TOKYO – Houlihan Lokey CEO Scott Adelson asserted that a weak yen may no longer be detrimental to the Japanese economy, speaking at an investor event in Tokyo on March 3, 2026. The comments come as Japan remains a key target market for the Los Angeles-based investment bank, according to a statement released by the firm.
Adelson’s remarks challenge conventional economic wisdom regarding the impact of currency devaluation. Traditionally, a weaker yen has been viewed as potentially inflationary and damaging to consumer purchasing power. Yet, Adelson suggested that the current economic climate presents a different scenario, particularly in the context of mergers and acquisitions (M&A).
The Nikkei reported that Adelson anticipates increased M&A activity in Japan, fueled by the combination of low interest rates and the yen’s diminished value. This environment, he believes, creates favorable conditions for both domestic and international investors seeking opportunities within the Japanese market. Houlihan Lokey has seen significant growth in M&A volume globally, emerging as a leader in the field, according to recent reports.
Scott Adelson assumed the role of CEO at Houlihan Lokey in June 2024, having previously served as co-president and global co-head of corporate finance. His appointment followed a period of expansion for the firm, including the 2021 acquisition of GCA Corp., which bolstered its presence in Asia and Europe. Adelson’s career with Houlihan Lokey began in 1987, and he has been instrumental in advising hundreds of companies on complex corporate finance issues, according to his official biography.
Recent market trends support the expectation of increased M&A activity. A report from ICE indicated a rebound in the M&A landscape in 2025, driven by stable interest rates, improved market conditions, and rising CEO confidence. Strategic buyers are actively pursuing deals to foster growth, expand capabilities, and strengthen competitive positioning.
Adelson recently discussed trends in private credit with Bloomberg, noting the importance of this sector in supporting the broader economy. Houlihan Lokey maintains a Private Credit DataBank, reflecting its commitment to providing insights into this evolving financial landscape.
The firm’s focus on Japan comes as the country experiences a surge in both domestic and private equity-driven M&A deals. The trend reflects a broader consolidation within Japanese companies, as they seek to adapt to changing market dynamics and global competition.
