July 2025

10 Ways Japan's Economy is Moving Toward Greater Alignment With Developed Countries

Hello from Nomura!

Welcome to the first in a new series of newsletters where we will share highlights from across the firm over the past month.

We kick started June with our flagship Nomura Investment Forum Asia event in Singapore, which hosted a stellar lineup of speakers including Mick Mulvaney, former Acting Chief of Staff to President Donald Trump, and a senior Singapore Government Minister.

The M&A rankings for the first six months are out, and we have been ranked 1st for Japan M&A, and 1st for Japan EMEA cross-border M&A. The strong performance has also positioned us 11th globally among the world’s top M&A advisors.

We won three accolades in GlobalCapital's Debt Capital Markets awards.

Our research team examines 10 ways Japan’s economy is moving toward greater alignment with developed countries.

And finally, we hosted the crème de la crème of Scandinavia’s institutional investor community for our Volatility of the World summit in Copenhagen.

Thanks for reading.

Thought Leadership

Check out our top 5 insights

Asia Faces Growing Transshipment Challenges

Amid trade tensions, it has become increasingly complex for Asian countries to negotiate trade deals with the US while maintaining economic ties with China. Read more 🔗

US Economy: Glass Half Full or Half Empty?

While US economic performance has been mixed since President Donald Trump took office, Nomura economists believe a slowdown in growth and a rise in inflation are coming. There is mounting evidence that stagflationary pressures are building. Read more 🔗

Green Structured Note Market Increases in Volumes and Sophistication

The market for green structured notes continues to grow in depth and innovation with new entrants and a broader variety of structures. Read more 🔗

No Longer an Outlier

Ten ways the Japanese economy is moving toward greater alignment with other developed economies. Read more 🔗

Private Equity Sponsors Turn to NAV Financing as Exits Remain Subdued

General Partners of private equity funds are increasingly adopting net asset value  financing as a dedicated strategy from the outset of a fund’s life amid ongoing challenging market conditions for exits and new capital raises. Read more 🔗

The Week Ahead – Independence Trade

The UK saw another round of combined sterling and gilt weakness, a pattern which is becoming worryingly familiar. Politics elsewhere seemed to have run a bit more smoothly with the US budget bill passing through the Senate and House, teeing up some degree of fiscal expansion for the year ahead. Tariffs remain on the agenda for the week ahead.

Media Spotlight

Jwalant Nanavati, Head of Investment Banking, Asia ex-Japan, appeared on Bloomberg TV to share his views on the state of deal-making in Asia. Jwalant noted that the overall deal-making environment is complex mainly due to tariff uncertainty but pockets of opportunity remain, including in consumer, healthcare, infrastructure and technology.

Event Highlights

The much-anticipated Nomura Investment Forum Asia (NIFA) took place from June 3 to 5 in Singapore, bringing together over 1,200 global investors with 140 APAC companies to discuss the latest in geopolitics, economics, technology and global trends. Over three days, delegates engaged in insightful conversations across a wide range of topics through key addresses, panel discussions and investor meetings. Rig Karkhanis, Head of Global Markets, used his welcome address to touch on the current global landscape, highlighting higher bond yields, supply chain disruptions, untethered fiscal deficits, geopolitical risks and divergence in monetary policies.

“In such times, we aim to be a connector – bringing together people, ideas, and opportunities, across markets and regions. This forum is part of our long-term commitment to help you contextualize market complexities, identify opportunities and inform your investment decisions,” Rig said.

M&A Rankings

Awards

GlobalCapital Bond Awards 2025

We are proud to have won an impressive three awards at the GlobalCapital Bond Awards 2025 ceremony in London on Wednesday, June 18.

• Most Impressive SSA House for the Japanese Market
• Most Impressive FIG House in Yen
• Most Impressive FIG House in Australian Dollars

“We are proud to have won these awards which recognize Nomura’s global debt business and our ability to deliver financing solutions to our clients across a range of markets,” said Morven Jones, Head of EMEA Debt Capital Markets Origination.

Nomura Community

Nomura is proud to support our new partnership with The Financial Times to better prepare students for life beyond the classroom. FT Schools provides free access to FT.com for students around the world aged 16-19, helping young people navigate their next steps.

The latest FT Schools Special Report, sponsored by Nomura, is now live on FT.com. Navigating the Digital World helps students build the skills and awareness they need to thrive online. It includes:

• How to deal with misinformation
• How to use AI - How to make money buying and selling things online
• How to deal with online problems such as bullying and scams
• How to apply for jobs online - 12 apps to help navigate the online world.

Learn more 🔗

Nomura Celebrates its 100th Anniversary

Later this year, Nomura Group celebrates its centenary, a significant milestone for the firm as we look back at our achievements and look forward to an exciting future.

Check out our 100th anniversary website that traces our history from its early beginnings as a money changing business in Osaka to a leading international financial services firm with operations across more than 30 countries.   

See you next month for more updates and insights!