Nomura Beats Goldman to Top Spot in a Record Year for Japan M&A

Nomura Holdings Inc. took back the top spot in advising on Japanese mergers and acquisitions in 2025 when deals related to the country hit a record.

Japan’s biggest brokerage won ¥18.6 trillion ($121 billion ) of M&A advisory deals last year, leading the pack after slipping to No. 2 in 2024, Bloomberg-compiled data show. Goldman Sachs Group Inc. came in second. The total value of M&A transactions in Japan shot up 89% to a record ¥59.5 trillion.

“Both domestic and cross-border deals were numerous, making it an extremely active year,” said Kei Nitta, a senior corporate managing director overseeing ...