mas-gain-is-ecms-loss-in-japan

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?

By Dan Slater

October 08, 2007

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 to Dealogic.

Significantly, debt financing remains firm. Debt capital market volumes come in at $160 billion year to date YTD, compared to $150 billion for the same period last year, according to Dealogic. Admittedly,...

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