The well-renowned capital markets team at Clifford Chance (Gaikokuho Kyodo Jigyo) is lauded by clients as 'one of the best UK law firms in Japan', and complimented for its 'practical advice' on real estate asset acquisitions, innovative asset backed financing, and public convertible bonds. Leng-Fong Lai, who is dual qualified in England and Wales and Singapore, leads the team, regularly advising hedging providers, trustees, sponsors, and banks. The group is known for assisting clients with international debt cases, medium-term notes, and equity capital markets products, areas in which Reiko Sakimura has a great deal of knowledge. Key members within the practice also include Eiichi Kanda and of counsels Chihiro Ashizawa, Hajime Saito, and Matthew Ball.

Davis Polk & Wardwell LLP's practice is praised by clients for its ability to provide 'well-balanced' advice on the full gamut of capital markets transactions, including cross-border liability management transactions, private equity matters, and IPOs. The group regularly assists clients with sustainability-linked bonds, M&A transactions, and global bond offerings. Jon Gray, Ken Lebrun, and the 'outstanding' Christopher Kodama, the latter of whom was promoted to partner in July 2023, all jointly lead the Tokyo-based team. Associate Chihiro Sasaki  is noted for his knowledge of SEC-registered and private offerings, often advising underwriters and insurers.

The capital markets team at Linklaters is headed by Peter Frost, who is hailed by clients as being the 'best in the market', the 'outstanding' Motoyasu Fujita, and Kenneth Lam. The practice, lauded by clients as a 'go-to law firm for all capital markets deals', handles the full range of capital market mandates, including corporate finance deals, derivatives, securitisations, and trusts. Recent work includes the team’s advice on the issue of covered bonds by Sumitomo Mitsui Banking Corporation, for which Frost, of counsel Kei Niinuma, and managing associate Ryo Kamoshita were instrumental. Of counsel Kosuke Miyashita has deep experience in advising domestic and international investment banks on margin loans and collar finance, while fellow of counsel Yosuke Unami is particularly adept at advising on financial markets regulation and structured finance issues.

Simpson Thacher & Bartlett LLP‘s practice is commended for its ‘long and profound’ experience in Japanese capital markets, with the team being noted by clients for their ‘very diligent, calm, understanding’ approach. Alan Cannon and Takahiro Saito jointly lead the Tokyo-based team, with Cannon having vast expertise in high-profile equity and debt issuances, while Saito is known for his experience in advising on global securities transactions. Other key contacts within the practice include ‘hardworking’ and ‘efficient’ David Snowden, who is recommended for his work in securities offerings for Japanese issuers and international financial institutions.

Baker McKenzie (Gaikokuho Joint Enterprise)'s capital markets practice often collaborates with the firm's banking and finance team, advising on a broad range of issues, such as securities, initial public offerings, public offerings without listings, and international tender offers. Practice head Seiji Matsuzoe is noted for his 'extensive' knowledge of cross-border banking issues, and mandates involving structured finance using derivatives. Other key names within the team include Hiroki Watanabe and Gavin Raftery.

The capital markets group at Morrison Foerster is headed by Fuyuo Mitomi, Mitsutoshi Uchida, and Jesse Gillespie, frequently handling cross-border mandates for large financial institutions and underwriters. The group is particularly experienced in advising on mandates within the US high-yield debt space, with work involving US disclosure rules, derivative matters, investment-grade offerings, and SEC-registered transactions. Key contacts in the team also include Akihiro Wani, associate Naoko Ueda, and of counsels Reiko Omachi and Hiroki Etani. Associate TJ Park is rated by clients as 'one of the best in the industry'. Ex-head of the team Kenji Hosokawa left the practice for an in-house position in 2022.

Skadden, Arps, Slate, Meagher & Flom LLP's team is praised by clients for its 'flexible and practical approach', as well as for its 'depth of understanding' of capital markets transactions. The group handles a variety of mandates, including cross-border initial public offerings, and senior and subordinated note programmes. The 'excellent' Kenji Taneda, who specialises in equity and debt offerings, leads the practice alongside Mitsuhiro Kamiya. For matters involving general securities law, 'reliable' of counsel Ken Kiyota is a key contact.

A&O Shearman's capital markets practice is headed by Masahisa Ikeda, who frequently advises underwriters and financial entities on a range of capital market transactions. The practice displays broad experience when advising on governance-related mandates, disclosure requirements, and securities law. Toshiro Mochizuki is recommended for his vast knowledge of SEC registrations and global offerings.

The capital markets practice at Paul, Weiss, Rifkind, Wharton & Garrison LLP regularly advises on the full spectrum of SEC-registered public offerings, in addition to equity, debt, and hybrid securities offerings. Practice head Tong Yu is noted for advisin issuers and underwriters on initial public offerings and multi-jurisdictional tender offers. Other key contacts within the team include associate Makoto Nishigai.