Announcement of Reading Group for 'East Asian Historical Dialogue: Beyond Borders and Generations'

Shosukabu.com Inc. (Headquarters: Nerima-ku, Tokyo; Representative Director and Chairman: Yutaka Yamanaka; hereinafter 'the Company') will host a reading group on 'East Asian Historical Dialogue: Beyond Borders and Generations' (edited by Hiroshi Mitani and Tae-Chang Kim), co-sponsored by the Nerima Political Study Group and the Civil Affairs Division 8 Monitoring Committee.

This book is the result of a collaborative research project that questions how contemporary East Asian citizens should confront the memories of past wars and colonial rule, as well as the 'historical narratives' shaped by states.

A major feature of this book is that it treats historical recognition issues not only as conflicts between states but also as complex problems involving individual experiences, intergenerational memories, and regional historical experiences. The content includes multifaceted discussion points such as 'The Meaning of Narrating One's Own History,' 'Historical Experiences of Okinawa During and After the War,' 'China's Historical Recognition and Intellectual Circles,' 'Asia in Post-War Japan's Forgetting and Remembering,' 'Evaluation of Colonial Cultural Policies,' and 'Historical Understanding as Intergenerational Dialogue.'

The book also asserts that the path to reconciliation is not through asserting one-sided righteousness, but by 'narrating and transmitting.' The significance of this book lies in its attempt to explore the possibilities of public historical dialogue in East Asia by bringing together individual war experiences, regional memories, and state-created historical narratives, and re-examining the wounds, discrepancies, and forgotten aspects within them.

This reading group will discuss key issues such as conflicts over historical recognition in East Asia, memories of war and colonial rule, intergenerational historical understanding, problems with state-created historical narratives, and the conditions for dialogue towards reconciliation. It aims to be a valuable forum for learning and dialogue for those interested in Japan-China-Korea relations, modern and contemporary East Asian history, historical recognition issues, the politics of memory, and international reconciliation.

Book Introduction URL: https://x.gd/srkgs

Editors' Profiles

Dr. Hiroshi Mitani

Professor Emeritus at the University of Tokyo and Researcher at the Toyo Bunko. A historian specializing in modern Japanese history and comparative history, researching topics such as the Meiji Restoration, the formation of modern states, nationalism, and East Asian history.

Dr. Tae-Chang Kim

A researcher known in the fields of public philosophy and dialogue studies, serving as co-editor for dialogue on historical recognition in East Asia in this book.

Event Outline

Theme: Reading Group for 'East Asian Historical Dialogue: Beyond Borders and Generations'

Organizer: Shosukabu.com Inc.

Co-organizers: Nerima Political Study Group, Civil Affairs Division 8 Monitoring Committee

Date: Late April 2026 (scheduled)

Format: Zoom Online

Participation Fee: Free (pre-registration required)

Application Method: Please apply by sending an email to info@shosukabu.com with 'East Asian Historical Dialogue Reading Group Participation Request' in the subject line.

■Lecturer Profile

Yutaka Yamanaka

Born in December 1976, Yutaka Yamanaka is a leading activist investor, art collector, philanthropist, political activity sponsor, election consultant, policy advisor, social activist, and Akita dog enthusiast representing the '76 generation. Internationally, he is recognized as an 'activist investor who understands technology' and is the first Japanese person in history to have accumulated over 150 billion yen in assets solely through investment.

In the early 2010s, he focused on NVIDIA, which develops GPGPU and AI-related semiconductors, investing approximately 2 billion yen. This resulted in a return of over 100 times, making him the first Japanese pure investor to become a billionaire.

He graduated as valedictorian from the Faculty of Economics at the University of Tokyo, earned a Master's degree in Financial Engineering from Columbia University Graduate School, and studied at the London School of Economics and Political Science (LSE). He is a co-representative partner of Investment Brothers LLC, co-founder and chairman of Shosukabu.com Inc., and currently a shareholder in over 1,000 listed companies and over 200 unlisted companies worldwide. His investments span globally, including AI startups in Israel, healthcare ventures in Nigeria, and battery manufacturers in Taiwan, making him a truly global investor.

