Next Generation Partners: Bengoshi

Capital markets: Independent local firms in Japan

Anderson Mori & Tomotsune

The market leading practice at Anderson Mori & Tomotsune is well-known for its skills handling in both inbound and outbound capital markets transactions, and cross-border of debt and equity related matters. The team also regularly advises on J-REITs, Samurai bonds, and Uridashi offerings, with practice head Hironori Shibata contributing his deep expertise in public offerings and restructurings. Hiroaki Takahashi is particularly adept at handling a broad range of securitisation matters. Kagayaki Funakoshi is recommended for capital and business alliance matters, while the ‘courteous‘ and ‘pleasantKazuhiro Yoshii is another key name in the team.

Practice head(s):

Hironori Shibata

Other key lawyers:

Hiroaki Takahashi; Kagayaki Funakoshi; Kazuhiro Yoshii


‘AMT is one of our go-to firms in Japan for Japanese-law-related capital markets and M&A matters. The lawyers there are always reliable and responsive.’

‘We consult with Kazuhiro Yoshii for general corporate and securities law filing. He is courteous, pleasant and knowledgeable and responsive.’

‘Anderson Mori & Tomotsune is one of the most reliable law firms in the field of Japanese real estate related financing. They have superb knowledge in related laws, regulations, and practices.’

‘Anderson Mori & Tomotsune understands and meets the clients’ business objectives and demands best.’

Work highlights

  • Advised on the offering a total of 13,300,000 shares of common stock of Cosmo Energy Holdings Co., Ltd., of which the offering size was approximately JPY33bn.
  • Advised on overseas issuance of guaranteed bonds of Japan International Cooperation Agency, unconditionally and irrevocably guaranteed as to payment of principal and interest by Japan.
  • Advised on the issuance of U.S. dollar denominated senior notes of JERA Co., Inc. for an aggregate amount of $300m.

Mori Hamada & Matsumoto

The practice at Mori Hamada & Matsumoto is praised by clients for displaying 'great teamwork', and 'profound insight' when handling both domestic and international matters, including securities offerings, initial public offerings, euro-convertible bond offerings, and debt offerings. Recent work for the practice includes representing domestic and overseas names such as Japan Bank for International Cooperation, NTT Finance Corporation, and Mizuho Securities Co., Ltd. The team is jointly headed by Katsumasa Suzuki and Taro Omoto, who lead on the capital markets side, and Masanori Sato and Akira Ehira, who lead the structured finance and derivatives part of the team. Key contacts within the team include the 'client-oriented' Katsuyuki Tainaka, 'stand-out' of counsel Yu Nimura, and the 'outstanding' Toshimitsu Nemoto.

Practice head(s):

Katsumasa Suzuki; Taro Omoto; Masanori Sato; Akira Ehira

Other key lawyers:

Toshimitsu Nemoto; Katsuyuki Tainaka; Yu Nimura


‘Toshimitsu Nemoto is outstanding. He has a good sense of balancing risk management and new initiatives.’

‘All members of Mori Hamada & Matsumoto provided us with appropriate and well-thought-out advice in a timely manner. They are highly experienced in the field.’

‘Toshimitsu Nemoto has broad knowledge and experience across capital markets. He understands very well what we want and advises exactly what to do to solve the issues from practical stand points.’

‘They provided very high level and quick responses, giving reasonable advice not only from legal perspectives but also from commercial perspectives.’

‘Great teamwork and profound insight.’

‘Katsuyuki Tainaka is always client-oriented and provides us with excellent solutions.’

‘Yu Nimura is a stand-out associate in terms of his engagement and dedication to the transactions and clients.’

Key clients

SBI Shinsei Bank, Limited

Goldman Sachs International

J.P. Morgan Securities

Merrill Lynch International

Morgan Stanley & Co. International

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

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


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.


VisasQ Inc.


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

Work highlights

  • Advised Japan Post Bank Co., Ltd. and Japan Post Holdings Co., Ltd. on the global offering of shares.
  • Advised SBI Sumishin Net Bank, Ltd., SBI Holdings, Inc. and Sumitomo Mitsui Trust Bank, Limited on the global IPO of shares.
  • Advised Mizuho Securities Co., Ltd. in respect to the financing for JTOWER Inc. based on the economic value and cash flow realised from telecommunications towers acquired from NTT DOCOMO, Inc., through a whole business securitisation scheme arranged by MHSC.

Nagashima Ohno & Tsunematsu

Nagashima Ohno & Tsunematsu's capital markets practice, which is divided between the securitisation and debt and equity teams, is headed by Fumihide Sugimoto. Exhibiting experience across the full range of cross-border capital markets transactions, the group assists clients with global and domestic IPOs, security token offerings, and global offerings by Japanese issuers of debt and equity securities. Yuichi Miyashita is the key contact for debt and equity matters, while Motohiro Yanagawa noted for his expansive expertise in securitisation issues. Yoshiya Kira was promoted to counsel in January 2023, while Shinichi Araki is another key contact. Miyuki Ishiguro is noted for her broad expertise in finance related matters.

Practice head(s):

Fumihide Sugimoto

Other key lawyers:

Yuichi Miyashita; Motohiro Yanagawa; Yoshiya Kira; Shinichi Araki


‘I am very grateful and trust them for their passion and sincerity towards achieving the goals.’

‘I highly appreciate Araki Shinichi’s sincere approach to his work and his enthusiasm for research.’

