital policy… read

Hosokawa Micron Corporation 6277.T

Hosokawa Micron Corporation (6277.T) is the subject of a Japanese large shareholding report filed by Hong Kong-based investment manager Acion Partners Limited, disclosing a 7.34% stake representing 1,155,000 shares. Acion Partners increased its holding from a… read

Izutsuya Co., Ltd. 8260.T

Governance Partners and JAIC filed a large shareholding report disclosing a combined 15.44% stake in Izutsuya Co., Ltd. (8260.T), an increase from their previous 12.47% aggregate position. On May 20, JAIC acquired 340,000 shares off-market at ¥727, following… read

Meito Co., Ltd. 2207.T

UGS Asset Management Co., Ltd. filed a Japanese large shareholding report disclosing a 9.75% stake in Meito Co., Ltd. (2207.T), representing 1,622,900 shares and an increase from its previous 8.36% position. Following private engagement since March 2026, the… read

• Digest #15 (May 17, 2026): UGS Asset Management Co., Ltd. disclosed an 8.36% stake in Meito (2207.T) in an amended large shareholding filing, reporting ownership of 1,392,900 shares. The activist increased its position from a prior 7.32% through… read

Nagahori Corporation 8139.T

Nagahori Corporation (8139.T) resolved to extend its anti-takeover defense policy for one year, subject to shareholder approval at the June 2026 AGM. The decision follows the continued 11.56% stake held by Re-Generation Inc., which Nagahori suspects is… read

NCD Co., Ltd. 4783.T

Ascender Capital Limited filed a large shareholding report on NCD Co., Ltd. (4783.T), a Tokyo-listed IT solutions provider. The Hong Kong-based investment advisory firm disclosed a 5.38% stake consisting of 446,300 shares, a reduction from its previous… read

Nippon Kayaku Co., Ltd. 4272.T

Silchester International Investors LLP disclosed a 4.68% stake in Nippon Kayaku Co., Ltd. (4272.T), down from 5.76% previously, via an EDINET large shareholding report amendment. The filer explicitly stated a policy to push for shareholder value improvements… read

Sanwa Holdings Corporation 5929.T

ValueAct Capital Management, L.P. filed an amended large-shareholding report disclosing a 7.54% aggregate stake in Sanwa Holdings (5929.T), up from 5.94%. The group acquired 9,506,171 shares on May 21, 2026, through off-market transactions at prices between… read

Tokyo Radiator Mfg. Co., Ltd. 7235.T

(7235.T) received a shareholder proposal from Flue LLC on February 12, to which the board issued a formal resolution of opposition today. Flue LLC holds 316,000 shares and is seeking the election of representative Yuki Furue as an outside director. The… read

Tsurumi Manufacturing Co., Ltd. 6351.T

Tsurumi Manufacturing Co., Ltd. (6351.T) rejected a shareholder proposal from Dalton Kizuna (Master) Fund LP to increase payouts from surplus and amend the record date for shareholder meetings. The board unanimously opposed the measure, stating that higher… read

• Digest #16 (May 24, 2026): Dalton Kizuna (Master) Fund LP submitted shareholder proposals to Tsurumi Manufacturing (6351.T) seeking a 50% payout ratio surplus distribution and an amendment to change the annual general meeting record date to May… read

TV Asahi Holdings Corporation 9409.T

TV Asahi Holdings (9409.T) announced its board of directors resolved on May 27, 2026, to oppose five governance-related shareholder proposals submitted by a coalition of 56 individual shareholders. The dissident bloc seeks to amend the articles of… read

BASE Inc. 4477.T

Hiroyuki Makino filed an amended large shareholding report on May 20, 2026, disclosing a 20.53% stake in BASE Inc. (4477.T). The position consists of 24.2 million shares financed through ¥10.1B in total capital, including ¥6.98B in margin loans. Makino’s… read

Denyo Co., Ltd. 6517.T

Denyo Co., Ltd. (6517.T) has unanimously resolved to oppose a shareholder proposal from NIPPON ACTIVE VALUE FUND PLC to amend the company’s articles of incorporation to require that outside directors constitute a majority of the board. The proposal is… read

Kansai Paint Co., Ltd. 4613.T

Silchester International Investors LLP disclosed a 7.21% stake in Kansai Paint Co., Ltd. (4613.T), an increase from its previously reported 6.17% interest. The 12,834,100-share position was accumulated through market and off-exchange purchases between late… read