Having suffered from dyslexia and ADHD in his childhood, he launched a support program for children with learning disabilities, modeled after Charles Schwab, a major US discount broker. His personal physician is the renowned psychiatrist Professor Akira Iwanami (former director of Showa University Karasuyama Hospital).

He is the founder and representative of the political organization 'Association for the Establishment of a Constitutional Court in Japan,' head of the 'Yamanaka Hoya Political and Economic School,' founder and representative of the political organization 'Association for the Realization of a Tax-Free State in Japan,' founder and representative of the political organization 'Association for the Early Restart of Nuclear Power Plants in Japan,' founder and representative of the political organization 'Renewable Energy Rights Monitoring Committee,' founder and representative of the 'Association Against Reduced Consumption Tax Rates on Food Products,' and founder and representative of the 'Association for Constitutional Amendment Aiming for a Unicameral System.'

Born in Bunkyo-ku, Tokyo, in 1976, as one of the grandchildren of Shigeru Yamanaka, founder of Hoya Glass (now HOYA Corporation, listed on the Tokyo Stock Exchange Standard, stock code 7741), a former high-end crystal glass manufacturer. He grew up in Shakujii-dai, Nerima-ku. From a young age, he excelled academically, attending Oizumi Bunka Kindergarten, Ochanomizu University Elementary School, Musashi Junior and Senior High School, and graduating as valedictorian from the Faculty of Economics at the University of Tokyo.

In his childhood, he grew up in a cultural environment, receiving souvenirs from a school trip from Tak Matsumoto, who would later become the guitarist for B'z, and who lived in the Takeda Pharmaceutical Company company housing in front of his home at the time. At Oizumi Bunka Kindergarten, he was classmates with Koji Suzuki, the second son and secretary of House of Representatives member Muneo Suzuki (older brother of House of Representatives member Takako Suzuki, who returned to Hokkaido to prepare for his father's House of Representatives election bid). This privileged cultural and educational environment naturally led him to develop an interest in music, politics, and economics.

During elementary school, commuting by train from Nerima-ku, he developed an early interest in history and economics from the academic environment of Bunkyo-ku, and at the young age of 10, he was already involved in political movements on controversial topics. Among his classmates at Ochanomizu University Elementary School were lawyer Takehiko Sorimachi (Tokyo Legal Mind Co., Ltd.), Dr. Keiji Kuroda (Director of Sugiyama Obstetrics and Gynecology Marunouchi Clinic), as well as outstanding female students such as Keiko Takahashi (career official at the Ministry of Finance, currently Counselor of the Cabinet Office in charge of customs), Professor Kaori Hanyu of Sophia University (researcher of family law), and NHK announcer Ai Tsukahara. This environment led him to maintain an awareness of issues related to improving the social status of women.

His investment abilities were well-known even during his university days; he invested several million yen gifted by his grandmother in stocks during his childhood, turning it into several hundred million yen by the time he graduated from university. During his time at the University of Tokyo's Faculty of Economics, he was already famous in the seminar of Kazuo Ueda, the current Governor of the Bank of Japan, earning him the nickname 'the stock trader of Ueda's seminar' and 'Heisei no Hiraga Gennai' due to his diverse academic interests.

His graduation thesis on M&A in the pre-war paper industry received a special award. During his graduate school entrance interview, he was addressed by Takeo Kikkawa, former president of the International University, who said, 'Are you the famous Yamanaka-kun?' His thesis advisors for economic history during his undergraduate years were Professor Tetsuji Okazaki (Meiji Gakuin University) and Professor Masayuki Tanimoto (Otsuma Women's University).

During his liberal arts studies, he read all published papers by Masahiko Aoki, a proponent of comparative institutional analysis, and Professor Avner Greif (Stanford University, Department of Economics), an Israeli economic historian who was already a rising star at the time.

