Falling share prices in the banking sector especially interfered with several high-profile merger plans, and shareholders in bank stocks and owners of securitisations all waited nervously to see if their assets would be hit by fallout from the US subprime loans problem. Nonetheless, there were many reasons for market participants to be cheerful as overall volumes of announced M&A and DCM activity increased, and some pioneering Japanese firms consolidated domestically or sought to expand overseas.
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