By Sam Nussey and Anton Bridge TOKYO, April 21 (Reuters) – Activist investors are planning to invest in Japan ⁠over ⁠the long-term, emboldened by their recent successes in a ⁠market where they once got a frosty reception. U.S.-based Elliott Investment Management scored a milestone win against Toyota last month through vocal opposition ​before striking a deal, signalling how investors are adapting their strategies to tap opportunities being thrown up as the government and regulators push companies to reform. The growing role of activists is in contrast to ‌two decades ago when pioneering efforts by Warren Lichtenstein’s ‌Steel Partners to acquire Bull-Dog Sauce were blocked and the hedge fund dubbed an “abusive acquirer” by a Japanese court. “Activism has moderated how it conducts itself,” said Jeremy White, partner at law firm ⁠Morrison Foerster in Tokyo. “And ⁠the corporates have moderated in large part because of corporate governance reforms, with more independent directors, and an ​ethos of more accountability to shareholders.” The surging activist interest promises to keep companies under pressure to change and underscores how Japan …