M&A’s gain is ECM’s loss in Japan

It’s not just young people and babies who are disappearing off Japan’s barren archipelago. Equity capital markets (ECM) activity is also drying up across the whole range of equity financing instruments. Last year, the markets raised $70 billion, making it the second-largest market in the world. But, as of September this year, Japan has only raised $19 billion, compared to $46 billion at the same point last year, making Japan only the eleventh largest market by funds raised currently, according to Dealogic.

Significantly, debt financing remains firm. Debt capital market volumes ...