Japan banks to begin divesting their strategic Toyota shareholdings, Bloomberg reports

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1. Japan’s two biggest banks will start divesting their strategic shareholdings in Toyota Motor (7203.T), opens new tab – worth a combined $8.5 billion – and will seek to sell into the automaker’s planned share buybacks, Bloomberg News reported on Friday, citing sources.

   Mitsubishi UFJ Financial Group (8306.T), opens new tab (MUFG) and Sumitomo Mitsui Financial Group (8316.T), opens new tab (SMFG) have said they plan to sell down their cross-shareholdings over time. They declined to comment on the report.

   The unwinding of shareholdings by the banks in Toyota, one of Japan’s most prestigious companies, would underscore how corporate governance reforms are increasingly taking root amid pressure from the government and the Tokyo Stock Exchange.

2. Jesus christ. This is going to trigger a huge crash in thr Nikkei

3. Toyota hasn’t made made any significant innovations in its vehicles for more than a decade. They just rely on their massive brand power to keep selling ICE cars with slightly updated shapes. Somewhere along the line, they decided that churning out the same cars over and over for immediate profit was more important than investing in its R&D to manufacture EVs.

   Might get downvoted for saying this in a Japan sub… but it won’t be long before Chinese cars like BYD start making more inroads. I’ve already seen ads for their EVs popping up on 地デジ channels.

4. Quick! Make some news about town raising up curtain to block Fuji and tourist bad manners as distraction.