Former Calle Japan executives invest in baby products company Beibin.

A investment company led by former Caloi executives Hiroki Otsuka purchased shares of baby products manufacturer Pigeon, betting on overseas demand for its products as Japan's birth rate approaches the lowest in the world. According to statements released by both companies, Japan Activation Capital acquired shares of Pigeon, headquartered in Tokyo, with a current ownership stake of less than 5%. JAC will serve as a minority shareholder, providing consulting services to Pigeon's management.