TOKYO -- Activist investors have targeted at least 50 Japanese companies with shareholder proposals so far in 2025, a record high for this point in the year, amid a wider push for corporate reforms.
Decline of cross-shareholdings grants bigger voice to activists

Reforms by the Tokyo Stock Exchange helped usher in the rise of activist investors. (Photo by Yuki Kohara)
TOKYO -- Activist investors have targeted at least 50 Japanese companies with shareholder proposals so far in 2025, a record high for this point in the year, amid a wider push for corporate reforms.