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Persol's JFTC inspection meets a stack of not-so-passive stakes
Persol gets a JFTC inspection, Kansai Electric books a Kinden windfall, and several sub-50% stakes remind us that control often arrives by paperwork first.
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Staffing under the microscope
JFTC inspection reaches three Persol staffing units:
Persol said the Japan Fair Trade Commission carried out on-site inspections on June 2 at Persol Tempstaff, Persol Excel HR Partners and MC Partners over suspected Antimonopoly Act violations tied to worker dispatch services, and the company said it will cooperate fully with the investigation. The case is still at the inspection stage, but it lands in a large business: Persol said it had 74,926 consolidated employees as of March 31, with 34,149 in Staffing, and that the segment count included about 20,000 indefinite-term dispatch staff while excluding about 100,000 registered temporary dispatch workers.
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Stakes, tenders, and results
Kansai Electric lines up a Kinden windfall:
Kinden's self-tender bought 33.5 million shares from Kansai Electric and its subsidiary out of 73,412,898 tendered, setting up planned special profit of about ¥176 billion on parent-only accounts and about ¥105 billion on a consolidated basis for the year to March 2027. The useful distinction is that this is a one-off gain from trimming an equity-method affiliate stake, not a clean read on recurring earnings.
Midas stays just below control at BuySell:
Midas Capital disclosed 30,277,200 BuySell Technologies shares, equal to 49.02% of outstanding stock, with the ratio unchanged from the previous report and the filing triggered by changes to collateral and other important contracts rather than fresh buying. One newly listed term was a 1,000,000-share pledge to Shizuoka Bank dated May 29, a reminder that sub-50% stakes can still come with a great deal of financing plumbing.
Makiri turns a passive-looking stake into a tender block:
Makiri said it agreed on May 26 to tender all 4,343,800 Makya shares it owns into the issuer's own tender offer, turning a 41.21% holding into transaction hardware rather than background ownership. Joint holdings with Toshihisa Yabe still total 4,419,616 shares, or 41.93%, but the filing says Makiri's commitment covers its block and does not settle completion or Yabe's separate position.
Daisan grew revenue and still made the year look harder:
The scaffolding and construction-services group lifted sales 2.8% to ¥11.139 billion in the year to April, but operating profit fell 27.5% to ¥268 million as hiring, training and overseas worker-related costs pushed the operating margin down to 2.4% from 3.4%. Management is guiding for ¥12.0 billion of sales and ¥280 million of operating profit this year, which is a recovery, just not a heroic one.
Kubell's founder bloc still clears the majority line:
A corrected large-shareholding report kept Fun&Creative at 20,530,400 kubell shares, or 48.14%, while founder Masaki Yamamoto's separate 1,799,899 shares took the joint holding to 22,330,299 shares, or 52.37%. The change includes an 18,248-share restricted-stock grant recorded at a unit price of zero, plus pledge and transfer-restriction terms, so this reads as a control-and-financing document more than an ordinary market purchase notice.
quick hits
Quick Hits
Global X resets unit increments for two EV ETFs:
Read moreFrom June 18, the China EV & Battery ETF moves to creations and redemptions of 10,000 units or more in 100-unit increments, while the Auto & EV ETF keeps a 50,000-unit minimum but also shifts to 100-unit increments. The point is ETF plumbing rather than product strategy: smaller step sizes are meant to help designated participants and market makers fine-tune liquidity.
FSA puts crypto rules and registry in one place:
Read moreJapan's regulator created a reference page for electronic-payment-instrument and crypto-asset service intermediaries that links the governing Cabinet Office Ordinance and the official provider registry. The linked list shows 27 registered crypto-asset exchange service providers as of April 30, though the page also warns that machine-translated text may not be accurate.
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Policy watch
Draft FSA guidance widens accountants' AML remit:
The agency's draft for CPAs and audit firms explicitly adds proliferation financing to existing anti-money-laundering and terrorist-financing guidance and says the framework is aligned with FATF standards and a risk-based approach. The visible requirements stress customer due diligence, beneficial-owner checks, enhanced review for higher-risk transactions and record retention, which is bureaucratic language for 'please be ready to show your work.'
quick hits
More to Know
Kitahama Capital revised its March-year numbers after audit work:
Read moreThe company said year-end audit procedures found overstated deferred tax assets and an unrecorded valuation loss on a subsidiary's investment securities, leading to a ¥31.908 million tax-line correction and recognition of an ¥8.804 million valuation loss. The corrected filing shows a net loss attributable to shareholders of ¥1.268 billion, so this is an audit clean-up rather than a new operating surprise.
Japan Industrial Solutions trimmed its Nippon Chemicon stake:
Read moreA June 2 change report showed a 29.62% holding, down from 31.08%, with the filing triggered because the ratio fell by more than 1%. The report still shows 10,811,179 securities held, so the block remains large even after the trim.