M&AÆs gain is ECMÆs loss in Japan

Is equity capital markets activity drying up because Japanese executives are waking up to the perils of M&A?

ItÆs not just young people and babies who are disappearing off JapanÆs 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...

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