Capital markets: Independent local firms in Japan

Anderson Mori & Tomotsune

The team at Anderson Mori & Tomotsune has a ‘deep understanding of the services it offers' and is well-versed in domestic and cross-border aspects of inbound and outbound debt and equity transactions. The team leader Hironori Shibata focuses on cross-border capital market transactions. Other key members are Kagayaki Funakoshi, who is noted for his involvement in major market transactions, including IPOs, equity and debt offerings, and Hiroto Ando, who specialises in cross-border IPOs and Japanese public offerings. While Shunsuke Aoki focuses on equity and debt offerings in both Japanese and international markets, Tomoyuki Oka has been involved in high-profile capital market transactions, including those involving start-ups and J-REITs.

Responsables de la pratique:

Hironori Shibata


Autres avocats clés:

Kagayaki Funakoshi; Hiroto Ando; Shunsuke Aoki; Tomoyuki Oka


Les références

‘All partners at Anderson Mori & Tomotsune can deal with any kind of finance transactions because of the team’s internal collaborations.’

‘Anderson Mori & Tomotsune have a deep understanding of the services it offers.’

‘The partners at Anderson Mori & Tomotsune are well-known and respected partners in the market.

Principaux dossiers


  • Advised on a combined international offering by JFE Holdings, Inc., involving simultaneous share and convertible bond offerings.
  • Advised on the 144A Global IPO of SBI Sumishin Net Bank, Ltd., acting as the Japanese counsel to the Joint Global Coordinators.
  • Advised Rakuten Group, Inc., on the 144A  global offering of common shares.

Mori Hamada & Matsumoto Tokyo Office

Mori Hamada & Matsumoto Tokyo Office‘s team is 'highly professional' and has 'the best capabilities to advise clients on global capital market transactions'. The capital markets team, led by Katsumasa Suzuki and Taro Omoto, advises on complex IPOs, global equity offerings, and euro-convertible bond offerings. Suzuki specialises in global IPOs, while Omoto focuses on complex financial instruments, such as equity and subordinated debts. The structured finance and derivatives team, led by Masanori Sato and Akira Ehira, handles traditional securitisation, derivatives, and innovative deals, where Sato has extensive experience in structured finance, while Ehira specialises in derivatives. Other key members include Toshimitsu Nemoto, who advises on various financings, such as Global IPOs, and Katsuyuki Tainaka, an expert in equity and debt transactions.

Responsables de la pratique:

Katsumasa Suzuki; Taro Omoto; Masanori Sato; Akira Ehira


Autres avocats clés:

Toshimitsu Nemoto; Katsuyuki Tainaka


Les références

‘MHM is a highly professional firm with the best capability to advise clients on global capital markets transactions. Their credentials in working on most major transactions in Japan make them an ideal partner for capital markets transactions. The team is also very high quality, from partners down to the associates.’

‘We appreciate that MHM is capable of providing advice not only on traditional products in the equity capital market (such as IPOs and FOs) but also on cases with few precedents in Japan, such as rights offerings.’

‘MHM excels in overall strength and has a deep knowledge of the practice area.’

Principaux clients

Asahi Group Holdings, Ltd.


JFE Holdings, Inc.


TRYT Inc.


Astroscale Holdings Inc.


Kubota Corporation and


Kubota Credit Corporation, U.S.A.


Hitachi, Ltd.


TOEI Animation Co., LTD.


SBI Shinsei Bank, Limited


Goldman Sachs International and Goldman Sachs Japan Co., Ltd.


J.P. Morgan Securities Plc


Merrill Lynch International and Merrill Lynch & Co., Inc.


Morgan Stanley & Co. International Plc.


Mitsubishi UFJ


Morgan Stanley Securities Co., Ltd.


Morgan Stanley MUFG Securities Co., Ltd.


UBS AG, London Branch


Daiwa Securities Co. Ltd.


Mizuho Securities Co., Ltd.,


Nomura Securities Co., Ltd.


