Megadeals Like Toyota’s Set Japan on Course for Record M&A Run

Last year’s deals boom put Japan on the priority list for bankers and investors, and momentum toward the end of the first quarter suggests 2026 could go a step better, even with the crisis in the Middle East.

Leading the charge, the Toyota group has reached an agreement with Elliot Investment Management — after a standoff — to privatize Toyota Industries Corp. in a transaction valuing the company at $43 billion. That’s the biggest acquisition ever of a Japanese firm. Then there’s Tokyo-based SoftBank Group Corp., which has committed $30 billion to OpenAI’s $110 billion fundraising.