MUFG, SMFG Said to Plan $8.5 Billion Divestment of Toyota Shares

Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will start divesting ¥1.32 trillion ($8.5 billion) worth of strategic shareholdings in Toyota Motor Corp., people with knowledge of the matter said, the strongest sign yet that Japan’s big businesses are getting serious about unwinding their vast network of cross-held shares.

The banks will sell in stages and take advantage of Toyota’s plan to buy back its own shares, said the people, who asked not to be identified because the information isn’t public. The world’s No. 1 carmaker announced a ¥1 trillion buyback program on May 8, representing ...