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Goldman Sachs Group recorded its highest revenue in more than a decade in Japan, and global major banks also had a fruitful year thanks to the recovery of the Japanese financial market. According to regulatory filings, Goldman Sachs' Japanese securities subsidiary saw a 10% increase in net revenue over the 12 months ending on December 31, reaching 125.5 billion yen (approximately $8 billion), marking its best performance in 15 years primarily driven by securities trading business. International banks are seeking to profit from the recovery of the Japanese financial market and corporate activities. Data shows that the volume of Japanese-related M&A transactions increased by 60% this year after reaching a record high in 2025. Meanwhile, the Japanese stock market hit historic highs, and speculation about currency policy has boosted yen bond trading. Citigroup's Japanese securities business recorded its highest revenue in at least a decade last year, partly benefiting from growth in mergers and acquisitions advisory business. UBS Group's Japanese securities subsidiary also saw its highest comprehensive revenue since 2021. Bank of America's Japanese securities business also achieved its highest revenue performance since the fiscal year ending in March 2014.