SMBC Nikko Capital Markets Limited


SMBC Nikko Securities Inc.


Japan Bankers Association


MUFG Bank, Ltd.


Mizuho Bank, Ltd.


Sumitomo Mitsui Banking Corporation


Sumitomo Mitsui Trust Bank, Limited


Mitsubishi UFJ Trust and Banking Corporation


Japan Bank for International Cooperation


Canadian Solar Infrastructure Fund, Inc.


Enex Infrastructure Investment Corporation


Takara Leben Infrastructure Fund


Japan Post Holdings Co., Ltd.


SoftBank Group Corp.


Marubeni Corporation


Nippon Life Insurance Company


Recruit Holdings Co., Ltd.


Toyota Industries Corporation


Daiwa House REIT Investment Corporation


Mori Hills REIT Investment Corporation


PGIM Real Estate Finance, LLC


Tosei Asset Advisors, Inc.


SUMCO Corporation


Nippon Paint Holdings Co., Ltd.


Skylark Holdings Co., LTD.


VisasQ Inc.


SBI Securities Co., Ltd.


Japan Post Bank Co., Ltd.


SBI Sumishin Net Bank, Ltd.


Socionext Inc.


NTT Finance Corporation


Nippon Prologis REIT, Inc.


Daiwa House Logistics Trust


Enex Infrastructure Investment Corporation


Principaux dossiers


  • Advised Asahi Group Holdings, Ltd. in a secondary shares offering in overseas markets.
  • Advised JFE Holdings, Inc. in the concurrent offering of shares of common stock and convertible.
  • Advised Sumitomu Mitsui Trust Bank as trustee and established a trust with loan receivables from Sony Bank as trust assets, with the beneficiary rights of the trust tokenised and sold by Sony Bank through a public offering.

Nagashima Ohno & Tsunematsu

The team at Nagashima Ohno & Tsunematsu handles a variety of transactions, ‘backed by years of experience and a strong track record of successful transactions’. The capital markets practice, led by Fumihide Sugimoto, is divided into two groups: capital markets and banking and finance, with the latter specialising in securisation and structured finance. Sugimoto advises on a wide range of securities offerings, including debt, and equity. Other key members of the team include Miyuki Ishiguro, who is known for his broad expertise in finance-related matters; Shinichi Araki, who focuses primarily on debt, equity, and hybrid securities; and Motohiro Yanagawa, whose practice centres on financing transactions and corporate law, with an emphasis on asset-based and project finance.

Responsables de la pratique:

Fumihide Sugimoto


Autres avocats clés:

Shinichi Araki; Miyuki Ishiguro; Motohiro Yanagawa; Atsushi Yamashita; Yuichi Miyashita


Les références

‘I consider NO&T as our “go-to” firm for any Japanese law matters, including the capital markets area. The work quality is excellent and it provides us with thorough and complete legal analysis taking into account practical considerations. They are always willing to help and very responsive. The team also has many good English speakers, which is a big plus.’

‘Atsushi Yamashita, in addition to being an excellent capital market lawyer with an exceptional English language communication capability, acts as a trusted advisor covering various practice areas in Japan.’ 

‘This firm is unique in its deep specialization in securitization and structured finance. Potential clients should be aware of the team’s robust expertise in these areas, which is backed by years of experience and a strong track record of successful transactions. The team is known for its innovative approach to complex financial structures, which enables them to provide tailored solutions that meet the specific needs of each client.

Principaux clients

Mitsubishi UFJ Financial Group, Inc.


Mizuho Financial Group, Inc.


Sumitomo Mitsui Financial Group


Sumitomo Mitsui Trust Holdings, Inc.


Morgan Stanley


Bank of America


Nomura Securities Co., Ltd.


JP Morgan


Daiwa Securities Co. Ltd.


