TOKYO -- Japan's publicly listed corporations sold a record 3.69 trillion yen ($25.4 billion) of cross-held shares in fiscal 2023, data compiled by Nikkei shows, a trend seen boosting their capital efficiency but leaving them more vulnerable to takeovers.
The figure surged 86% from the year before and outpaced the previous record of 2.22 trillion yen from fiscal 2021. The data came from financial statements issued by over 2,000 nonfinancial companies.
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