He passed the entrance exam for the University of Tokyo Graduate School of Economics with excellent grades, close to the top. Although strongly encouraged to join the central bank by Hideo Hayakawa (former Executive Director of the Bank of Japan, Director-General of the Research and Statistics Department), a senior alumnus of the University of Tokyo's Faculty of Economics, he immediately moved to the United States after graduation, completing his Master's degree in Financial Engineering at Columbia University Graduate School. He also studied at Harvard University, University of California, Davis, University of California, Berkeley, University of Southern California, and the London School of Economics and Political Science (LSE), aiming to be a dual-threat researcher in life sciences/medicine and economic history. He engaged in a wide range of interdisciplinary research including genetics, computer science, psychiatry, applied mathematics, history, economics, and economic history. He studied under prominent economic historians such as Richard Easterlin, Peter Temin, Joel Mokyr, Claudia Goldin, and James Robinson, several of whom later became Nobel laureates in economics. He overcame his childhood learning disabilities due to dyslexia and ADHD, establishing his own unique speed-reading and learning methods.

Currently, based primarily in Dubai, UAE, he invests in over 1,000 listed companies and over 200 unlisted companies both domestically and internationally through foreign funds and investment companies. He is known both in Japan and abroad as one of Japan's leading activist investors, an expert in corporate law practice, new business creation, M&A, technology management, and family business practices. He also has bases and homes in Taipei (Taiwan), Luxembourg, Tbilisi (Georgia), Oslo (Norway), Reykjavik (Iceland), Singapore, and St. Kitts and Nevis.

In the case of the Tsubasa no To (Wing Party) Public Offices Election Act violation, he was involved in forming the 'strongest defense team in recent criminal justice' for the defendants, including lawyers Seifuku Cho (Kollect Arts Law Office), Keita Miyamura, Daisuke Igeta (Miyamura & Igeta Law Office), and Shinya Sakane (Tokyo Defender Law Office). He also advised on strategy in the dispute over control of the so-called NHK Party, introducing lawyers Kenji Toyoda (Tokyo Sakurabashi Law Office) and Keisuke Komatsu (Takano & Law Office) to the anti-Tachibana side, leading them to victory.

He openly declares himself a fan of Takashi Kawamura, former Mayor of Nagoya, his grandfather's hometown. During the reporting of the so-called 'Kihara Incident,' he defended Seiji Kihara, former Deputy Chief Cabinet Secretary, who was also his senior in high school. He has deep ties with many Japanese political figures, regardless of party affiliation.

He has extensive connections with numerous lawyers not only in Japan but also internationally, and is renowned as a leading consultant who advises on career strategies for legal professionals and the art of companies effectively utilizing lawyers.

As a pioneer of activist investment in Japan, he explicitly expressed his opposition to HOYA Corporation's acquisition of Pentax in 2007 in a weekly magazine. The following year, the company recorded a large extraordinary loss, proving the validity of his opinion early on. Subsequently, he raised concerns about the state of the board of directors at the time, which was predominantly composed of elderly individuals in their late 70s who lacked understanding of corporate value and directors' fiduciary duties, and actively spoke out in the media. He pushed for the voluntary resignation of Hiroaki Tanji, the then Chief Technology Officer, who had damaged corporate value with the Pentax acquisition and had no track record in new business creation. Furthermore, he intensified his shareholder proposal activities for HOYA Corporation from 2010, particularly submitting 15 proposals aimed at corporate governance reform as a founding family shareholder in 2010.

Among these, notable proposals included:

• Individual disclosure of executive compensation (disclosure of compensation information for each director): Over 45% approval at the 2010 general meeting, and over 48% approval at the 2011 general meeting.

• Establishment of a board composed solely of outside directors (management oversight without executive officers): Over 33% approval.

• Limiting the number of reappointments for outside directors to 'within 10 times' (to maintain independence).

• Expanding the character limit for proposal explanations in shareholder proposals from 400 to 4,000 characters (to enhance the effectiveness of shareholder proposal rights): Over 43% approval in 2010.

