JAPAN Trends and Developments Contributed by: Sadao Maeda, Yusuke Hayashi and Masato Tanaka, TMI Associates
ratio of IPOs to M&A in Japan is approximately 7:3, whereas in the USA, M&A predominates with a ratio of approximately 1:9. Furthermore, unlike in the USA, the secondary market for unlisted companies is not active in Japan, thereby limiting the exit options available compared to the USA. In recent years, development of the secondary market has been under consideration and nec - essary disclosure rules have actually been put in place and, along with some regulations having been eased, it is anticipated that the expansion of exit options and opportunities for start-ups in Japan will bring about further investment from VC and other sources, leading to continued growth and success for Japanese start-ups.
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