The IFLR Guide to Japan 2005

  • Editorial

  • UBS interview

    Giving Japan's distressed assets a well-needed workout Japanese companies accept that they need private - mainly foreign - money to help them out of their financial troubles, and restructurings and buyouts are booming. Andrew Crooke asks Fumitaka Eshima, UBS's head of legal in Japan, what challenges investors and their financiers face when structuring these deals

  • Legal system reform

    Japan widens access to legal services Japan is finally trying to meet the demands of the business community for access to more lawyers and a true one-stop-shop for domestic and international advice. By Tom Goodwin, head of trade policy at the British Embassy in Tokyo

  • Financial system reform

    Financial system reform: scope, pace and potential Naosuke Fujita and Darin A Bifani of Paul Hastings Janofsky & Walker review the long-awaited reforms of recent years to Japan’s financial system

  • Hostile takeovers

    Hostile takeovers in Japan: the UFJ example David G Litt of O'Melveny & Myers and Hajime Iwaki of Watanabe Kokusai Law Offices analyze the implications of the UFJ-Mitsubishi Tokyo Financial Group takeover deal for M&A practices in Japan

  • Corporate governance

    Ensuring high corporate governance standards in Japan Takanobu Takehara and Takafumi Nihei of Nishimura & Partners compare the corporate governance issues facing the two typical types of joint-stock company that exist in Japan

  • M&A

    Data protection law poses problems for M&A Japan's new data protection law limits access to personal information in the due diligence process. Shinji Kusakabe and Nobuhito Sawasaki of Anderson Mori & Tomotsune run through the provisions of the new act and how it affects M&A transactions

  • M&A structures

    Structuring tax-free mergers and acquisitions While there are several ways to structure tax-free mergers and acquisitions, changes to Japan law would make more of these deals possible, says Atsushi Oishi of Mori Hamada & Matsumoto

  • Leveraged finance

    How to finance buyouts in Japan Minoru Ota and Kentaro Suzuki of Nagashima Ohno & Tsunematsu outline the opportunities and the challenges when financing leveraged and management buyouts in Japan

  • Project finance

    Effective security packages bring project finance surge Project finance in Japan is booming as security packages evolve to meet the demands of increasingly complex transactions, explains Naoaki Eguchi of Tokyo Aoyama Aoki Law Office/Baker & McKenzie

  • Project bonds

    Project bonds offer new financing option Proposed reforms should give Japanese project companies access to a new source of long-term capital in the form of project bonds. In the meantime, Takeshi Mukawa of Mori Hamada & Matsumoto explains how the existing legal hurdles can be overcome

  • Disclosure

    Disclosure reforms to restore investor trust The updated Securities and Exchange Law aims to give investors in Japan'’s securities markets renewed confidence by ensuring higher and more reliable disclosure standards. Hiroyuki Ishizuka and Masaki Konishi of Nagashima Ohno & Tsunematsu explain

  • Equity capital markets

    Momentum builds for equity and equity-linked products Japan's capital markets are showing promising signs that they can sustain their recent growth, with investors snapping up new products and a changing regulatory framework that is encouraging capital raising. By Piyasena Perera and Joshua Schwab of Allen & Overy

  • Emissions trading

    Developing a framework for emissions trading in Japan Japan's commitments to the Kyoto Protocol mean emissions trading must develop rapidly, but a legal infrastructure is urgently needed, say Minoru Ota and Yoshitoshi Imoto of Nagashima Ohno & Tsunematsu

  • Investment funds

    Japan brings more certainty to investment fund structures Equity in foreign limited partnerships is starting to receive equal legal treatment in Japan, explains Tadashi Yamada of Atsumi & Partners

  • Structured finance

    Resistance to innovation slows derivatives market With credit spreads remaining tight, Paul Cluley of Allen & Overy explores the potential for new structured finance products and innovation in the derivatives market

  • Cayman Islands structures

    The benefits of Cayman Islands structures Cayman Islands law provides benefits for special purpose vehicles, say Ian Ashman and John Rogers of Walkers. The Cayman Islands is also the jurisdiction of choice for Japanese investors, say Vicki Hazelden and Mark Lewis of Walkers