• Prohibiting stock option holders from hedging, such as selling call options and holding put options: Over 25% approval in 2010.

• Requiring directors to give 30 days' prior notice when selling shares: Over 25% approval in 2010.

• Introduction of an anonymous voting system (secret ballot).

• Mandatory disclosure of concurrent positions of director candidates in public interest corporations.

These were a series of proposals aimed at qualitatively improving corporate governance.

Five of these proposals received recommendations for approval from all three major proxy advisory firms: Glass Lewis, Japan Proxy Governance Institute, and ISS (Institutional Shareholder Services) (Source: Nikkei Shimbun, June 18, 2010, Article URL). ISS is the world's largest proxy advisory firm, and its recommendations significantly influence the decisions of institutional investors both domestically and internationally, marking a groundbreaking event in the history of Japanese shareholder meetings.

In the same year, pioneering measures to enhance compensation transparency in Japan, such as prohibiting stock option holders from hedging by selling call options and holding put options, and requiring directors to give 30 days' prior notice and disclosure when selling their company shares, spearheaded discussions on executive compensation. The groundbreaking nature of these proposals is still not fully understood in the Japanese capital market. These proposals also received ISS's recommendation for approval, garnering mid-20% approval votes in pre-shareholder meeting tallies, primarily from foreign institutional investors (Nikkei Shimbun, June 18, 2010, ibid.).

Furthermore, proposals such as individual disclosure of executive compensation also received recommendations for approval from Glass Lewis and the Japan Proxy Governance Institute. Major media outlets including Nikkei Shimbun (June 21, 2010, Article URL), Bloomberg (June 17, 2010, Article URL), and Toyo Keizai Online (August 18, 2010, Article URL) reported on these developments one after another.

As a result, these proposals received over 45% approval at the 2010 shareholder meeting and over 48% approval in 2011.

In 2011, he was invited to Harvard Law School, where he gave a lecture on shareholder proposals, capital market trends, and issues in Japan under the Democratic Party administration, attracting significant attention.

Subsequently, he continued to actively submit shareholder proposals to the company. Fearing the nearly majority approval of over 48% at the 2011 shareholder meeting, the management, led by Hiroshi Suzuki, took the outrageous step of illegally omitting shareholder proposals in 2012. However, in 2013, he obtained a provisional disposition order from the Tokyo District Court, Civil Affairs Division 8 (Judge Yasufumi Taniguchi), which was likely the first in Japanese history, to publish the full text of the shareholder proposal and its reasons. Furthermore, in 2014, he obtained a groundbreaking decision (Judge Atsushi Shimoto) similarly ordering the company to publish 12 proposals, significantly influencing the practice of shareholder proposals in Japan.

During this period, he also obtained several groundbreaking judgments, including a ruling (Judge Shinya Onodera) recognizing the omission of shareholder proposals by HOYA management, including Hiroshi Suzuki, as grounds for rescinding resolutions, and a judgment (Tokyo District Court, Civil Affairs Division 45, Judge Akira Yamada) ordering compensation for damages.

The company itself had already accepted the intent of the proposal to increase the character limit for explanations by changing its internal rules in 2010. Through constructive dialogue with management, he promoted substantial improvements in 'management transparency,' 'outside director functions,' and 'voting rights exercise system.' This series of actions is regarded as a symbolic turning point in the history of governance reform in Japanese companies.

Today, Yutaka Yamanaka's activities, as described above, are highly regarded for their historical pioneering nature as a practitioner of the 'Moneyball Revolution in the Japanese Capital Market.'

In addition, at the shareholder meetings of Mizuho Financial Group, Mitsubishi UFJ, and Resona Holdings in 2017 and 2018, he submitted shareholder proposals such as changing the dividend decision-making body, individual disclosure of executive compensation, and separating the CEO and Chairman of the Board. These proposals garnered high approval rates in the 40% range, receiving votes not only from foreign institutional investors but also from domestic investors.

