Exedy (TYO:7278) said real estate firm City Index First reduced its stake as of March 31, while retaining its position as the second-largest shareholder, according to a Tuesday filing on the Tokyo Stock Exchange.

City Index First held 3.6 million shares, or 9.76% of voting rights, down from 4 million shares, or 10.00%, according to the shareholder registry provided by Mitsubishi UFJ Trust and Banking.

The Master Trust Bank of Japan remains the top shareholder, though it does not qualify as a major shareholder under Japan's Financial Instruments and Exchange Act.

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