Despite 11 Japan’s M&A activity reached record highs in 2024, fueled by private equity investments and corporate divestitures (Keita Tokura) “This surge underscores Japanese corporations’ efforts to streamline operations, shed non-core businesses, and embrace innovation and diversification, points out Mr. Keita Tokura (AMT). “Private equity firms have emerged as influential players in Japan’s M&A market, capitalizing on undervalued assets and favorable financing conditions. Notable examples include Bain Capital’s acquisition of supermarket and specialty store businesses from Seven & i Holdings and Apollo Funds’ purchase of Panasonic Automotive Systems Corporation, both illustrating how private equity is reshaping Japan’s corporate landscape. Listed companies are increasingly facing pressure from shareholder activism, as investors push them to unlock value and focus on their core competencies. It can be said that the shareholder activism is one of the key factors which is driving M&A activities in Japan.” “Despite global economic uncertainty, Japanese corporations remain highly active in M&A on both the buy-side and sell-side, spanning a wide range of industries,” adds Mr. Junzaburo Kiuchi (TKI). “As Japan’s domestic market continues to shrink, many companies are compelled to either expand their addressable market or focus on core businesses in order to survive and thrive.” It was a privilege to speak with some of Japan’s leading legal minds on the evolving M&A landscape and market trends. We were grateful to catch up with Mr. Keita Tokura, Partner at Anderson Mori & Tomotsune (AMT), one of Japan’s most prestigious law firms. Founded in 1952 and home to nearly 700 lawyers, AMT holds multiple Band 1 rankings across Chambers and Legal 500 and was recently named Japan Firm of the Year at the IFLR Asia-Pacific Awards 2025. The firm also won two accolades at the FT Innovative Lawyers Asia Pacific 2025. We were equally honored to speak with Mr. Junzaburo (JB) Kiuchi, Partner at Tokyo International Law Office (TKI). Dual-qualified in Japan and the United States, and with over 25 years of experience—including senior roles at Freshfields and EY Law Japan—Mr. Kiuchi offered rich insight into the M&A market through both a domestic and international lens. Finally, we thank Ms. May Sakai, Associate at Morrison Foerster’s Tokyo office, one of the most prominent international law firms in Japan, for contributing her perspectives and adding further depth to our debut edition. We sincerely appreciate their time and thoughtful commentary.
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