Attendees arriving at a shareholder meeting. (Stock image ©Sankei)
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The number of activist interventions in Japanese listed companies is on the rise. Activist investors typically pressure management to adopt measures aimed at increasing corporate value, boosting share prices before selling their stakes for a profit.
In recent years, activists have also played a greater role in influencing management appointments and corporate restructuring. As companies head into the annual general meeting (AGM) season in late June, the number of shareholder proposals submitted by activist investors has reached a record high.
According to a June 5 report by the Daiwa Institute of Research, shareholder proposals have been submitted to 104 companies holding AGMs this June. Of these, 54 proposals were filed by institutional investors, including activist funds, surpassing last year's record of 51. The total is expected to rise further as additional companies release their shareholder meeting notices.
Focus on Management and Board Appointments
Particularly notable this year are proposals calling for the appointment of outside directors or the removal of top executives.
At ASKA Pharmaceutical Holdings, an investment fund affiliated with US-based Dalton Investments has proposed the appointment of two outside directors. One of the nominees is Dalton Chief Investment Officer James Rosenwald. Dalton argues that the candidates would bring "objective and constructive perspectives" to the board. The company, however, opposes the proposal, saying the nominees lack the qualifications and attributes expected of outside directors.
Meanwhile, Hong Kong-based Oasis Management has submitted a shareholder proposal seeking the dismissal of KADOKAWA CEO Tsuyoshi Natsuno, citing the company's deteriorating business performance. Oasis is campaigning for support from other shareholders, while KADOKAWA has rejected the proposal, setting the stage for a potentially protracted battle.
Oasis previously played a central role in developments that ultimately led to elevator manufacturer Fujitec being taken private in March. In 2022, Oasis accused the company of engaging in inappropriate transactions with its founding family. The following year, several outside directors backed by Oasis won seats on the board, leading to the removal of the founding family's chairman.
As Oasis's influence grew, Swedish investment firm EQT launched a takeover bid for Fujitec. The company accepted the offer and was subsequently delisted. Oasis exited its entire 29.62% stake at ¥5,700 per share, nearly double the roughly ¥3,000 share price when it first launched its campaign in 2022.
Murakami-Linked Investors Increase Stakes
Another prominent activist investor is Aya Nomura, daughter of former Murakami Fund leader Yoshiaki Murakami. She has steadily built stakes in railway operators, many of which hold extensive real estate assets.
Nomura has acquired a 2.7% stake in Kintetsu Group Holdings, as well as stakes in Nagoya Railroad (1.83%) and Keihan Holdings (1.23%). Together with an investment firm linked to the former Murakami Fund, she also holds a combined 8.12% stake in Keikyu Corporation.
Investment groups associated with the former Murakami Fund have likewise accumulated shares in Fuji Media Holdings. In February, the company decided to bring in outside capital for its real estate business, a step that Murakami-affiliated investors had long advocated.
Questions Over Long-Term Impact
According to Tokyo-based research firm Recof Data, activist investors acquired stakes of 5% or more in listed Japanese companies on 127 occasions in 2025, roughly triple the number recorded in 2020.
Hidenori Yoshikawa, chief consultant at the Daiwa Institute of Research, said activist activity has become "increasingly vigorous." He noted that responding to activist campaigns can consume significant management resources and may reduce companies' willingness to pursue higher-risk investments aimed at long-term growth.
Author: Koya Kuhara, The Sankei Shimbun
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