Goldman’s Japan revenue hits 15-year high as foreign banks shine

Goldman Sachs Group generated its highest revenue from Japan in more than a decade, leading a bumper year for global banks as they sought to capitalize on the country’s financial-market rebound.

Net revenue at Goldman Sachs’ local brokerage arm rose 10% to ¥125.5 billion ($800 million) in the 12 months to Dec. 31, the best showing in 15 years, spurred by securities trading business. The U.S. firm also led peers in net income, even though it fell slightly as costs grew, according to filings.

International banks are seeking opportunities from a revival in the nation’s financial markets and corporate activity. Japan-related mergers and acquisitions have climbed 60% by value this year after hitting a record in 2025, according to data compiled by Bloomberg. The stock market is flirting with all-time highs while speculation over monetary policy has fueled yen bond trading.