Jamie Halse on AusbizTV
Japan is quietly becoming one of the most compelling markets globally and many investors still aren’t paying attention. Jamie Halse discusses the Japan investment opportunity on AusbizTV. https://youtu.be/tklytofXN0o
Nikkei Business – Tsubasa Umezaki discusses Japan’s changing investment landscape
In this conversation our co-founder Tsubasa Umezaki discusses Japan’s changing investment landscape and the growing role of constructive activist investors in helping companies realise their full value in an interview for Nikkei Business. https://youtu.be/EQw0tUYKoUM
A sad, but unsurprising win for poor corporate governance – Sanko Sangyo & Steel Partners
As discussed last month, Steel Partners’ bid for Sanko Sangyo at a premium to the agreed management buyout was a particularly interesting case due to management aligned shareholders comprising a majority of the shareholder register. As it turns out, sadly but not surprisingly, Steel Partners’ bid was thwarted by a Board of Directors uninterested in […]
‘Shadow activism’ – actionable idea: Mitsubishi Logistics (US$3bn market cap)
The monthly newsletter will now include our analysis of various situations where other activists are involved, there is clear value to be unlocked, and we can see a path to achieving a good outcome for all shareholders. Mitsubishi Logistics (ML) is one such case. With a market cap of US$3bn, and liquidity of $10m/day, it […]
Larger activists, larger targets, new tactics – similar returns? (Oasis v Kao)
The top five Japan-focused activist funds by size now reportedly each manage US$5bn to US$15bn. Gone are the days when they could buy a meaningful stake in a $200m market cap company with a negative enterprise value due to cash holdings, push for more dividends and buybacks, and exit with a quick double. The game […]
A rare unsolicited takeover offer within the Japanese establishment – Denso & Rohm
For a very long time it was unheard of for a Japanese corporation to make an unsolicited offer to acquire another publicly listed Japanese corporation. With the corporate governance reform, this taboo began to soften around five years ago, particularly in situations where the target company was already “in play” – ie: where it had […]
Activist Deal Interventions
Steel Partners & Sanko Sangyo Steel Partners is back in the deals space after a long absence from Japan, with the announcement of an unsolicited offer to acquire the tiny (~US$45m market cap) printed-products player Sanko Sangyo, outbidding an agreed management buyout (MBO) led by its President. Part of the wave of activism in the […]
The upside to Japan’s risk aversion – ample petroleum reserves
The Yen has weakened against the US$ since the Iran war drove the oil price higher, but so too has the AU$. Japan imports most of its energy needs, so a roaring oil price hurts the terms of trade and can put pressure on the economy as consumers take a hit in the wallet and […]
Takaichi landslide win drives surge in foreign buying of Japanese equities
Global investors have gone crazy for Japan following the Liberal Democratic Party’s landslide election win, led by Japan’s hugely popular first female Prime Minister, Takaichi Sanae. Non-Japanese investors net-bought ¥2.7trn yen (US$18bn) of Japanese equities in the first two weeks of February alone. This compares to ¥3.8trn of net buying in the whole of 2025 […]
Senjin Perspectives – Episode 3
Jamie Halse hosts Bella Foley of Forager Funds, discussing Foragers approach to investing.