This paper explores contemporary trends in cross-border M&As in Japan and examines whether they have truly become globalized. The key findings are as follows. Firstly, we reveal that cross-border M&A transactions where Japan is the buyer have recently decreased. Secondly, cross-border M&A transactions, in which foreign companies are the buyers, have increased. Thirdly, M&A transactions between domestic Japanese companies have also clearly increased. Consequently, we can conclude that overall, cross-border M&A activity in Japan may be becoming less globalized.
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