23
Jun
Going outbound: Momentum and caution in Japan's global expansion
A saturated domestic market, geopolitical shifts, and supply chain relocations continue to push Japanese firms toward outbound acquisitions, though activity is currently dominated by tech mega-deals. Once known for paying high premiums, traditional Japanese corporates have grown remarkably conservative and are noticeably absent from multi-billion-dollar global bids. However, Tokyo Stock Exchange capital efficiency mandates and the drive to deploy 'trapped capital' as a hedge against the weak yen ensure a solid outbound pipeline for 2026. panel of experts will share their views on the outlook for the market and what the industry must do to maintain the momentum.
- What challenges and opportunities exist for Japanese outbound M&A amidst current geopolitical headwinds and the push for supply chain independence?
- How can Japanese corporates best integrate overseas startups, and why are they noticeably absent from major non-tech global deals?
- What are Japanese corporates buying to fuel their business model innovation, and how are they partnering with private equity to execute these deals?
- How are Japanese firms using outbound M&A to hedge against the weak yen?
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SpeakersMai Mizuta Managing Partner SEC Newgate Japan
Masahiko Ishida Country Managing Partner, Japan / Head of Corporate-Japan DLA Piper Tokyo Partnership
Ryosuke Matsui Director, Representative Executive Officer and Vice President GNI Group Ltd
Feng Wang Division General Manager, M&A and Partnership Finance Nissan
Randy Capocasale Principal Oliver Wyman
Michael Sonego Partner Pitcher Partners
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Mai leads SEC Newgate in Japan, bringing extensive experience advising senior executives, boards, and investors across Japan and internationally.
A trusted advisor on complex and high-stakes situations, Mai works with Japanese and multinational clients on strategic positioning, financial communications and stakeholder engagement, particularly in situations involving investor scrutiny, geopolitical sensitivity, and significant reputational risk.
She has advised on a number of high-profile and complex mandates, including crossborder M&A transactions where she provided strategic counsel across stakeholder engagement, government and regulatory reviews, and global media strategy. Mai also advises corporates on shareholder activism defense, guiding clients through activist campaigns and periods of heightened investor engagement.
Prior to joining SEC Newgate, Mai served as Managing Director and Head of Tokyo at advisory firm Teneo, where she established and built the firm’s Japan business.
Earlier in her career, Mai served as Asia-Pacific Content Director at ION Analytics (Mergermarket and Dealreporter), where she led editorial strategy across seven regional bureaus covering M&A, private equity, and shareholder activism.
Masahiko (“Masa”) Ishida is a Country Managing Partner and head of the Japan corporate group in DLA Piper’s Tokyo office. Masa has a wide range of M&A and Private Equity experience in the Japanese market and abroad over his 20 year career. Masa has led many notable large acquisitions on behalf of his clients across various sectors including consumer goods, technology, finance and life sciences. He has also worked on behalf of governmental agencies and multinational trading companies in Japan.
Masa has been recognized as a leading M&A lawyer by many legal publications and ranking institutions such as Chambers Global and Legal 500. Masa was also recently recognized as one of the “Dealmakers in Asia” for 2020 by Asian Legal Business. Prior to joining DLA Piper, Masa practiced at Mori Hamada & Matsumoto and thereafter at a multinational boutique investment bank in New York.
Masa is a graduate of the University of Tokyo Graduate Schools of Law and Politics and of Columbia Law School where he was a Fulbright Scholar. Masa was also a visiting scholar at the Center on Japanese Economy and Business (CJEB) at Columbia Business School. Masa is admitted to practice law in Japan and NewYork State.
Since joining Fidelity Investments in 2005, Mr. Matsui has built a distinguished career as a research analyst and portfolio manager. For many years, he was active at the forefront of international corporate investment, developing high-level expertise in evaluating small- and mid-cap companies.
He joined GNI Group in 2023 as an Outside Director, contributing to the advancement of its corporate governance through his roles on the Remuneration and Audit Committees. Today, as Director, Representative Executive Officer and Vice President, he leads the company's global strategic execution and manages all financial and operational functions.
Feng Wang is Division General Manager leading Nissan’s M&A team in Japan. He supports Nissan’s global initiatives in mergers, acquisitions, investments, divestments, joint ventures, partnerships and alliances. Prior to joining Nissan in 2019, Feng served as Executive Director at Business Sweden and Senior Corporate Development Manager at Corning.
Feng’s earlier career includes roles at Capgemini, EY Transaction Advisory and Barclays Capital in Hong Kong. He holds MBA from INSEAD and a Bachelor’s degree of Software Engineering from Shanghai Jiao Tong University.
Randy is a principal in our Private Capital Practice. Based in Tokyo, he has more than eight years of consulting experience serving investors and corporates across Japan and wider Asia.
Randy specializes in strategy, mergers and acquisitions (M&A), and global transformations, particularly within the consumer goods and retail sector. He combines a global background with long working experience in Japan to help clients navigate both inbound and outbound challenges.
He has supported clients across the investment lifecycle — from helping a global food company identify unique acquisition targets in Japan, to guiding a Japanese conglomerate in shaping its outbound investment strategy and conducting due diligence, to assisting a European beauty brand with post-acquisition integration. He also advises clients on optimizing their Japan operations, including a global beverage company on market landscape analysis and a fast-dining chain in managing its multi-thousand-store network.
Randy holds an MBA from the MIT Sloan School of Management and a BA from Duke University. He is fluent in Japanese and holds permanent residency in Japan. Prior to his consulting career, Randy served as a retail fintech executive in Japan and as a Captain in the US Army, including a combat deployment to Afghanistan.
As a Partner in the Corporate Finance team of Pitcher Partners Melbourne, Michael assists many clients, from a range of industries, with their transaction pursuits with specialist services including: lead mergers and acquisitions advice, financial analysis, due diligence investigations and valuations.
Michael leads the Global Corporate Finance group for Baker Tilly International a top 10 accounting network globally.
Clients benefit significantly from Michael’s astute business acumen and persuasive negotiating skills. Clients seeking growth through divestment and acquisition strategies draw on Michael’s networks and knowledge to maximise their business and financial results. He works with many public and private businesses on their buy and sell side mandates.
Michael has worked on notable transactions with Japanese corporates investing in Australia. Recent examples include supporting Sumitomo Forestry on its acquisition of Metricon, Australia’s largest builder; advising Airmaster on its sale to Daikin; supporting Daikin on its expansion of maintenance services; and advising DFP Recruitment on its acquisition by the Will Group.