Major Japanese Banks to Divest $8.5 Billion in Toyota Shares

Mitsubishi UFJ and Sumitomo Mitsui to sell strategic holdings, signaling a shift in Japan's corporate governance landscape.

Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group will divest ¥1.32 trillion in Toyota shares.
The banks plan to sell their holdings gradually, aligning with Toyota's share buyback program.
The move reflects growing pressure from the government and Tokyo Stock Exchange for better corporate governance.
Insurance firms are also expected to reduce their cross-shareholdings in Toyota.
This divestment could lead to more dynamic and unpredictable shareholder meetings across Japan.