The Ministry of Economy, Trade and Industry of Japan commissioned NERA’s Tokyo office to conduct research on the enforcement of merger regulations and the use of economic analysis in merger review in major countries. This report, created by a NERA team led by Vice President Dr. Hiroaki Ishigaki, summarizes the merger review processes of Japan, the US, the EU, the UK, France, Germany, Canada, Australia, New Zealand, China, and South Korea and compares and analyzes the differences in their regulations and enforcement. Moreover, the report, which is available only in Japanese, analyzes the enforcement of the merger review process in Japan, based on approximately 30 interviews with antitrust law practitioners, antitrust law academicians, and corporate managers in charge of mergers, as well as a survey of approximately 160 Japanese firms. It shows that, on one hand, the current Japanese merger guidelines and the informal pre-notification consultation are well received, but there is a need for improving the transparency and fairness of the review process as well as the predictability of the review period and the agency’s decision.

This report is available in Japanese only.