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UNVEILED: THE FINALISTS FOR THE ALB 2013 JAPAN LAW AWARDS MAY 2013 NORTH ASIA EDITION ALSO: INDIA / PHILIPPINES / TAIWAN / THAILAND / VIETNAM SCEPTIC TEST JAPAN REPORT MULTIPLE CHOICES INSIDE Is Abenomics delivering Future growth lies Offshore financial the desired boost for overseas, and SE Asia is centres look to stand out n Deals SPOTLIGHT 04 Japan? the target from the pack n GC INTERVIEW 06 n LEAGUE TABLES 07 PAGE 03 PAGE 22 PAGE 34 n APPOINTMENTS 08 WWW.LEGALBUSINESSONLINE.COM : @ALB_Magazine : Connect with Asian Legal Business CONTENTS 1 03 “THE NUMBER OF M&A CASES FROM JAPAN TO VIETNAM AND THE REGION IS STILL INCREASING, EVEN THOUGH THE LOCAL ECONOMY IS NOT NECESSARILY VERY GOOD IN VIETNAM.” HIKARU OGUCHI, Nishimura & Asahi 22 REUTERS/Toru Hanai COVER STORY Intellectual Property Rankings 2013 10 King & Wood Mallesons, Allen & Gledhill, Anand and Anand and Baker & McKenzie are just a few of the big names to make the top tiers of ALB’s definitive rankings of intellectual property law firms in 2013. The rankings spotlight the best law firms in the region in both patent and trademark/copyright work. FEATURES NEWS JAPAN COUNTRY REPORT: 22 Offshore choices 34 ASEAN promises As offshore financial centres compete BRIEFS Japan’s outbound M&A deals have picked with each other for new business, they — The Big Story 03 up immensely in recent years. But a are promoting the specialties they have — Deals Spotlight 04 depreciating yen, hastened by the BOJ’s developed over time. And while they tend — Financial Graphics 05 unprecedented stimulus, threatens to to offer a generally similar corporate slow overseas investment. Nonetheless, environment, there are important — Reactions 05 Japanese companies believe that the characteristics that set them apart for — GC Interview 06 future for growth lies overseas - Southeast prospective clients, finds Raghavendra Asia is a lucrative target, reports Kanishk Verma LEAGUE TABLES 07 Verghese Japan Law Awards: The finalists 46 APPOINTMENTS 08 JAPAN COUNTRY REPORT: 28 unveiled Aircraft finance takes off Now in its 9th successful year, the ALB Japan’s big banks are fast expanding into Japan Law Awards 2013 recognise the SPONSORED global aircraft financing and leasing, find excellence and outstanding achievements REGIONAL Update Taiga Uranaka of Reuters and Kanishk of Japan’s leading law firms and in-house — Singapore 09 Verghese of ALB legal teams. Loo & Partners ASIAN LEGAL BUSINESS 2 EDITORIAL MAY 2013 MANAGING DIRECTOR Andrew Smart [email protected] EDITOR A TIME FOR IP Ranajit Dam [email protected] he dynamics of intellectual property in Asia are fast changing. JOURNALISTS As Asia Inc forges ahead, IP is playing a larger role in the business Kanishk Verghese sector, as corporations and individuals are becoming more alert to [email protected] the subject. Zhen Liu TCompanies, especially those in North Asia, continue to look overseas to [email protected] expand their operations, and are starting to exercise their IP rights more COPY EDITORS aggressively. Many have found themselves entangled in litigation on all Vasundhara Chatterjee fronts, including patents, trademarks and copyright disputes. One of the most highly publicised ongoing patent battles is between tech giants Apple CONTRIBUTORS Raghavendra Verma and Samsung. The battle rages on. Ed Lane Patent disputes in the pharmaceutical industry have also come to the fore. In early April, India’s Supreme Court dismissed Swiss drug maker Novartis’ HEAD OF SALES attempt to win patent protection for its cancer drug Glivec, a blow to Western Regina Keung [email protected] pharmaceutical firms targeting India to drive sales and a victory for local makers of cheap generics. Elsewhere, South Korea’s free trade agreement ACCOUNT MANAGERS with the U.S. took effect in March 2012, which Korean lawyers say is inviting Jessie Cheung (Senior Sales Director, North Asia) a rising number of patent disputes between pharmaceutical leaders. Not [email protected] Yvonne Cheung (Account Director, China) surprisingly, the industry is watching with bated breath. [email protected] Keeping this in mind, the ALB 2013 Intellectual Property Rankings comes Mohammed Ali (Account Manager, SE Asia) at a particularly important time. The rankings showcase the best law firms [email protected] in Asia’s major jurisdictions in both patent and trademark/copyright work. DIRECTOR, EVENTS Congratulations to those who’ve made the list! Lucinda Maguire [email protected] DESIGNER John Agra TRAFFIC MANAGER Rozidah Jambari RANAJIT DAM Editor Asian Legal Business Thomson Reuters [email protected] ASIAN LEGAL BUSINESS is available by subscription. Please call +852 3762 3269 (Hong Kong), +65 6775 5088 (Singapore) for details or THOMSON REUTERS TRUST PRINCIPLES visit www.legalbusinessonline.com 01 That Thomson Reuters shall at no time pass into 04 That Thomson Reuters shall pay due regard to the Copyright is reserved throughout. 