The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

151 reasons to be cautious

Following more than a decade of stagnation, the world's second-largest equity market has revived this year. Although the key index, the Nikkei 225, is currently flat year to date, the market has bounced back throughout the year such that at one point the index was up more than 17% from its opening levels. The encouraging performance coupled with more volatility has fuelled a recovery in Japan's IPO market that shows few signs of abating.

Year to date, more than $13 billion has been raised through Japanese IPOs, according to Dealogic, including some of the largest deals in years. Last month there were several new offerings, including the second-largest IPO globally, the $3.4 billion privatization of electricity generator Electric Power Development, known as J-Power. Also on their way shortly are a $920 million IPO from NTT Urban Development, the property arm of Nippon Telegraph and Telephone Corp; a $1.49 billion offering from state oil exploration company INPEX that will be Japan's third-largest IPO this year after J-Power and Shinsei Bank; and the $1 billion IPO of Elpida Memory Inc, a DRAM chip maker and a joint venture between Hitachi Ltd and NEC Corp.

NTT Urban Development priced its share offering at the higher end of expectations and the shares begin trading early this month.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree