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Market Scramble: 'Japan passing' rearing its head?

TOKYO -- Some Japanese businesses may be dreading to handle demands from activist investors at their upcoming shareholders meetings. But it is safe to say that having these activists who have invested in the companies is better than being passed by.

The Tokyo market was quiet Wednesday ahead of the Brexit referendum. But market players were busy talking about Tokyo Tekko after Tuesday's revelation that the steelmaker is now 5.55% owned by Effissimo Capital Management, a fund established by former colleagues at a now-defunct fund run by activist shareholder Yoshiaki Murakami. The steelmaker's stock surged 13.1% Wednesday, becoming the second-biggest gainer on the first section of the Tokyo Stock Exchage.

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