• Digest #15 (May 17, 2026): Silchester International Investors LLP filed a large shareholding report amendment disclosing a 6.17% stake in Kansai Paint Co., Ltd. (4613.T), an increase from its previous 5.05% position. The London-based value… read

Kao Corporation 4452.T

Oasis Management Company Ltd. disclosed a 12.63% stake in Kao Corporation (4452.T), representing 57,287,124 shares of the consumer packaged goods company. The activist has already issued proposals regarding board effectiveness, corporate governance, and… read

• Digest #15 (May 17, 2026): Oasis Management Company Ltd. disclosed a 12.63% stake in Kao Corporation (4452.T), representing 57.3 million shares. The activist has initiated formal proposals under the FIEL concerning board effectiveness, corporate… read
• Digest #11 (Apr 19, 2026): Kao Corporation's board formally rejected Oasis Management's supply chain allegations and opposed the activist's proposal to appoint an independent investigator. Board-activist confrontation escalates as Japan's largest… read
• Digest #9 (Apr 6, 2026): Oasis Management’s extraordinary general meeting at Kao Corporation proceeds as scheduled for April 30, with shareholders voting on the activist’s proposal to establish an independent third-party investigation committee… read
• Digest #8 (Mar 29, 2026): Kao Corporation scheduled an extraordinary shareholder meeting for April 30 where investors will vote on Oasis Management’s proposal to establish an independent investigation into supply chain practices related to… read
• Digest #6 (Mar 15, 2026): Oasis Management, which holds 6.64% of Kao Corporation shares, has requested an extraordinary shareholder meeting and demanded establishment of an independent third-party investigation committee. Oasis alleges that… read
• Digest #5 (Mar 8, 2026): Activist fund Oasis Management is demanding Kao convene an extraordinary general meeting to conduct an independent investigation into supply-chain risk management and internal controls. Oasis received whistleblower… read
• Digest #1 (Feb 8, 2026): Oasis Management launched activist campaign “A Better Kao” criticizing management for underutilizing brands and growth-averse strategies. In February 2025, Oasis proposed appointing 5 independent directors and… read

Kitasawa Sangyo Co., Ltd. 9930.T

Kitasawa Sangyo (9930.T) is facing a proxy contest from Tempos Holdings Co., Ltd., which has submitted proposals to elect its president, Atsushi Morishita, as a director and to amend the articles to establish a shareholder benefit program. The board of… read

• Digest #12 (Apr 26, 2026): Tempos Holdings President Atsushi Morishita, holding 1,447,900 shares (7.80% of voting rights) in Kitazawa Industries (TSE Standard: 9930), has exercised shareholder proposal rights ahead of the company's 79th Annual… read

Kyocera Corporation 6971.T

Kyocera Corporation (6971.T) has unanimously opposed four shareholder proposals from Oasis Management ahead of its June 25 annual general meeting. The activist's demands for the ¥2.8T market-cap company include a ¥350B share buyback, the removal of director… read

NIPPON EXPRESS HOLDINGS, INC. 9147.T

Elliott Investment Management L.P. filed a large shareholding report revealing a 6.05% stake in Nippon Express Holdings (9147.T), an increase from a prior 5.04%. The activist accumulated 14,690,100 shares between April 15 and May 13, 2026, and submitted the… read

Nissan Tokyo Sales Holdings Co., Ltd. 8291.T

Nippon Active Value Fund PLC, along with Dalton Investments and NAVF Select Master Fund, filed an amended large shareholding report disclosing a 7.65% stake in Nissan Tokyo Sales Holdings (8291.T), an increase from 6.59%. On April 17, 2026, the group… read

Origin Corporation 6513.T

An individual shareholder of Origin Corporation (6513.T) submitted a proposal to repurchase 300,000 shares for up to ¥320M within one year of the annual general meeting. The board of directors resolved on May 19, 2026, to oppose the proposal at the June 26,… read

Well Dish Co., Ltd. 2901.T

Well Dish Co., Ltd. (2901.T) received a statutory request from shareholder and director Kenji Mano to convene an extraordinary general meeting to dismiss three directors. Mr. Mano holds at least 3% of voting rights and met the six-month holding threshold… read

