23
Jun
Japanese M&A update: The next wave of growth
Japan’s M&A market stands at a historic crossroads, having recorded total deal value of US$165.4 billion, its highest in a decade to following a massive 52.5% year-on-year jump, according to Mergermarket data. On one hand, corporate governance reforms and favorable financing are driving an unprecedented wave of carve-outs and take-privates to feed a deal-hungry market. On the other hand, shifting geopolitical tides are pushing Japan toward a more protectionist stance, defined by a drive for supply chain independence and tighter scrutiny of foreign capital. Our panel of experts will share their views on the outlook for the market and what the industry must do to maintain the momentum.
- How are Japan's ongoing corporate governance reforms and current currency dynamics reshaping deal flow and valuations for global acquirers?
- How can investors identify the next prime targets for carve-outs and take-privates?
- How does Japan's insulation from global volatility drive M&A momentum?
- Will geopolitical risks and tighter foreign capital scrutiny derail this trend in the next 12-36 months?
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SpeakersRyuya Shiga Japan Bureau Chief - Mergermarket Mergermarket
Masato Inuzuka Private Equity and M&A Services, Senior Vice President Marsh Japan, Inc.
Yoshi Hayashi Business Vice President, Head of Business Planning Division, Information Electronics Business Group Mitsubishi Chemical Corporation
Ryuji Tezuka Deputy Senior General Manager, Head of Business Development, Corporate Strategy Mitsubishi Electric
Atsushi Tatsuguchi Managing Director, Head of M&A Advisory Group, Investment Banking Business Unit Mitsubishi UFJ Morgan Stanley
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Ryuya Shiga is Japan Bureau Chief of Mergermarket and has been leading the M&A coverage in Japan since 2022. He has provided actionable business intelligence involved in private equity buyouts and exits, domestic and cross-border M&A, including high-profile scoops on corporate carve -out. He joined Mergermarket in 2014 and has covered industrials & chemicals, logistics, consumer and leisure sectors.
Prior to Mergermarket, he worked in Tokyo-based TV stations where he covered corporate news, stock market, and international news as a reporter and field director.
- Since he joined Marsh in January 2022, Masato has been engaged in risk advisory work, including arrange of warranties and indemnity insurance, for private equity and corporate clientele.
- Prior to joining Marsh, Masato has 13-year sales experience for Tokio Marine Nichido Fire, including the experience in sales planning of both cross-border and domestic M&A insurance.
Joined Mitsubishi Chemical Group (MCG) in 2021, currently leading business strategy / planning team of Information Electronics Business Group. Prior to MCG, served as Head of M&A, PMI and corporate level restructuring / divestitures at Renesas Electronics and Rohm Semiconductor. Earned B.A. in Law from Keio University, and MBA from Cornell University, graduated with distinction.
Head of Business Development, Corporate Strategy Mitsubishi Electric Corporation Ryuji Tezuka is an M&A and corporate strategy professional with comprehensive experience in driving business transformation. He joined Mitsubishi Electric Corporation in May 2025 and currently serves as the Head of Business Development within Corporate Strategy, where he focuses on global portfolio strategies to support future growth and corporate evolution.
Prior to joining Mitsubishi Electric, Mr. Tezuka had a prolonged tenure at Kao Corporation, where he established the company’s global M&A and alliance strategy framework and led the team in strategy formulation and execution. His career also includes establishing the M&A function at Konica Minolta and managing international investments and value creation for portfolio companies at Ant Capital Partners. He began his professional journey at Fujitsu followed by Vodafone, focusing on telecommunications, corporate venturing, and marketing strategy.
With a broad background spanning from ICT to the beauty industry, Mr. Tezuka has executed numerous cross-border transactions across the entire deal lifecycle—from global sourcing to post-merger integration (PMI). He is dedicated to the effective use of M&A as a strategic tool to enhance long-term corporate value.
- Atsushi Tatsuguchi is a Managing Director and Head of the Mergers & Acquisitions Advisory Group in Japan since March 2022
- Since he joined Morgan Stanley in January 2006, Atsushi Tatsuguchi has been engaged in M&A advisory services and capital markets transactions in the Investment Banking Business Unit
- Graduated from the Faculty of Environment and Information Studies, Keio University in March 1998
Representative Transactions Include
- Sale of DIC’s stake in Taiyo Holdings through privatization led by KKR (2026) (Ongoing)
- Privatization of Toyota Industries by Toyota Fudosan, Mr. Akio Toyoda, and Toyota Motor (2025) (Ongoing)
- Privatization of Shibaura Electronics by YAGEO via Tender Offer (2025)
- Privatization of Lawson by Mitsubishi Corporation and KDDI (2024)
- JIC Capital’s Acquisition of Shinko Electric through a Tender Offer and Share Repurchase (2023)
- Acquisition of JSR Corporation by JIC Capital (2023)