JIN-493 -- An M&A Christmas

[jin at mailman.japaninc.com]

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J at pan Inc Newsletter
The 'JIN' J at pan Inc Newsletter
A weekly opinion piece on social, economic and political trends
in Japan.
Issue No. 493 Wednesday December 3, 2008, Tokyo

Tokyo has been lit up by the millions of fairy lights that makes a
Japanese Christmas more reminiscent of a jewelry TV commercial than
National Lampoon's Christmas Vacation. And for good reason too:
Christmas here is about two things – winter romance and buying stuff.
A quick survey around Omotesando, Shibuya or Ginza could make you
forget about everything that has been going on as throngs of shoppers
wander around in the season's latest clothes looking at things to buy.

And Japanese consumers aren't the only ones doing the buying.
So far this year, mergers and acquisitions have totaled a record $75 billion,
according to Bloomberg. And things are going to heat up next year as
Japanese companies attempt to boost shareholder value. This year about
have the value of the nation's stocks have been wiped out - 48
percent - and a lot of companies are in need of something to keep
shareholders happy.

JP Morgan's new head of M&A Masaru Shibata, who left Lehman Brothers
after it went bankrupt, told Bloomberg Tuesday he believed Japanese
companies would expand even further next year.

"Merger and acquisitions activity in Japan will intensify further,"
Shibata told Bloomberg. "The recent share plunge is creating a sense
of anxiety and an incentive for companies to sell non-core assets and
strengthen business abroad."

The combination of weakened share prices and the strengthening yen
have made acquisitions abroad more attractive for Japanese companies.
Some of the big buys in 2008 were of course Nomura's purchase of
Lehman Brothers and Mitsubishi UFJ Financial Group's investment of $9
billion in Morgan Stanley. So far, JP Morgan is currently the
sixth-ranked financial adviser for Japanese M&A this year - according
to Bloomberg, the company advised on 29 transactions, including NTT
Docomo's purchase of a 26 percent stake in India Tata Teleservices.

As things shift in the global markets, companies are looking to
reposition themselves and, as we have seen already, get rid of any fat
that they have. While there are have been plenty of employees wanting to
jump ship, recruitment companies have still been left hurting as the number
of positions at companies are reduced. But on the other hand, some
businesses have moved quickly to take advantage of the turmoil.
Greenhill & Co., a New York-based investment bank, announced last
October it plans to start an M&A advisory in Japan. The company has
already setup a Tokyo office and has brought onboard a couple of heavy
hitters in Kensuke Hotta, the former chairman of Morgan Stanley Japan
and Hiroto Yamada, the former head of merger advisory at Merrill
Lynch's local unit.

So, at the Boxing Day sales there may be more than just Nintendo Wiis
for sale and it looks like there will be plenty of Japanese companies
prepared to do some buying. Whether they'll turn around to see all
their assets promptly walk out the door such as in the case of Lehman
and Nomura, or they'll see a reinvigoration of shareholder confidence,
will be something best left to the fortune tellers rugged up on the streets
of Ginza... or the M&A gurus.

Michael Condon.
Editor-in-chief

Winter edition of Japan Inc

Japan Inc will be redeveloping its Website to bring readers more
up-to-date analysis and comment on everything business-related in
Japan. Make sure you check out www.japaninc.com over the next months
as it takes on a new look with more content than ever. The printed
version of the magazine will take on a quarterly format and will be
packed with features, so keep an eye out at bookstores or
alternatively subscribe so that you don't miss getting your copy.

This month's cover story is an examination of the copyright war as the
government moves to crack down on illegal downloads. We talk to some
experts on both sides including Web entrepreneur Joi Ito and former
President and COO of Universal Music International John Kennedy, about
where the future of intellectual property laws will lie. Also, in our
CSR special we examine the good and bad from the companies using CSR
as a PR smokescreen to Japan's fight for sustainability.

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Entrepreneur Association of Tokyo-Seminar
-Wednesday, December 3rd

Speaker: Maria Mercedes M. Corrales, Representative Director
CEO and COO of Starbucks Coffee Japan, Ltd.

Join EA-Tokyo's holiday seminar to hear Maria Mercedes
(Mercy) M. Corrales.

Mercy joined Starbucks Coffee Japan Ltd. in January 2006
and now overseas the operation of the publicly listed company
with approximately 800 coffee shops in Japan.

Prior to Starbucks 'Mercy' worked for 31 years with Levi
Strauss and Co where she held a series of key executive
positions in a number of international markets in Southeast
Asia, North Asia (including Greater China) and South America.
>From 2001 through 2005, Mercy was President and Representative
Director of Levi Strauss Japan K.K. and led the publicly traded
Japanese entity to a highly profitable and successful business.
Mercy has built a reputation for strong leadership in building
world class teams, excellent business and brand management
skills, and deep understanding of different cultures and
operating environments.
Mercy has been chosen as the Business Stateswoman of 2008
by the Harvard Business School Club of Japan.

Please sign up early while seats are available.
Date/Time: Wednesday, December 3rd, 7:00 pm
Location: Shinsei Bank Head Office - 20th Floor
Language: English
Website: http://www.ea-tokyo.com

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