Aidma Holdings, Inc. 7373.T

Ascender Capital Limited filed a large shareholding report disclosing a 5.06% stake in Aidma Holdings (7373.T). The Hong Kong-based investment advisory firm acquired 774,200 shares through on-market purchases between April 17 and May 8, 2026, for an… read

Asuka Pharmaceutical Holdings Co., Ltd. 4886.T

Asuka Pharmaceutical Holdings (4886.T) has formally opposed shareholder proposals from NIPPON ACTIVE VALUE FUND PLC to elect James B. Rosenwald III and Shiro Hayashi as outside directors at the June 24, 2026 AGM. The dissident group holds 21.6% of voting… read

Calbee, Inc. 2229.T

Oasis Management Company Ltd. filed an amended large shareholding report disclosing a 7.12% stake in Calbee, Inc. (2229.T), representing 9,532,700 shares. The activist has submitted proposals regarding corporate governance and shareholder value improvement… read

Comsys Holdings Corporation 1721.T

Oasis Management Company Ltd. reported a 6.32% stake in Comsys Holdings Corporation (1721.T), an increase from its previous 5.61% holding. The activist fund spent approximately ¥27.9 billion to acquire the position through managed funds. Oasis disclosed that… read

Denki Kogyo 6706.T

fundnote Corporation filed a large shareholding change report revealing an increased stake in Denki Kogyo (6706.T) to 9.02%. The investment manager now holds 892,800 shares, an increase from its previous 7.74% position. Following investment advice from… read

• Digest #15 (May 17, 2026): Oasis Management Company Ltd. filed a large shareholding report disclosing a 12.91% stake in Denki Kogyo Co., Ltd. (6706.T), representing a total holding of 1,278,200 shares valued at ¥3,602,413,000. The fund increased… read

DIC Corporation 4631.T

Oasis Management Company Ltd. disclosed an 11.58% stake in DIC Corporation (4631.T), representing 11,019,342 shares. The Asia-focused activist fund has already submitted proposals to the Japanese chemical company regarding corporate governance improvements… read

e-Logit Co., Ltd. 9327.T

e-Logit (9327.T) received a formal shareholder proposal from Hip Capital Partners Co., Ltd. for its June 2026 annual general meeting after negotiations to withdraw the request failed. Hip Capital is nominating a slate of six board directors—comprising… read

Horiba 6856.T

Oasis Management Company Ltd. disclosed a 9.90% stake in Horiba Ltd. (6856.T), representing 4,180,400 shares acquired for approximately ¥49.66 billion. The activist agenda targets board independence improvement, conglomerate discount resolution, capital… read

Ichikoh Industries 7244.T

Oasis Management Company Ltd. filed a large shareholding report on May 12 disclosing a 5.39% stake in Ichikoh Industries (7244.T). The 5,197,900-share holding has a stated purpose of portfolio investment and making significant proposals to protect shareholder… read

Kakaku.com, Inc. 2371.T

Oasis Management Company Ltd. disclosed a 19.52% stake in Kakaku.com (2371.T), an operator of price comparison and restaurant review platforms, via an EDINET large shareholding filing. The activist holds 38,700,648 shares accumulated through April 30, 2026,… read

Kanadevia Corporation 7004.T

Oasis Management Company Ltd. disclosed a 5.44% stake in Kanadevia Corporation (7004.T) via a large shareholding report filed on EDINET. The filing states the investment purpose includes making important proposals to protect shareholder value. Oasis acquired… read

Kayaba Industry Co., Ltd. 7242.T

Oasis Management Company Ltd. reported a 5.63% stake in Kayaba (7242.T) in a May 12, 2026, large shareholding disclosure. The activist fund holds a total of 2,841,100 shares in the Japanese manufacturer of hydraulic equipment and steering systems, with its… read

KeyHolder, Inc. 4712.T

J Trust Co., Ltd., President Nobuyuki Fujisawa, and Omotesando Capital filed a large shareholding report disclosing a combined 7,173,690 shares in KeyHolder, Inc. (4712.T), representing a 37.77% stake. This position increased from 29.82% in the prior report,… read

Kobayashi Pharmaceutical Co., Ltd. 4967.T

Oasis Management Company Ltd. filed a large shareholding report disclosing a 13.37% stake in Kobayashi Pharmaceutical (4967.T). The holding of 10,436,705 shares represents an increase from a previously reported 13.06% and included recent purchases at ¥5,836… read

