U.S. hedge fund Elliott Management Corp has purchased a stake in Sumitomo Corp, a Japanese trading house. The stake is worth several tens of billions of yen. This move follows Warren Buffett’s investment in the same company. The exact figure for the transaction has not been disclosed. This purchase is part of a growing trend of activist investor campaigns in Japan, driven by long-awaited corporate governance changes and improved shareholder returns. Elliott has been proactive in Japan, recently targeting other companies like Dai Nippon Printing and Mitsui Fudosan.

Source: Reuters