Bold $700 Million Trade Shows Rise of Japan’s Activist Investors (1)

A sexual-assault scandal engulfed one of Japan’s largest broadcasters in January. Longtime executives quit in disgrace. Advertisers fled. Earnings cratered. Yoshiaki Murakami spotted an opportunity.

His investment firms, along with members of his family, snapped up about $700 million in shares, amassing a 16% stake and becoming the biggest owner of the beleaguered company, Fuji Media Holdings Inc.

Then, Murakami made a demand: Spin off valuable subsidiaries to boost Fuji Media’s share price. The company fought back, citing Murakami’s history of “high-pressure tactics” and “‘scorched-earth’ strategies.”

The situation was extraordinary, highlighting the sharp changes that have disrupted Japan’s once-clubby corporate ...