• Digest #3 (Feb 22, 2026): Hong Kong-based activist investor Oasis Management filed a shareholder derivative lawsuit seeking ¥13.5 billion in damages over the company’s handling of a supplement scandal that allegedly caused kidney disease and 408… read
• Digest #2 (Feb 15, 2026): Hong Kong activist fund Oasis Management, the largest shareholder, submitted proposals for the March 27 AGM including changing the board chairman to an outside director and appointing new auditors. The company’s board… read

Kokuyo Co., Ltd. 7984.T

Oasis Management Company Ltd. filed an amended large shareholding report disclosing a 10.52% stake in Kokuyo Co., Ltd. (7984.T), representing a ¥32.4B position. The activist increased its holding from 9.91% through the acquisition of 427,149 shares on April… read

Makino Milling Machine Co., Ltd. 6135.T

Makino Milling Machine Co., Ltd. (6135.T) board resolved to oppose a shareholder proposal from Ninami Securities seeking a buyback of 248,938 shares, or 1% of outstanding stock. At ¥11,751 per share, the proposal totals ¥29.25億 and matches the price of the… read

Miyoshi Oil & Fat Co., Ltd. 4404.T

A concert party led by DOE5 Percent Co., Ltd. filed an amended large shareholding report disclosing a combined 7.62% stake in Miyoshi Oil & Fat (4404.T), an increase from 6.60%. The group, which includes DOE5 Percent, Mikuro Ueshima, Naturali Co., and Dream… read

Murakami Kaimedo Co., Ltd. 7292.T

Murakami Kaimedo (7292.T) has received four shareholder proposals from Nippon Active Value Fund plc for its June 25, 2026 AGM. The activist's demands include a ¥7.865B buyback of 1.21M shares, representing approximately 10% of outstanding stock, and a bylaw… read

NHK Spring Co., Ltd. 5991.T

NHK Spring (5991.T) announced on May 11 that its board resolved to oppose two shareholder proposals from LONGCHAMP SICAV for the June 25, 2026 AGM. LONGCHAMP SICAV proposed amending the company's articles to require a majority of independent directors and… read

Nidec Corporation 6594.T

Oasis Management Company Ltd. disclosed a 6.78% stake in Nidec Corporation (6594.T), representing 80,813,098 shares. The activist has already issued proposals to the manufacturer of electric motors and related components regarding corporate governance… read

• Digest #8 (Mar 29, 2026): Oasis Management has increased its stake in Nidec Corporation to 8.3%, becoming the second-largest shareholder after purchasing 22 million additional shares on March 4. The Hong Kong-based activist fund is pushing for… read
• Digest #6 (Mar 15, 2026): Hong Kong-based activist investment fund Oasis Management has become a major shareholder in Nidec Corporation, acquiring 6.7% of the company’s outstanding read

Oriental Chain Mfg. Co., Ltd. 6380.T

Seychelles-incorporated KAY LEO BROTHERS LIMITED filed a change report regarding its 25.95% stake in Oriental Chain Mfg. Co., Ltd. (6380.T). The holding includes 100,000 common shares and 500,000 potential shares via warrants, reflecting a decrease from a… read

Osaka Steel Co., Ltd. 5449.T

Osaka Steel (5449.T) is contesting two binding shareholder proposals submitted by Strategic Capital and Intertrust Trustees (JAPAN-UP) for the June 24, 2026 AGM. Proposal 1 seeks to compel the company to repurchase all 16,629,030 shares held by its parent,… read

Sumitomo Mitsui Financial Group 8316.T

Sumitomo Mitsui Financial Group (8316.T) faces a shareholder proposal from an individual to amend its Articles of Incorporation to require a shareholder vote for buyback parameters, including caps on the total amount, share count, and duration. The board has… read

Sun Electronics Co., Ltd. 6736.T

Oasis Management Company Ltd. filed a large shareholding report disclosing an 18.45% stake in Sun Electronics Co., Ltd. (6736.T). The position of 4,429,071 shares was funded with ¥4.07 billion from fund capital, representing a slight decrease from the… read

