When international private equity groups first entered Japan at the turn of the 20th century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates.

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Clips from Toho

Standfirst: The country is courting firms to help shake up moribund corporates and spur industry consolidation

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For further reading:

Is Japan private equity’s next frontier?

Buyout firms play the long game beyond Tokyo

Investors sense this time is different for Japan

KKR-owned auto parts supplier Marelli files for US bankruptcy protection

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Follow David Keohane (@DavidKeo) and Leo Lewis (@Urbandirt) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

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KKR, Bain and private equity’s push into Japan

Behind the Money