Executive Summary
In 2025, Japanese companies announced 361 cross‑border M&A transactions across the Asia‑Pacific (APAC) region (Syntax Partners survey; observation‑date basis, same hereafter). Singapore recorded the highest number of deals (57; 15.8%), followed by China (50; 13.8%), Vietnam (42; 11.6%), Thailand (39; 10.8%), and India (37; 10.2%).
By industry, Information & Communications (65; 18.0%) again led activity, with Chemicals & Materials (13.9%), Financial Services (10.0%), Consumer & Retail (9.1%), and Healthcare (6.6%) forming the upper tier.
Taken together, 2025 marked an acceleration of portfolio reconfiguration across APAC, as Japanese corporates pursued both geopolitical de‑risking and deeper investment in growth adjacencies, often simultaneously.
This report first reviews tallies by industry and country/region, then expands into sector‑level and country‑level trend analysis, and concludes with cross‑cutting themes and implications for 2026.
Deal Tallies
By Industry (APAC targets; 2025)
| Industry | Deals | Share |
|---|---|---|
| Information & Communications | 65 | 18.0% |
| Chemicals & Materials | 50 | 13.9% |
| Financial Services | 36 | 10.0% |
| Consumer & Retail | 33 | 9.1% |
| Healthcare | 24 | 6.6% |
| Energy & Resources | 23 | 6.4% |
| Transportation Equipment | 21 | 5.8% |
| Electronics | 20 | 5.5% |
| Professional Services | 20 | 5.5% |
| Industrial Services | 19 | 5.3% |
| Logistics | 17 | 4.7% |
| Machinery | 10 | 2.8% |
| Other Manufacturing | 10 | 2.8% |
| Real Estate | 7 | 1.9% |
| Leisure & Entertainment | 6 | 1.7% |
| Total | 361 | 100.0% |
(Figure 1) Japanese corporate M&A in APAC by industry, 2025 (Syntax Partners survey; observation‑date basis).
By Country/Region (APAC targets; 2025)
| Country/Region | Deals | Share |
|---|---|---|
| Singapore | 57 | 15.8% |
| China | 50 | 13.8% |
| Vietnam | 42 | 11.6% |
| Thailand | 39 | 10.8% |
| India | 37 | 10.2% |
| South Korea | 31 | 8.6% |
| Taiwan | 25 | 6.9% |
| Indonesia | 21 | 5.8% |
| Malaysia | 18 | 5.0% |
| Australia | 16 | 4.4% |
| Hong Kong | 10 | 2.8% |
| Philippines | 9 | 2.5% |
| Others (e.g., Myanmar) | 6 | 1.7% |
| Total | 361 | 100% |
(Figure 2) Japanese corporate M&A in APAC by country/region, 2025 (Syntax Partners survey; observation‑date basis).