Behind the Money: KKR, Bain and private equity’s push into Japan

Behind the Money: KKR, Bain and private equity’s push into Japan

Author: Financial Times December 24, 2025 Duration: 21:43

When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates.


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This is a repeat of an episode published on Behind The Money, a sister podcast of FT News Briefing, on November 26, 2025. Follow Behind the Money on AcastApple PodcastsPocket Casts or Spotify.





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