Japan’s record deal-making activity this year isn’t giving foreign firms much holiday cheer: For now, the field remains mostly dominated by the local megabanks and law firms with deep ties to the corporate world.
At roughly $200 billion, the volume of transactions including mergers and acquisitions in the country is up 48% this year, data compiled by Bloomberg show. That compares with a 17% increase across Asia Pacific and a 19% slump for China, which remains the biggest market in the region with $271 billion in volume.
The sheer amount of activity is reshaping the battleground for investment bankers seeking to earn the often lucrative fees that come with these transactions. Just as the year winds down, one deal has left bankers scrambling to take part in: Honda’s acquisition talks with Nissan.