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ALBEditor@ subscribers and to businesses governments, thomsonreuters.com institutions, individuals and others with whom Thomson Reuters has or may have contracts; 05.2013 BRIEFS 3 INSIDE DEALS: YOUR MONTH AT A GLANCE 4 / REUTERS NEWS 5 / FINANCIAL GRAPHICS 6 / REACTIONS 6 / GC INTERVIEW 7 THE BIG story The sceptic test IS ‘ABENOMICS’ WORKING? By TOMASZ JANOWSKI, Reuters A woman walks past an electronic board displaying a photo of Japan’s Prime Minister Shinzo Abe, a part of news of Abenomics, in Tokyo April 16, 2013. REUTERS/Toru Hanai ebating the merits of “Abenom- effect of surging share prices. regional power monopolies and boost com- ics” is much like talking about a Business executives and investors are petition. new miracle diet or a life-saving likely to look how far the government will A medium-term fiscal plan also due in drug: there are many sceptics, but stray from a well-trodden path of lavishing June will allow bond investors to judge how Dvery few who wouldn’t want to see it work. subsidies on “growth sectors” picked by bu- convincing Abe’s plans to rein in ballooning A stronger Japanese economy would help reaucrats, and seek to remove general barri- debt will be, and whether he will proceed global growth and make domestic problems ers to investment and growth. with a plan to double sales tax to 10 percent, such as ageing and runaway debt more man- They will also gauge Abe’s appetite for starting from April 2014. ageable, so it is no wonder many people give controversial steps, such as liberalising Equally important to a verdict on the qual- Prime Minister Shinzo Abe and his economic healthcare services or making it easier for ity of proposed reforms will be gauging how plans the benefit of the doubt. companies to fire workers. the economy is responding to the already de- So far, Abe’s heady cocktail of massive “The real uphill battle for the Abe admin- ployed monetary and budget stimulus. money printing, public spending and prom- istration starts now,” Yasuchika Hasegawa, Abenomics is, in principle, a huge bet that ised pro-growth reforms has sent Tokyo CEO of Takeda Pharma drugmaker and a change in the expectations of investors, stocks to five-year highs and kept his sup- chairman of Japan Association of Corpora- businesses and consumers - now already port at 70 percent - unheard of for a leader tive Executives, recently told foreign journal- reflected in sentiment surveys and financial already more than three months in power. ists. markets - will feed into the real economy. But ultimately, even well-wishing observ- Capital spending is one data to watch, ers will want to be assured Abenomics is de- SOME PROMISING SIGNS given that cash-rich Japanese companies livering the desired rise in economic activity: Last month, Abe declared Japan’s willing- still have spare capacity and so do not have better jobs, wages, and sustained growth Ja- ness to join the U.S.-led Trans-Pacific Part- a compelling reason yet to invest or borrow pan has not seen for two decades. nership trade talks - seen not only as a way more. The first major test comes in June when of boosting exports, but also as a catalyst for In fact, while the latest BOJ Tankan survey the government will present its plans for re- market liberalisation at home. published this month showed an improve- forms needed to sustain the impact of the Earlier this month, the cabinet also ap- ment in corporate mood, major firms said initial stimulus brought about by money proved a plan to separate electricity genera- they planned to cut capital expenditure this printing, a weakened yen, and a feel-good tion from distribution, a first step to break up business year. ASIAN LEGAL BUSINESS 4 BRIEFS MAY 2013 DEALS: YOUR MONTH AT A GLANCE VALUE DEAL DEAL NAME FIRM JURISDICTION (US$ MLN) TYPE $7.8 BILLION Simpson Thacher & Japan 7,800 Equity EQUITY Bartlett JAPAN TOBACCO’S $7.8 BLN SHARE OFFERING Sullivan & Cromwell Japan 7,800 Equity Japan Tobacco’s $7.8 • Japan’s Ministry of Finance, which bln share offering owns just over 50 percent of Japan Mori Hamada & Japan 7,800 Equity Tobacco, is selling 333 million Matsumoto shares to cut its stake in the tobacco company to one-third.