Synchro Food Co., Ltd. 3963.T

Asset Value Investors Limited (AVI) disclosed a 27.68% stake in Synchro Food Co., Ltd. (3963.T) representing 8,060,800 shares. On April 20, 2026, AVI submitted shareholder proposals for the company's 23rd AGM seeking the removal of three directors, including… read

• Digest #15 (May 17, 2026): LIM Advisors Limited filed a large shareholding report disclosing a 13.12% stake in Synchro Food (3963.T), representing 3,821,700 shares. The activist submitted three shareholder proposals for the 23rd AGM on April 22,… read

Takara Holdings Inc. 2531.T

ValueAct Capital Management filed an amendment to its large shareholding report showing its aggregate stake in Takara Holdings (2531.T) increased to 19.01%, up from a prior 14.80%. The activist acquired 8.3 million shares through three separate block… read

TBS Holdings, Inc. 9401.T

TBS Holdings (9401.T) has opposed shareholder proposals from Monex Activist Mother Fund submitted for the June 26, 2026, annual general meeting. The activist fund is seeking a 60% dividend payout ratio, calculated as ¥164 per share less the company proposed… read

Toho Zinc Co., Ltd. 5707.T

JBO (AP) VII, Inc., an Advantage Partners group entity, disclosed an increased fully-diluted stake in Toho Zinc (5707.T) of 16.76%, up from 10.66%. The filer identifies its investment purpose as management participation and proposals for significant changes… read

Tokyo Steel Manufacturing Co., Ltd. 5423.T

Oasis Management Company Ltd. filed an amended large shareholding report disclosing an 8.65% stake in Tokyo Steel Manufacturing Co., Ltd. (5423.T), representing 9,525,500 shares. The filing states that Oasis is currently making proposals to the issuer… read

• Digest #9 (Apr 6, 2026): Hong Kong activist investor Oasis Management disclosed a 6.25% stake in Tokyo Steel Manufacturing Co., Ltd. through a filing with Japan’s Kanto Finance Bureau. Stake valued at approximately ¥13.1 billion based on April… read

Yamato Corporation 1967.T

Fundnote株式会社 filed an amended large shareholding report for ヤマト (1967.T), disclosing an increase in its stake from 5.10% to 6.41%. The filer stated its purpose includes engaging management to improve investor relations, capital efficiency, and governance… read

Yushiro Chemical Industry Co., Ltd. 5013.T

fundnote Corporation filed a large shareholding report stating a 5.56% stake in Yushiro Chemical Industry Co., Ltd. (5013.T) as of May 7, 2026. The fund holds 773,100 shares based on 13,900,065 shares outstanding as of April 30, 2026. The stated purpose of… read

Iyo Gin Holdings 5830.T

Iyo Gin Holdings (5830) disclosed the formal opposition of its board of directors to shareholder proposals in a filing on May 8, 2026. The board’s published opinion confirms an active proxy contest without a negotiated resolution ahead of the annual general… read

Nissan Shatai Co., Ltd. 7222.T

Strategic Capital published a shareholder proposal on May 7 targeting Nissan Shatai (7222). The activist demands the dissolution of restricted additional reserves and the distribution of 100% of distributable earnings to shareholders. If the proposals pass,… read

Daikin Industries 6367.T

Elliott holds a 3% stake; no financial targets or specific capital return demands were quantified in the materials provided. Daikin has not confirmed any operational or capital return commitments, and Japanese management teams have historically been slow to… read

• Digest #11 (Apr 19, 2026): Elliott Investment Management acquired approximately 3% of Daikin Industries for over $1 billion and is pushing for strategic changes to address undervaluation. Elliott invested over $1 billion for approximately 3% of… read

Nihon Seikan k.k. 5905.T

Curry Co., Ltd. (a shareholder in Nihon Seikan K.K.) has filed three shareholder proposals ahead of the company's annual general meeting scheduled for June 2026, demanding: (1) adoption of a progressive dividend policy with no dividend cuts, (2) a year-end… read

Rohto Pharmaceutical Co.,Ltd. 4527.T

AVI Japan Opportunity Trust PLC (UK fund, ~2% Rohto stake) and LONGCHAMP SICAV submitted shareholder proposals to Rohto Pharmaceutical (TSE: 4527) ahead of its 90th Ordinary General Meeting on June 24, 2026. AVI seeks the removal of Chairman Kunio Yamada… read

