Announcement of Reading Group for 'The Formation and Transformation of Constitutional Government in Japan'

Shosukabu.com Co., Ltd. (Headquarters: Nerima-ku, Tokyo; Representative Director and Chairman: Yutaka Yamanaka; hereinafter 'the Company') will host a reading group on the theme of 'The Formation and Transformation of Constitutional Government in Japan' (edited by Yasushi Toriumi, Hiroshi Mitani, Makoto Nishikawa, and Nobuyuki Yano), co-sponsored by the Nerima Political Study Group and the Civil Affairs Division 8 Monitoring Committee.

This book is a collection of essays that multi-dimensionally examine the process of constitutional government in modern Japan, from its formation to its operation and transformation, accepting it as an ideal political system. Its significant feature is that it not only covers the history of institutional introduction but also attempts to approach the reality of constitutional government through the interrelationships of various actors who supported modern Japanese politics, such as politicians, parliament, political parties, bureaucrats, the military, the imperial court, and the media.

A characteristic of this book is that it views constitutional government not merely as a history of institutional introduction, but as a structural change in modern Japanese politics, divided into three phases: formation, operation, and transformation. It covers a wide range of topics, including the Kōgisho/Shūgiin (public assembly/assembly of representatives), the reform of the Dajōkan system, the public discourse space, the Constitutional Progressive Party, the Imperial Diet, the Terauchi Cabinet, Sakuzo Yoshino, the image of Emperor Showa, the Sino-Japanese alliance, the issue of declaration of war, naval intelligence activities, and post-war political rehabilitation. The content allows for a three-dimensional understanding of how the gap between the ideals and realities of constitutional government expanded. It also offers important insights into how institutions and ideologies, domestic politics, and diplomacy/military affairs were intertwined.

This reading group will discuss key issues such as the ideals and realities of constitutional government in modern Japan, the relationship between parliament, political parties, bureaucrats, the military, and the imperial court, the transformation of constitutional government during the Showa era, and the impact of diplomacy and military affairs on constitutional government. It aims to be a valuable learning and dialogue platform for those interested in modern Japanese political history, constitutional history, diplomatic history, and military history.

Book Introduction URL: https://x.gd/n04fd

Editors' Profiles

Mr. Yasushi Toriumi

Professor Emeritus, The University of Tokyo. A historical researcher involved in the study of modern Japanese political history after completing his doctoral course in Japanese History at the Graduate School of Humanities and Sociology, The University of Tokyo.

Mr. Hiroshi Mitani

Professor Emeritus, The University of Tokyo, and Researcher at Toyo Bunko. A historian specializing in modern Japanese history and comparative history, researching the Meiji Restoration, the formation of the modern state, nationalism, and comparative history of revolutions.

Mr. Makoto Nishikawa

A researcher of modern Japanese history who taught at Kawamura Gakuen Women's University, having completed his doctoral course in Japanese History at the Graduate School of Humanities and Sociology, The University of Tokyo.

Mr. Nobuyuki Yano

A researcher who served as a part-time lecturer at the Faculty of Letters, Chuo University, with modern Japanese political history as one of his specialties.

Event Outline

Theme: Reading Group for 'The Formation and Transformation of Constitutional Government in Japan'

Organizer: Shosukabu.com Co., Ltd.

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

Date: Late April 2026 (scheduled)

Format: Zoom Online Event

Participation Fee: Free (pre-registration required)

Application Method: Please send an email to [email protected] with 'Participation Request for Reading Group on The Formation and Transformation of Constitutional Government in Japan' 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 recognized as an 'activist investor who understands technology,' he is historically the first Japanese person to have accumulated over 150 billion yen in assets solely through investment.

In the early 2010s, he focused on Nvidia, a developer of GPGPU and AI-related semiconductors, as an investment target, 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.

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

Having personally struggled with dyslexia and ADHD (Attention Deficit Hyperactivity Disorder) 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 Professor Akira Iwanami (former director of Showa University Karasuyama Hospital), a renowned psychiatrist.

Founder and representative of the political organization 'Association for the Establishment of a Constitutional Court in Japan,' head of 'Yamanaka Hoya Political and Economic School,' founder and representative of the political organization 'Association for the Realization of a Tax-Free Nation 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 '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 an early age, he excelled academically, graduating from Oizumi Bunka Kindergarten, Ochanomizu University Elementary School, Musashi Junior and Senior High School, and as valedictorian from the Faculty of Economics, The University of Tokyo.

In his childhood, he grew up in a cultural environment, receiving souvenirs from school trips from Takahiro Matsumoto, who would later become the guitarist for B'z, who lived in the Takeda Pharmaceutical Company's company housing in front of his home at the time and was a high school student at Kinjo High School. 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 with his father to prepare for his father's House of Representatives election bid). Due to this privileged cultural and educational environment, he naturally developed 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 engaged in political activities on controversial topics. He grew up surrounded by talented female classmates at Ochanomizu University Elementary School, including lawyer Takehiko Sorimachi (Tokyo Legal Mind Co., Ltd.), Dr. Keiji Kuroda (Director of Sugiyama Obstetrics and Gynecology Marunouchi Clinic), Keiko Takahashi (career official at the Ministry of Finance, currently Counselor of the Minister's Secretariat in charge of customs), Professor Kaori Hanyu of Sophia University (researcher of family law), and NHK announcer Ai Tsukahara. This experience continues to make him aware of issues related to improving the social status of women.

