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It was a year of ups and downs in Japan's capital markets. In debt, corporate thought twice about issuing as they continued to reduce their debt levels. In equity and M&A Japanese companies became more confident as the markets began to get used to new, more aggressive structures. Asiamoney awards those banks and issuers that pushed the development of Japan's capital markets.

Best FX products and services providers in Japan for 2004

Sumitomo-Mitsui Bank's attempt to disrupt the merger between Mitsubishi Tokyo Financial Group and UFJ Holdings has forced Japanese M&A into the spotlight. As Richard Morrow reports, with the economy posting signs of yet another fragile recovery, companies are coming under pressure to boost shareholder value and profits, and there are still restructuring candidates waiting to be sold off.

From big banks, to small hospitals, and ultimately even pachinko parlours and intellectual property – Japan's securitization market is enjoying a trickle-down effect with demand outstripping supply and a willingness to try new products. Despite the potential, a viable, transparent secondary market remains something to work towards, writes Richard Morrow.

Equity derivatives flow sales pair quit Lehman Brothers for fund management group.

２００４年は日本の資本市場にとって浮き沈みの激しい年であった。企業は債務の削減を進める中、債券の発行には慎重な姿勢を維持した一方、株式発行とＭ＆Ａでは、様々なストラクチャーをより積極的に利用した。本誌は、日本の資本市場の発展において次の一歩を踏み出した銀行と発行体企業の栄誉をたたえ、各賞を授与する。

Australia's Big Four are all set for change at the highest level, at a time when their golden decade of easy money and remarkable progress may be drawing to a close. The leaders of these banks will step down, paving the way for another generation of bankers to take the title of CEO. Andrew Cornell takes a look at the contenders who could soon be leading the country's biggest banks.

As the results from Asiamoney's 13th annual Best-Managed Companies Poll 2004 reveal, investors in Asia can quickly change their minds over which companies impress the most.

If market share and fees generated are the only measures, China International Capital Corporation, started as a joint venture with Morgan Stanley, must be judged a huge success. CICC has muscled in on most Chinese enterprises foreign IPOs, participating in offshore deals worth at least US$23 billion, or three-quarters of the overseas share sales of Chinese companies in the past 10 years. It's also held an unusual level of influence over the foreign banks that were chosen for IPOs. But its gatekeeper role, and power to influence decision-makers is being challenged. Joanne Gray reports.

The Australian corporate bond market came of age last year. With more than A$40 billion (US$31 billion) issued, it was more than double that of the previous year. And with markets outstanding now in excess of A$115 billion, Australia ranks as one of the largest corporate bond markets globally. There are, however, challenges ahead. With A$60 billion of corporate issuance going offshore, more needs to be done by the domestic market to attract a greater share of this Australian corporate bond issuance. Three investors, three issuers and two bankers sit down with Asiamoney to discuss what needs to be done and how they will go about it.

In the cutthroat world of interdealer brokers—the middlemen between FX and derivatives trades—courting talented employees from rival firms is an established way of getting business. And as a result, injunctions and lawsuits are common. But since the beginning of the year, BGC Partners, the re-branded voice-broking arm of Cantor Fitzgerald, has started seizing employees from its rivals in a scale never experienced before in the Asia-Pacific region. Richard Morrow reports.

After enjoying months of good deal flow, Asian high-yield bonds were hammered by a combination of bad news, with recent deals suffering the most. Richard Morrow asks whether the market correction has just put off a drop in bond issuance standards, or whether high yield is still a fundamentally sound growth sector.