The Childrens’ Investment Fund is making good on its threat to fight Japan’s rejection of its bid to boost its stake in the country’s largest electric utility on all available fronts.

The London activist shop, which had sought to double its stake in Electric Power Development Co., better known as J-Power, will appeal the recommendation of a government advisory panel to prevent it from doing so. Bloomberg News reports that TCI will likely seek talks with the Japanese government—which will issue a final decision next month—when it responds to the advisory by tomorrow.

But TCI isn’t putting all of its eggs in one basket. TCI has called on both the British government and European Union to impose sanctions on Japan for its anti-competitive behavior.

In a letter to British Business Secretary John Hutton, TCI founder Christopher Hohn asked for “reciprocal trade and investment sanctions,” complaining that the Japanese review of its request “failed to meet basic standards of transparency and predictability.”

TCI has also asked EU Trade Commissioner Peter Mandelson—who has called Japan the “most closed” market in the developed world—to consider sanctions.

The government panel said giving TCI permission to own 20% of J-Power would imperil Japanese national security.

“We have no intention to affect national security, because it would only negatively affect our own self-interest,” TCI’s John Ho, who has said the hedge fund will not abandon its Japanese investments, said.