His investment abilities were well-known even during his university days, as he turned several million yen gifted by his grandmother in his childhood into several hundred million yen by the time he graduated from university. During his time at the Faculty of Economics, The University of Tokyo, he was already famous in the seminar of Kazuo Ueda, the current Governor of the Bank of Japan, earning him the nicknames 'Ueda Seminar's stock trader' and 'Heisei's Hiraga Gennai' due to his diverse academic interests.

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

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

He passed the entrance exam for the Graduate School of Economics, The University of Tokyo, 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 from the Faculty of Economics, The University of Tokyo, he immediately went to the United States after graduating from university, completing his Master's degree in Financial Engineering at Columbia University Graduate School. He 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 for a dual career as a life science researcher/physician and an economic historian. He engaged in a wide range of interdisciplinary research, including genetics, computer science, psychiatry, applied mathematics, history, economics, and economic history. He studied under renowned 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 of dyslexia and ADHD, establishing his own 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 company 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 election law violations by Tsubasa no To, he participated as an advisor to the defense, helping to form the 'strongest defense team in recent criminal justice' consisting of lawyers Seong-bong Cho (representative of Kollect Arts Law Office), Keita Miyamura, Daisuke Igeta (Miyamura & Igeta Law Office), and Shinya Sakane (Tokyo Defender Law Office). In the dispute over control of the so-called NHK Party, he advised on strategy by introducing lawyers Kenji Toyoda (Tokyo Sakurabashi Law Office) and Keisuke Komatsu (Takano & Komatsu Law Office) to the anti-Tachibana side, leading the anti-Tachibana side 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 interacts with numerous lawyers not only in Japan but also internationally and is renowned as a leading consultant in career strategies for legal professionals and in guiding companies on how to effectively utilize lawyers.

As a pioneer of activist investment in Japan, he clearly 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 criticized the state of the board of directors at the time, which was dominated by elderly individuals in their late 70s who lacked understanding of corporate value and directors' duties, and actively spoke out in the media. He pushed 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, to voluntarily resign. 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 them, 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 meeting body composed solely of outside directors (management oversight without executive officers): Over 33% approval.

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

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

• Prohibiting stock option holders from hedging by 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 Research 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. It is still difficult to say that their groundbreaking nature is fully understood in the Japanese capital market. These proposals also received ISS's recommendation for approval and garnered mid-20% approval votes in pre-shareholder meeting tallies, mainly 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 Research Institute. Major media outlets such as Nikkei Shimbun (June 21, 2010, Article URL), Bloomberg (June 17, 2010, Article URL), and Toyo Keizai Online (August 18, 2010, Article URL) successively reported on these developments.

As a result, these proposals garnered over 45% approval votes at the 2010 general 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.

He continued to actively submit shareholder proposals to the company. In 2012, the management, including Hiroshi Suzuki, fearing the nearly majority approval of over 48% at the 2011 general meeting, took the outrageous step of illegally omitting shareholder proposals. However, in 2013, he obtained a provisional disposition order from the Tokyo District Court Civil Affairs Division 8 (Judge Yasushi Taniguchi), which was probably 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 numerous groundbreaking judgments, including a ruling (Judge Shinya Onodera) recognizing the omission of shareholder proposals by HOYA management, including Hiroshi Suzuki, as grounds for cancellation of resolutions, and a judgment (Tokyo District Court Civil Affairs Division 45, Judge Akira Yamada) ordering compensation for damages.

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

Now, 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 general meetings of shareholders 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 roles of CEO and Chairman of the Board. These proposals garnered high approval rates in the 40% range, not only from foreign institutional investors but also from domestic investors.

Furthermore, in the so-called Amsuc Shareholder Meeting Resolution Cancellation Request Case (Tokyo District Court judgment on April 17, 2014, Chief Judge Akihiko Otake; Tokyo High Court Case No. 26 (Ne) 3215, judgment on March 19, 2015), he won judgments from both the Tokyo District Court and the Tokyo High Court ordering the 'cancellation of the resolution of the general meeting of shareholders that acquired 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 (Chief Judge: Tetsuro Sasamoto, Associate Judges: Keiko Ito, Naohisa Uchibayashi), recognizing accounting irregularities, referred to as the 'Kim Jin-ryong, also known as Tomotaka Shimura, Certified Public Accountant Scheme,' involving fictitious sales by the former management.

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

In the investment case in 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 convocation of extraordinary general meetings of shareholders.

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

He is also a fan of the Hokkaido Nippon-Ham Fighters for 30 years, and his motto is the words of the late pitcher Yasumitsu Shibata, who achieved the first no-hitter in the Heisei era and was called 'Japan's best pitcher' by the then-dominant Seibu Lions, especially showing his strength against his former team, Seibu. After a shutout victory, he said on the podium, 'One of a professional's goals is to confront and defeat the champions.'

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 Meguri,' visiting hot springs around the world. He is a genius investor who explores the significance of mental and physical rejuvenation and international exchange through hot springs, while respecting nature, culture, and local communities.

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

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

■Company Profile

Company Name: Shosukabu.com Co., Ltd. (https://www.shosukabu.com)

Location: Nerima-ku, Tokyo

Representative: Representative Director and Chairman Yutaka Yamanaka

Business Activities: Company law related 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 investee companies.

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

End