Shares of Japanese logistics firm Nippon Express Holdings surged up to 15% after U.S. activist investor Elliott Investment Management disclosed a 5.04% stake. This move marks the latest in Elliott's series of investments in Japanese companies amid ongoing corporate reforms.
Nippon Express shares later settled to an approximately 8% gain in afternoon trading. Japanese regulations require disclosure when a stake exceeds 5%. Elliott has not yet detailed the rationale for this investment.
Earlier, Elliott has campaigned for higher valuations in Toyota group companies and disclosed positions in Mitsui O.S.K. Lines and Daikin, advocating for enhanced shareholder returns and core business focus.