23
Jun
Shareholder activism: The tightrope between foreign capital and domestic stakeholders
Japan’s public M&A activity is in the midst of an unprecedented boom, driven by a powerful combination of corporate governance reforms and aggressive shareholder activism. Once a niche strategy, activism is now a primary catalyst for deal-making. However, concerns that the financial upside is "leaking" to foreign activist investors have alarmed both local cash-rich listed corporations and the new Japanese administration. In response, the market is bracing for potential protectionist policies, while targeted companies increasingly deploy PE-backed take-privates (delistings) as a primary defense mechanism.
- How are Japanese corporations reacting as activist strategies evolve from aggressive to collaborative?
- How are Japanese boards utilizing strategic defenses (carve-outs and take-privates) to pre-empt shareholder pressure?
- How can private equity capitalize on the rising wave of activist-driven strategic defenses?
- How might the regulatory environment change as a response to increased activist activity?
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SpeakersHiroshi Saito Senior Managing Director Teneo
Naoya Kimura Analyst Ascender Capital
Masumi Nishida Partner Dalton Investments
Tsubasa (Toby) Umezaki Co-Founder, Managing Director Senjin Capital
Dominic Henderson Managing Director Sodali & Co
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Based in Tokyo, Hiroshi advises clients on complex, high-stakes matters that can materially affect business outcomes, including government affairs, public policy, regulatory strategy, geopolitical and economic security issues, cross-border situations and crisis response. His work spans policy analysis, government engagement, stakeholder strategy, message development and reputation management, helping clients navigate sensitive situations that cut across the public and private sectors.
Drawing on senior experience at the Bank of Japan (Central Bank), the International Monetary Fund (IMF) in Washington, D.C., as the elected Governor of Yamagata Prefecture, and at Accenture, AECOM and Microsoft, Hiroshi brings expertise across finance and economics, government and public administration, strategic consulting, and digital and AI transformation. In particular, his experience as an elected prefectural leader gave him a deep understanding of Japan’s distinctive policy and regulatory environment and decision-making structures, including the dynamics of both Nagatacho and Kasumigaseki.
On that foundation, he advises Japanese and global companies on pragmatic, executable strategies where political, regulatory and commercial considerations intersect, including market entry, policy strategy, public-private collaboration, strategic communications, and digital and AI transformation. He joined Teneo in 2025.
Naoya joined Ascender Capital as an Analyst in January 2026. Previously, he was an Investment Analyst at Norinchukin Value Investments from 2023 to 2024, where he covered U.S., European, and Japanese public equities and pursued long-term investing with an engagement approach. Prior to Norinchukin, he served as a Principal and Assistant Portfolio Manager at Hibiki Path Advisors from 2020 to 2022, where he covered small and mid-cap Japanese companies and pursued value investing with an activism approach. Before moving into investment management, he spent four years in investment banking at SMBC Nikko Securities and KPMG FAS, advising on activist defense, tender offers, and M&A transactions.
He holds a bachelor’s degree in Economics from Tohoku University, Japan and an MBA from INSEAD. Naoya is fluent in Japanese and English.
Toby Umezaki is the Co-Founder and Managing Director of Senjin Capital, a Japan-focused activist investment firm based in Australia. He leads the firm’s research and engagement activities with Japanese listed companies, working closely with management teams to unlock and create value.
Most recently, he served as Director of the Japan Engagement team at Taiyo Pacific Partners, a US-based, Japan-focused constructive engagement fund, where he worked closely with portfolio companies on operational improvement and value creation initiatives. His experience includes a secondment within a portfolio company to support operational enhancement, as well as leading the execution of a public-to-private buyout transaction.
Prior to Taiyo Pacific Partners, Toby worked at Boston Consulting Group within the Private Equity practice, KPMG in M&A advisory, and Barclays in Equity Research Sales. He brings a strong combination of financial, strategic, and operational expertise, together with a deep network across Japan.
Toby is a native Japanese speaker and holds a Bachelor of Engineering from Waseda University and an MBA from London Business School.
Dominic has 40 years of financial sector experience of which 23 years are in institutional research sales & trading. He worked in London, New York and Tokyo for Robert Fleming and Jardine Fleming. Flemings was bought by Chase in 2000 and then became JP Morgan. Dominic was the Branch Manager and Head of Macquarie Securities Japan. He has extensive relationships around the world as well as solid experience setting up, growing and managing businesses.
After leaving investment banking, Dominic co-founded Bendigo Partners LLC, a private investment and consulting firm focusing on the financial services industry. He was on the board of directors of two Japanese public companies for eight and seven years respectively and is now a Senior Advisor to Akatsuki Corporation.
Dominic lives in Tokyo and speaks Japanese.