Japan's mergers and acquisitions (M&A) activity reached over ¥36.4 trillion ($230 billion) in 2024, marking the busiest year since data collection began in 1985. This surge was driven by changing corporate attitudes towards shareholder value and capital efficiency, with private equity funds playing a significant role in acquiring businesses. Additionally, Japanese corporations became the largest buyers of domestic stocks, executing aggressive share repurchases that contributed to a record trading volume of over ¥2,600 trillion, a 30% increase from the previous year. Dealmakers are anticipating a busier 2025 as these trends continue to evolve.