Japan: Outbound M&A ambitions offer hope to struggling investment banks

Investment banks’ revenues in Japan are down by a third this year. But the March tragedy has accelerated Japanese companies’ plans to expand offshore, with outbound M&A at record levels. For both groups, it is time for a make-or-break strategic rethink. Lawrence White reports from Tokyo.

A CONTACT WHOM Euromoney has known for years offers sage advice about his fellow bankers. “This visit will be a good test of your relationships,” he says as he looks out of his office window at Tokyo on a late July evening. “The ones who tell you everything is fine are lying to you.”

With its famous neon lights dimmed to save power and its restaurants half-full, Japan’s capital has the hushed and frazzled atmosphere of a recent disaster survivor beginning to look to the future.

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