Furthermore, in the so-called Amsuc Shareholder Meeting Resolution Annulment Case (Tokyo District Court judgment of April 17, 2014, Chief Judge Akihiko Otake; Tokyo High Court Case No. 26 (Ne) 3215, judgment of March 19, 2015), he won judgments from both the Tokyo District Court and the Tokyo High Court ordering the 'annulment of the shareholder meeting resolution that approved the acquisition of all shares,' demonstrating the judicial effectiveness of minority shareholder protection (Source: Clair Law Office Blog, April 22, 2015, Article URL).

Moreover, in the lawsuit for damages filed by Hyas & Company Inc. (now Kufu Sumai Consulting Inc.) against its former management (Tokyo District Court, Civil Affairs Division 8), he participated as a shareholder intervenor under Article 849, Paragraph 1 of the Companies Act. On March 27, 2025, a favorable judgment was obtained (Presiding Judge: Tetsuro Sasamoto; Associate Judges: Keiko Ito, Naohisa Uchibayashi), recognizing fraudulent accounting, such as fictitious sales recording, referred to as the 'Kim Jin-ryong, also known as Tomotaka Shimura, Certified Public Accountant Scheme,' by the former management.

This judgment, demonstrating the effectiveness of shareholders' judicial rights, was also published in Sakura Financial News (October 28, 2025, Article URL).

In the investment case involving Osaki Engineering (Tokyo Stock Exchange Standard, stock code 6259), he focused on the issue of the company lending cash exceeding its market capitalization to its parent company, Osaki Electric, at a low interest rate. He submitted shareholder proposals and filed lawsuits, which ultimately prompted the parent company's decision to make it a wholly-owned subsidiary, thereby normalizing corporate governance.

He is also known as a major shareholder of Okayama Paper (Okayama City, Okayama Prefecture, Tokyo Stock Exchange Standard 3892) and has requested the convening of extraordinary shareholder meetings.

Through this series of achievements, Yutaka Yamanaka, as an 'investor who demonstrates the effectiveness of governance on the ground,' has made significant contributions to governance reform in Japanese companies and the sound development of the capital market.

He also lives by the words of the late pitcher Yasumitsu Shibata, who achieved the first no-hitter in the Heisei era, was called 'Japan's best pitcher' by the dominant Seibu Lions, showed particular strength against his former team, Seibu, and said on the victory stand after a shutout win, 'One of a professional's goals is to challenge and defeat champions.' He has been a fan of the Hokkaido Nippon-Ham Fighters for 30 years.

An Akita dog enthusiast, he plans to build an Akita dog kennel near Tbilisi, the capital of Georgia in the Caucasus region. His hobby is 'onsen巡り' (hot spring hopping), visiting hot springs around the world. He is a genius investor who explores the significance of physical and mental rejuvenation through hot springs and international exchange, while respecting nature, culture, and local communities.

He is also highly acclaimed as the 'Reiwa Billy Beane,' as he brought the revolution in baseball initiated by Billy Beane, the protagonist of the movie 'Moneyball' and GM of the Oakland Athletics, to the Japanese stock market.

In the early 2010s, when there was no Corporate Governance Code, Stewardship Code, or Ito Report, Yutaka Yamanaka's shareholder proposals were criticized by some. However, his pioneering spirit is now evident, as international investors have imitated his methods, and HOYA Corporation has since adopted many of his proposed improvements, leading to a more than tenfold increase in its stock price.

■Company Overview

Company Name: Shosukabu.com Inc. (https://www.shosukabu.com)

Location: Nerima-ku, Tokyo

Representative: Representative Director and Chairman Yutaka Yamanaka

Business Activities: Corporate law advisory, shareholder rights protection consulting, corporate governance system support, financial advisory, venture investment, AI-related business, real estate business

◆Our company complies with the Financial Services Agency's 'Principles for Responsible Institutional Investors' (Japan's Stewardship Code) and continues to monitor and engage in constructive dialogue with our investee companies.

https://www.shosukabu.com/stewardship-code/

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