Davis Polk & Wardwell LLP has a longstanding reputation in the Japanese market, where it covers a wide range of capital markets products, including equity, debt, hybrid and structured securities. Often collaborating with the firm’s offices in Hong Kong, London and New York, the practice acts for a roster of domestic and international financial institutions blue-chip companies and government organisations. Standout practitioners include M&A and private equity transactions expert Kenneth Lebrun, who oversees the group alongside Jon Gray and counsel Christopher Kodama. Gray and Kodama have recently advised on a number of IPOs, follow-on equity offerings and sustainability-linked bonds. Also noted is associate Chihiro Sasaki, who handles SEC-registered and private offerings for both issuers and underwriters.

Regarded as the ‘go-to firm for all capital markets deals’, Linklaters houses a dedicated team of experts in both Japanese and English law, offering ‘thorough advice on market practices in London and the European markets’. The group is noted for the breadth of its practice, which covers the whole gamut of capital markets products, including derivatives, repackaging, securitisation, trusts and corporate finance transactions. The practice, which is jointly led by Peter Frost, Motoyasu Fujita and Kenneth Lam, boasts a longstanding relationship with public bodies and regulators, including the ISDA, the Financial Services Agency and the Ministry of Finance. Frost is well regarded as ‘one of the most reliable advisers for RegS finance transactions’ while Fujita and Lam are recommended for structured capital markets securities and derivatives transactions. The team also includes counsels Kosuke Miyashita and Kei Niinuma.

Covering a wide range of industries, spanning real estate, life sciences, telecom, manufacturing, and tech, Simpson Thacher & Bartlett LLP‘s Tokyo practice is often involved in complex multi-jurisdictional capital markets transactions. Recently, the team has been busy handling global equity issues, debt issuances, IPOs, and follow-on offerings for both domestic and international underwriters, financial institutions and corporates. The group is jointly led by Alan Cannon and Takahiro Saito. Cannon, who has a strong background in capital markets and M&A transactions, handles high-profile equity and debt issuances, including sustainability-linked bonds, and Sito is especially sought after to advise on global securities transactions such as Rule 114A, Regulation S and US registered offering. Another name to note is counsel David Snowden.

Skadden, Arps, Slate, Meagher & Flom LLP acts for major Japanese and international issuers, underwriters and financial institutions, including Morgan Stanley, JP Morgan, Mizuho and Mitsubishi UFJ Morgan Stanley Securities, on IPOs, follow-on offerings, and senior and subordinated note programmes. Mitsuhiro Kamiya overseas the group alongside ‘go-to partner’ Kenji Taneda, who is highly rated as ‘a strong US capital markets lawyer, with a strong technical background’. Kamiya and Taneda work with Ken Kiyota.

At Baker McKenzie (Gaikokuho Joint Enterprise), the Tokyo office works in an integrated basis with the firm’s global network to offer issuers, investment banks, shareholders and government bodies advice on cross-border matters, including stock exchange listings, note programmes, real estate investment trusts, international tender offers, securitisation and hedging transactions. With more than 20 years of experience in handling structured finance products, Seiji Matsuzoe leads the team, which includes Gavin Raftery, who focuses on venture capital, project finance, and derivatives; and counsel Hiroki Watanabe, a key contact for financial and securities regulation matters.

Paul, Weiss, Rifkind, Wharton & Garrison LLP‘s Tokyo office is frequently sought after to handle equity, debt and hybrid securities offering, including SEC-registered and Rule 144A offerings as well as private placements on behalf of international and Japanese issuers and underwriters. With extensive experience in advising on capital markets transactions and cross-border M&A, Tong Yu heads up the practice, which has a longstanding relationship with Mitsubishi UFJ Financial Group. Christopher Frey left the firm in April 2022.