Toshin Holdings Co.,Ltd 9444.T

Shareholder Jet Co., Ltd. submitted a formal proposal to Toshin Holdings Co., Ltd. (TSE Standard: 9444) on April 30, 2026, nominating 4 directors and 2 auditors for election at the company's 40th Annual General Meeting scheduled for July 2026. Jet Co.'s stake… read

Fujibo Holdings,Inc. 3104.T

Effissimo Capital Management increased its stake in Fujibo Holdings to 19.70% (up from 18.66%). Effissimo continues to build its position in the Japanese manufacturer, positioning itself to drive operational improvements or strategic alternatives across… read

Hokkaido Chuo Bus Co., Ltd. 9052.T

Kazuo Narimiya, founder family member of Narimiya International, submitted a shareholder proposal to Hokkaido Chuo Bus requesting establishment of a governance improvement verification committee. Narimiya holds 1.68% stake worth ¥371 million ($2.5 million)… read

TAIYO HOLDINGS CO.,LTD. 4626.T

Oasis Management holds approximately 15.62% in TAIYO HOLDINGS CO.,LTD. under a tender agreement as part of the KKR privatization deal. Oasis Management's 15.62% position committed to the KKR tender supports deal completion and signals alignment with the… read

Tamron Co., Ltd. 7740.T

Effissimo Capital Management increased its stake in Tamron to 17.38% from 16.34% according to a regulatory filing. Terms undisclosed. Growing activist position in underperforming Japanese optics manufacturer creates potential for operational improvements or… read

Teijin Limited 3401.T

Effissimo Capital Management increased its stake in Teijin Limited to 17.53% from 16.44% according to a regulatory filing disclosed April 9, 2026. Effissimo's continued accumulation above 17% suggests building momentum for potential board representation or… read

Casio Computer Co., Ltd. 6952.T

3D Investment Partners disclosed a 5% stake in Casio Computer through a regulatory filing submitted April 2, listing purposes including pure investment, management advice, and important proposals. Terms undisclosed. The Singapore-based activist has a track… read

• Digest #4 (Mar 1, 2026): Oasis Management Company sold nearly all of its Casio Computer stake, reducing holdings from 5.19% to 0.01% according to a Feb 26 filing. The Hong Kong-based activist had initially disclosed its stake in July 2025,… read

Mitsui O.S.K. Lines Ltd. 9104.T

Mitsui O.S.K. Lines announced a 2030 management plan targeting ¥170 billion in basic operating cash flow from stable businesses by 2025, up from ¥60 billion, while Elliott Management maintains its campaign for real estate subsidiary Daibiru re-listing. Terms… read

• Digest #7 (Mar 22, 2026): Elliott Investment Management disclosed a significant stake, citing undervaluation and intent to work constructively with management on shareholder value improvement. Elliott’s Japan campaigns have generated strong… read

TOTO Ltd. 5332.T

UK activist investor Palliser Capital has taken a position in TOTO and is pressuring management to better highlight the company’s AI-related semiconductor materials business, which now accounts for half of operating profit but receives minimal disclosure.… read

• Digest #3 (Feb 22, 2026): An activist investor has identified Japan’s largest toilet maker as an undervalued artificial intelligence play, suggesting the company’s technology capabilities are not properly reflected in its current valuation. The… read

Fuji Media Holdings 4676.T

Fuji Media Holdings conducted a massive share buyback worth approximately 235 billion yen (about 30% of outstanding shares) at 3,839 yen per share in response to activist pressure. Former Murakami Fund-affiliated investment company Leno and US investment fund… read

Rengo Co., Ltd. 3941.T

Former Murakami Fund-affiliated investor took a new stake in Rengo, causing the stock to surge 4.1% the following trading day to 1422 yen. The stock has since risen to 1528 yen with PBR improving to 0.82x, still below the TSE Prime average of read

• Digest #1 (Feb 8, 2026): Activist investor Aya Nomura and affiliates acquired 5.04% stake in Rengo Co. for approximately 13.49 billion yen between December 2024 and January 2025. The group stated their purpose as ‘investment and providing… read

SBS Group 2384.T

Japanese logistics companies face increased activist pressure due to undervalued real estate assets on balance sheets. This is driving more MBOs and asset sales to improve capital efficiency, with activists targeting companies not effectively utilizing their… read

