Nintendo and Toyota Plan Large-Scale Sales of Cross-Shareholdings Amid Governance Reforms

Japanese companies Nintendo and Toyota are planning significant sales of strategic cross-shareholdings as part of ongoing corporate governance reforms encouraged by regulators and the Tokyo Stock Exchange. Nintendo aims to sell about 300 billion yen ($1.9 billion) of shares held by major banks, while Toyota plans a larger sale around 3 trillion yen ($19 billion) involving banks and insurers. Both companies may also conduct share buybacks. These moves reflect efforts to reduce cross-shareholdings, a practice criticized for limiting shareholder influence and capital efficiency.