Barclays Taps Hiroshi Minoura to Lead Japan’s Surge in Cross-Border M&A Deals

The elevation of Hiroshi Minoura to Chairman of Investment Banking in Japan represents a logical next step for Barclays as it seeks to deepen its influence in one of Asia’s most dynamic M&A markets. Having served as senior advisor since July 2024, Minoura brings institutional knowledge and long-standing networks across Japanese and international banking. His pedigree—over four decades in services, senior leadership at Sumitomo Mitsui Banking, and advisory roles at Bank of America Securities—equips him to guide Barclays through larger, more complex cross-border deals [1].

This appointment comes on a backdrop of accelerating M&A momentum in Japan. In the first half of 2025, Japan saw approximately $232 billion in deal volume, a year-over-year surge that solidified its role as a central driver of Asia’s overall deal activity [2][6]. Structural factors—such as low interest rates, a weak yen, and corporate governance reforms (including regulatory updates on acquired subsidiaries, cross-shareholdings, and activist investor influence)—are lowering barriers to both inbound and outbound transactions [6][5].

For Barclays, Minoura’s chairmanship signals an intention to capture a larger share of strategic mandates. His portfolio—advising on major transactions, expanding the client base, supporting cross-border deals—aligns closely with how international banks are responding to Japan’s market trends. Given that Japanese firms are increasingly seeking growth via outbound acquisition and foreign investors more active domestically, there is growing demand for global advisory expertise with local insight. Barclays, with Minoura, is positioning itself as a bridge across geographies.

There are, however, open questions and risks. Valuation mismatches remain a challenge, especially when domestic companies evaluate foreign offers [6][2]. Competitive pressure is rising—not only from established Japan-based banks but from international banks increasing their footprint and specialist boutiques. Also, as regulatory reforms mature (e.g. METI takeover guidelines, TSE governance codes), Barclays must stay nimble in compliance and stakeholder engagement to avoid reputational or legal missteps. Finally, macro-variables like rate volatility, yen performance, and global capital flows will continue to create uncertainty.

Strategic implications include:

• Barclays may increasingly seek cross-border deal flow and raise its profile in sectors where Japanese corporates are most active (e.g. industrials, energy, tech) to leverage outbound investment demand.
• Local client expansion will be critical—Minoura’s understanding of client engagement and regulatory landscape positions the bank to win mandates with domestic corporates navigating governance pressure, divestment, or spin-offs.
• Barclays may also push into structured finance and alternative deal structures (blended capital, private debt) to service the evolving needs of Japanese firms and foreign acquirers looking to minimize risk amid yen depreciation and rate sensitivity.