The global M&A market recovered in January–August 2026, with total deal value up approximately 15% year on year. The number of deals in Japan has continued to increase and is expected to rise approximately 2.8% year on year for the full year.
According to “The 2026 M&A Report” published by Boston Consulting Group (BCG), global M&A deal value rose approximately 15% year on year in the first half of 2026, with the recovery trend expected to continue. In addition to its analysis of global markets, BCG also published an analysis focused on the Japanese market.
The number of deals in Japan has remained firm, and BCG forecasts that the full-year deal count will rise 2.8% from 2025. Factors behind the growth include stronger corporate governance, demands for improved capital efficiency, sound balance sheets and activist pressure.
The report points to increased activity in group restructuring and acquisition proposals for listed companies. Specific trends include progress in group restructuring, such as the reorganization and sale of businesses within groups, turnarounds of overseas subsidiaries and the unwinding of parent-subsidiary listings, as well as an increase in proactive acquisition proposals by buyers.
Examples cited include group restructuring activity, including the completion of the TOB for Toyota Industries, and DENSO’s acquisition proposal for ROHM. BCG’s Yokotaki Takashi (横瀧 崇) commented that companies have been taking actions in line with these trends since the beginning of 2026.