Sony Group Corporation 6758.T

Third Point LLC published activist proposal recommending semiconductor business spinoff/IPO, focus on entertainment as core, downsizing electronics business, and selling financial stakes for shareholder returns. Sony responded by selling PC business,… read

Ishii Hyoki Co., Ltd. 6336.T

Ishii Hyoki received a shareholder proposal from an individual shareholder regarding amendments to the company’s articles of incorporation for the 53rd Annual General Meeting scheduled for April 2026. The board will review the proposal and announce their… read

Seven & i Holdings 3382.T

Seven & i Holdings is highlighted as a specific example of current activist engagement in Japan. Activists are making demands like cash distribution, asset spin-offs, and management changes at the read

Toyota Motor Corporation 7203.T

Elliott Investment Management is actively opposing a Toyota acquisition, criticizing it as undervalued and lacking transparency, and has offered to buy shares from investors who agreed to the tender offer. The tender offer has been extended to March 2nd due… read

• Digest #1 (Feb 8, 2026): Elliott Investment Management is challenging Toyota Motor’s proposed takeover of Toyota Industries, arguing the offer undervalues the target. Elliott is urging shareholders to reject the deal and raising corporate… read

AnGes Inc. 4563.T

Zhao Fengxiang, holding 2.52 million shares in AnGes, sent a formal complaint opposing the company’s decision to issue up to ¥7 billion in stock warrants to Cantor Fitzgerald. Zhao claims his group presented better funding terms that were ignored by… read

Asiro Inc. 7378.T

Asset Value Investors increased its stake in Asiro from 28.42% to 29.78% according to a regulatory filing. The stock surged approximately 9% on the news as investors viewed the increased position by the known activist fund as a positive read

Fujitec Co Ltd 6406.T

Oasis Management is engaged in an activist campaign targeting founder family control and alleged corporate governance issues. The campaign escalated into a major confrontation with founder family CEO Koichi Uchiyama after dialogue failed, with Oasis alleging… read

Hogi Medical 3892.T

US private equity firm Carlisle Group launched a TOB for Hogi Medical at ¥6,700 per share with March 2 deadline. US activist Dalton Investments Group (27%+ stake) will tender shares but also reinvest up to 20% in the post-privatization entity. GMO fund joined… read

Keisei Electric Railway 9009.T

UK investment fund Palliser Capital sent a letter to Keisei Electric Railway’s board proposing to take the company private. Palliser held 4.4% of shares as of March 2024 and advocated for delisting to enable management restructuring followed by read

Kitagawa Seiki 6327.T

Hong Kong-based hedge fund Rhim Advisors has accumulated an 18.24% stake in Kitagawa Seiki as of October 14, 2025, and continues to actively buy shares. The activist involvement coincides with strong AI data center demand for the company’s vacuum press… read

Kusuri no Aoki 3549.T

Company is holding an extraordinary shareholder meeting on February 17 to introduce poison pill defense measures against any entity acquiring 20% or more of shares without following prescribed procedures. Major shareholder Oasis Management, holding over 11%… read

Ezaki Glico Co., Ltd. 2206.T

Dalton Investments announced plans to take Ezaki Glico private through a shareholder proposal. Dalton seeks to elect two outside directors including CIO James Rosenwald and form a special committee to pursue the going-private read

Kansai Electric Power 9503.T

Japanese activists have acquired 20-40% stakes and are demanding large-scale share buybacks or management buyouts. Activists targeting this company along with Sumitomo Realty, Fuji Media Holdings, and Mandom with aggressive tactics including major corporate… read

T&D Holdings, Inc. 8795.T

Farallon Capital Management published recommendations for T&D Holdings’ next Group Long-Term Vision due April 2026. Farallon requests business model reviews at Taiyo Life, EV-based management with capital efficiency improvements, and establishing a Group… read

Taiheiyokogyo Co Ltd 5970.T

Management’s tender offer succeeded with 31.93 million shares tendered, exceeding the 25.33 million minimum threshold. The founding family raised their offer price from ¥2,050 to ¥3,036 per share to outbid activist Effissimo Capital Management, which held an… read

Tokyo Cosmos Electric 6779.T

Complete management replacement occurred after activist investors’ shareholder proposals were approved. New management led by activist representative Yasuto Kadota as CEO established a special investigation committee in August 2025 that revealed misconduct by… read