J.P. Morgan Japan FTM 11 Jun 26 Foreign asset managers eye up Japan life insurers; Asics spin-off; Mitsui O.S.K. Lines meeting; Ryohin Keikaku update; Yokohama Rubber update; Meiji Holdings update and More

Research evidence excerpt

J.P. Morgan Japan FTM 11 Jun 26 Foreign asset managers eye up Japan life insurers; Asics spin-off; Mitsui O.S.K. Lines meeting; Ryohin Keikaku update; Yokohama Rubber update; Meiji Holdings update and More

Asia Pacific Equity Research

Japan First to Market 11 June 2026

Top Stories

Life Insurance Industry (Koki Sato)

Foreign asset managers eye up Japan’s huge insurance liabilities

On June 10 (Japan time), The Financial Times reported that the US asset management company Apollo Global Management is

looking into possibly acquiring life insurance subsidiaries of T&D Holdings and Orix, aimed at accelerating its business

expansion in Japan. According to the report, discussions are still in the early stages, but Japan’s Financial Services Agency

(FSA) has expressed reservations about at least one case. We have not confirmed the accuracy of the article, but we do not

find it surprising that overseas private capital such as Apollo is very interested in Japan’s life insurance industry. We think

Japanese life insurers may attract even greater attention going forward.

ASICS (7936) (Ami Terai) (7936 JP, OW)

Announces spin-off of Onitsuka Tiger

Asics announced on the morning of June 10 JST that it will spin off Onitsuka Tiger and turn OT Group into the business’s global

headquarters as part of organizational restructuring. The spin-off is aimed at speeding up decision-making and clarifying

responsibility and authority in order to maximize brand equity. Asics has previously updated its organizational structure in part

by introducing the category-based management system* and the cost owner system**, which laid the foundation for the

company’s strong earnings, and we expect the latest restructuring to also lead to long-term business expansion. In contrast,