Development Bank of Japan


East Japan Railway Company


Norinchukin Bank


Japan Finance Organization for Municipalities


Japan Bank for International Cooperation


BNP Paribas


Resona Bank Limited


Principaux dossiers


  • Advised Integral Corporation on its global IPO.
  • Advised underwriters on the international secondary offering of common stock of Socionext Inc.
  • Advised East Japan Railway Company on its EUR green bonds offering under the “Euro Medium Term Note Programme”.

Nishimura & Asahi

The team at Nishimura & Asahi assists clients with all aspects of capital market transactions, from debt to equity, hybrid securities, and J-REITs. The team is led by Kohei Koikawa, who has considerable experience with capital market transactions, handling equity and debt transactions. Other key members include Naoya Ariyoshi, who specialises in securitisation, advising major originators, financial institutions, and other relevant parties; Kentaro Sugimoto, who handles a variety of capital market transactions, including Euro bond offerings, IPOs, and convertible bonds offerings; and Masashi Ueda, who specialises in capital market transactions, including domestic and international offerings of common shares and straight or convertible bonds.

Responsables de la pratique:

Kohei Koikawa


Autres avocats clés:

Naoya Ariyoshi; Kentaro Sugimoto; Masashi Ueda


Principaux clients

Kokusai Electric Corporation


Vertex Technology Acquisition Corporation Ltd


GREE Inc.


Japan Finance Corporation


Orient Corporation


Sosei Group Corporation


Rakuten Group Inc.


Nippon Express Holdincs, Inc.


SMBC Nikko Securities Inc.


ROHM CO., LTD.


Comforia Residential REIT, Inc


Samty Residential Investment Corporation


MORI Trust REIT, Inc.


Mitsubishi Estate Logistics REIT Investment Corporation


Principaux dossiers


  • Advised an award-winning IPO on the Tokyo Stock Exchange by Kokusai Electric.
  • Advised Japan Finance Corporation, on a transaction that involved various loans from thirty-nine Japanese regional financial institutions.
  • Advised Comforia Residential REIT on its issuance of new investment units and secondary offering of investment units.

TMI Associates

The team at TMI Associates is well versed in corporate and structured finance, REITs, derivative transactions, and securities. Under the leadership of Yoshiyasu Yamaguchi, the team assist clients with debt and equity securities offerings in the Japanese market. Hiroyoshi Kuromaru focuses on public offerings and secondary distributions of bonds and notes, while Hitoshi Sumiya specialises in cross-border share acquisitions and J-REIT mergers. Other prominent members are Hidenori Nakagawa, who has expertise in designing and offering hybrid-typed security products, and Mizuki Koshimoto, who is experienced in inbound renewable energy transactions.

Responsables de la pratique:

Yoshiyasu Yamaguchi


Autres avocats clés:

Hiroyoshi Kuromaru; Hitoshi Sumiya; Hidenori Nakagawa;  Mizuki Koshimoto


Les références

‘Given the critical nature of this exceptionally complex and problematic case, the firm demonstrated remarkable efficiency in analyzing the issues, prioritizing tasks, and proposing viable solutions. Their ability to collaborate seamlessly within the firm is a testament to their strengths.’

‘Mr. Yoshiyasu Yamaguchi is an invaluable asset to the firm. He consistently demonstrates a deep understanding of client’s needs and is skilled at assessing the significance and time-sensitivity of their matters. He is always ready to provide practical solutions and is adept at recommending in-house counsel with expertise in the particular matter at hand.’

Principaux clients

Credit Agricole Securities Asia B.V.


SMBC Nikko Securities Inc.


Monex Corporation


Hash DasH Co., Ltd.


Frutafruta, Inc.


BNP Paribas Securities (Japan) Limited, Tokyo Branch


HSBC Securities (Japan) Limited


Daiwa Securities Co. Ltd.


Nomura Securities Co., Ltd.


Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.


Principaux dossiers


  • Advised SMBC Nikko Securities Inc. on the update of the Euro Medium Term Note Programme.
  • Advised HushDasH Securities Co. in its “Securities Token Offering” of silent partnership interest.
  • Advised Frutafruta, Inc. on the issuance of equity instruments.