2 Welcome Welcome to the inaugural edition of our Japan newsletter. In this issue, we explore how Japan’s M&A activity surged to record levels in 2024. Against a backdrop of regulatory reform, shareholder activism, and a shrinking domestic market, Japanese companies are increasingly pursuing both inbound and outbound M&A to sharpen focus and unlock value. In our conversations with major thought leaders in the market, we also learn of the sectors generating the most interest from foreign investors—robotics, green energy, fintech, and pharmaceuticals— highlighting both the innovation driving these industries and the regulatory and operational hurdles that investors must navigate. Beyond big-ticket deals, we delve into Japan’s fast-evolving startup ecosystem, led by Tokyo and increasingly supported by regional hubs like Osaka and Fukuoka. Finally, we consider how cultural dynamics, commercial practices, and legal developments—from revisions to corporate governance codes to enhanced FDI screening— are reshaping the business environment. As Japan continues to open up to foreign capital while redefining its corporate landscape, the opportunities are abundant— but success requires an informed and nuanced approach. Every two months, this newsletter will feature candid conversations with major legal voices from across the Japanese market. They’ll speak with us—so you can hear directly from the people shaping the country’s legal and business future. Editor Lee Saunders
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