On Jul 4, 菊川 健治 submitted the Change Report to Ministry of Finance. The report shows that 菊川 健治 decreased their holdings in $Nippon Pigment (4119.JP)$, with their joint shareholding ratio down from 11.72% to 0.0%, below 5%.
Source: Edinet Announcement
What is the 5% shareholding reporting system?
Shareholders with holding ratio exceeding 5% must submit a Large Shareholding Report within five business days from that day. If the holding ratio increases or decreases by 1% or more after submitting a Large Shareholding Report, the holder must submit a Change Report within five business days from that day.