‘Yuichi Miyashita has expert skills in financial markets.’

‘I’m happy to work with them because they are very flexible, creative and supportive.’

‘Motohiro Yanagawa has lots of experiences and knowledge in structured products. His high-quality support helps us create new products for our customers.’

‘Yuichi Miyashita is highly accessible and responsive to our inquiries and provides very logical and practical legal advice.’

‘They are an experienced team with highly qualified capability. Their work is not only reliable but also speedy.’

‘Motohiro Yanagawa is a well experienced partner. His suggestions and opinions often exceed our expectations.’

Key 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

Skymark Airlines Inc.

Norinchukin Bank

Japan Finance Organization for Municipalities

Japan Bank for International Cooperation

BNP Paribas

Resona Bank Limited

Work highlights

  • Advised the underwriters, joint global coordinators SMBC Nikko Securities Inc. and Nomura Securities Co., Ltd., in the global initial public offering of common stock of Socionext Inc.
  • Advised a global coordinator, SMBC Nikko Securities Inc., in the global initial public offering of common stock of Daiei Kankyo Co., Ltd.
  • Advised Skymark Airlines Inc., Integral Partners and UDS Airlines Investment Limited Partnership, the issuer and the selling shareholders, respectively, in the global initial public offering of common stock of Skymark Airlines Inc.

Nishimura & Asahi

Nishimura & Asahi‘s team handles the full gamut of capital markets issues, with a particular emphasis on J-REITs, hybrid securities, and domestic debt and equity transactions. Practice head Kohei Koikawa is noted for his broad expertise in convertible bonds, IPOs, and follow-on offerings. Other names to note within the practice include Masashi Ueda, who is an expert in domestic and international offerings of common shares, Kentaro Sugimoto, who primarily handles Euro bond offerings, and Naoya Ariyoshi, whose main area of focus is securitisations.

Practice head(s):

Kohei Koikawa

Other key lawyers:

Masashi Ueda; Kentaro Sugimoto; Naoya Ariyoshi

Key clients

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Rakuten Bank Ltd.

Japan Finance Corporation

Orient Corporation

Rakuten Group Inc.

Mitsubishi HC Capital Inc.

Asahi Mutual Life Insurance Company

SMBC Nikko Securities Inc.

Mitsubishi Estate Logistics REIT Investment Corporation

Daiwa Securities Co., Ltd.

Work highlights

  • Advised the underwriters on the global IPO of Skymark Airlines Inc., a low-cost carrier based in Japan.
  • Advised Rakuten Bank and Rakuten Group Inc., a Japanese technology conglomerate, on the global IPO of Rakuten Bank.
  • Acted as the Japanese counsel to the issuer on the second global offering (RegS/144A) by Mitsubishi Estate Logistics REIT Investment Corporation. This financing was leveraged by green loans and sustainability-linked loans.

TMI Associates

The finance group at TMI Associates advises clients on the full spectrum of financial services matters, including debt and equity securities, and structured finance, with the team exhibiting deep expertise in blockchain bond related matters. Yoshiyasu Yamaguchi heads the practice, and bringing his longstanding experience in advising international clients on their debt restructuring in Japan. Other key names within the team include the ‘stand out’ Hiroyoshi Kuromaru and Hitoshi Sumiya.

Practice head(s):

Yoshiyasu Yamaguchi

Other key lawyers:

Hiroyoshi Kuromaru; Hitoshi Sumiya


‘TMI provide a boutique Japanese capital markets capability.’

‘Hiroyoshi Kuromaro-san is the stand out partner with longstanding practical experience of Japanese debt capital markets.’

Key clients

Daiwa Securities Co. Ltd.

Nomura Securities Co., Ltd.

SMBC Nikko Securities Inc.

Mizuho Securities Co., Ltd.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

BNP Paribas Securities (Japan) Limited, Tokyo Branch

HSBC Securities (Japan) Limited

Universal Entertainment Corporation

Nomura Trust and Banking Co., Ltd.

Deutsche Securities Inc.

Work highlights

  • Advised SMBC Nikko Securities Inc. regarding the issue and public offering of Samurai bonds of Malayan Banking Berhad.
  • Advised Monex Finance & Monex Group on the renewal of the Euro Medium-Term Note Program and offering of climate linked notes in the Japanese market.
  • Advised Hash DasH Co., Ltd. regarding the issue and public offering of digital securities of Shibuya Jingumae Innovation Office.

Atsumi & Sakai

Atsumi & Sakai's practice is recommended for its expertise in structured finance matters and securitisations. The firm acts for its diverse client base of institutional investors, banks, trustees, and insurance companies. The practice is jointly led by Fumiko Oikawa, Madoka Hashimoto, and Shintaro Hamasu. Other key contacts include Hiroo Atsumi, Bonnie Dixon for asset finance transactions for aircraft and ships, and Sayaka Aizawa for syndicated loans and structured finance mandates.

Practice head(s):

Fumiko Oikawa; Madoka Hashimoto; Shintaro Hamasu

Other key lawyers:

Hiroo Atsumi; Bonnie Dixon; Sayaka Aizawa

Kaynex Law Offices

The capital markets team at Kaynex Law Offices is led by Norifusa Hashimoto, who has broad expertise in a range of transactions, including samurai bonds and structured financing. The group regularly assists major financial institutions with issues involving debt private placements, asset securitisations, and other general corporate finance mandates.

Practice head(s):

Norifusa Hashimoto