Paul Singer’s Elliott Investment Management has taken a position in Nippon Express Holdings, triggering a sharp rally in the Japanese logistics group’s shares as the activist investor expands its engagement in the country, according to a report by Bloomberg.
The stock surged as much as 18% in Tokyo trading, marking its biggest intraday gain on record, after disclosures showed Elliott had accumulated a 5.04% stake in the company.
While Elliott has not outlined specific plans for Nippon Express, the fund has previously targeted Japanese companies with significant real estate assets that may be undervalued on their balance sheets. In past campaigns, the firm has encouraged companies to unlock property value through sale-and-leaseback transactions and return capital to shareholders via buybacks.
Both Nippon Express and Elliott reportedly declined to comment, with the company acknowledging the regulatory filing without providing further detail on its shareholder base.
The investment adds to a growing wave of Elliott activity in Japan, where the firm has increased its dealmaking pace over the past year. Nippon Express represents its third publicly disclosed Japanese position so far in 2026, already matching last year’s total.
Recent engagements have included a high-profile dispute with the Toyota group over the privatisation of Toyota Industries Corp, which resulted in Elliott securing a tender price 26% above the initial offer. The firm has also recently disclosed stakes in Mitsui OSK Lines and Daikin Industries.
Japan’s logistics sector has become an increasingly frequent target for activist investors and private equity groups, partly due to embedded real estate value. Research from CLSA previously estimated that monetising Nippon Express’s property and equity holdings could generate approximately JPY723bn after tax, highlighting the potential value-unlocking opportunities.
Comparable strategies have been deployed in the sector before. In 2023, KKR acquired Hitachi Transport System for roughly JPY670bn, later rebranding it as Logisteed and subsequently selling selected warehouse assets before offloading a minority stake to Japan Post.
