Activist investor Aya Nomura demands Fuji Media spin off its real estate unit or face increased stake, threatening 33.3% ownership.

Activist investor Aya Nomura, backed by her father Yoshiaki Murakami, is pushing Fuji Media Holdings to spin off or sell its real estate division, threatening to increase her stake to the 33.3% legal limit unless action is taken. Holding over 42 million shares, Nomura demands a minimum 4% dividend-on-equity ratio and warned of further purchases unless divestiture begins. Fuji Media responded with a defense plan to dilute her influence and requested more information by December 22, with a shareholder meeting decision expected by early March. The standoff highlights growing activist pressure in Japan’s traditionally resistant corporate environment.