Due to the appearance of SN 1993J, the region of M81 (NGC 3031) was ob
served with ASCA ten times between 1993 April and 1995 April. Data fro
m eight of these observations have been used to study the 0.5-10 keV s
pectral and temporal properties of the source designated X-5, coincide
nt with the M81 nucleus. The 2-10 keV luminosity of X-5 varied by a fa
ctor of 1.7 over a period of two years, around a mean of similar to 2
x 10(40) erg s(-1). Variations by similar to 20% on a time scale of on
e day Mere also detected. The average spectrum of X-5 can be represent
ed in the 2-10 keV range by a power-law continuum of the photon index,
Gamma = 1.85 +/- 0.04, and a relatively low intrinsic absorption colu
mn of N-H similar to 1 x 10(21) cm(-2). In the soft (< 2 keV) energy r
ange, an additional thermal component with a temperature of 0.6-0.8 ke
V has been detected. An apparently broad or complex Fe-K emission line
centered at 6.6-6.7 keV was also detected at an equivalent width of 1
70 +/- 60 eV. These results indicate that the M81 nucleus is a low-lum
inosity active galactic nucleus, and suggest that similar objects are
relatively numerous. A comparison is made between the nucleus of M81 a
nd those of Seyfert galaxies.