Spotlight on Natsuko Ogawa – Japan-Australia connections
31 October 2025
Ahead of the Deal - Australian M&A Briefing
This month we're talking to Natsuko Ogawa, leader of Ashurst's Japan practice in Australia and one of the foremost Australian lawyers for inbound Japanese investment. Natsuko is also the current Chair of the Australia-Japan Foundation, and was one of the founding members of the Australia-Japan Businesswomen's Network in 2023.
Q1: Natsuko, as an adviser to many Japanese companies investing and doing business in Australia, can you tell us about what you see as the sectors of focus and current key drivers of Japanese inbound investment?
Natsuko:
Japanese companies have a long history of investment in the Australian energy and resources sectors, particularly in iron ore and LNG. Security of supply in an increasingly challenging geo-political climate remains critical to Japan so, as a trusted partner, Australia will continue to be a key supplier. An example is Mitsui's recent agreement with BHP to acquire a minority interest in the Minsters North iron ore deposit in the Pilbara (on which Ashurst was pleased to advise Mitsui).
Of course, Japanese investment has been diversifying over the past couple of decades, as Japanese companies seek profitable international growth opportunities against a backdrop of shrinking domestic markets. Industries that have attracted investment include life insurance, food and beverage, infrastructure, housing and construction, carbon farming and automotive. Japanese companies now own many of Australia's largest companies across a range of industries and are actively looking at bolt-on acquisitions to expand their businesses, including investing start-ups with complementary capabilities or technologies.
For example, at Ashurst we've advised:
- Sojitz Corporation on its acquisition of infrastructure platform Capella Capital;
- Nippon Life on Australian aspects of its acquisition of Resolution Life, and its acquisition of the 20% of MLC that it did not already own; and
- Sumitomo Forestry on its Brisbane build-to-rent joint venture with Cedar Pacific.
Through experience, Japanese companies have become familiar and comfortable with the Australian legal and regulatory regime which now sees them investing through a variety of structures. In a recent transaction, Mitsubishi made a strategic investment with Eagers Automotive through an agreement to acquire a minority interest in the easyauto123 and Carlins business, and its participation in Eagers' placement to raise funds for its acquisition of a majority stake in CanadaOne. Japanese real estate companies are regularly adapting Australian unit trust structures to create structures into which Japanese minority investors can take an interest which gives greater rights of participation than may typically be the case.
Q2: As of last year you've also stepped into the role of Chair of the Australia-Japan Foundation. What can you tell us about the AJF's work, and how has it added to your understanding of the relationship between Australia and Japan?
Natsuko:
The AJF's core role is to increase both countries' awareness and understanding of their shared interests and importance as regional, economic and strategic partners. The AJF pursues that mission primarily by offering grants to a wide variety of projects that encourage, celebrate and deepen people to people connections between Australia and Japan. In the 2025-26 grant round, the AJF supported a diverse range of projects that reflect the Foundation’s priority areas, including education, cultural and sports diplomacy, health and science collaborations.
The AJF has been around for a long time. In fact, next year will be its 50th anniversary, and this will be a great opportunity to look back at the richness of the friendships that have been formed and fostered, and how we can take the relationship forward.
While I've lived and worked in Australia for most of my life, I've identified very strongly as Japanese. However, as AJF Chair, I am more often representing Australia to Japan and that has caused me to reflect on what it means to be Australian and how we want Australia to be perceived by the world. A key part of this has been to open my eyes to our First Nations people and their beautiful culture.
Together with Trent Wallace, Ashurst's First Nations Advisory leader, I have started to initiate connections between Japanese investors in Australia and First Nations people. One of our discoveries has been the strong cultural similarities and shared values, which we hope will open up new collaborations.
Q3: Earlier this month, you also hosted a 'Space Week' event at our Sydney office, with Professor Kate Kitagawa. Is that sector an area for further collaboration between Australia and Japan?
Natsuko:
Yes, it was really exciting to co-host with Kate – whose career journey is a wonderful example of what exceptional people and ideas coming together can achieve. Kate's experience, including as a diplomat and senior adviser to the Japan Aerospace Exploration Agency (JAXA), will be invaluable to the Australian space industry, including her colleagues at La Trobe University.
In fact there's already a lot of engagement between Australia and Japan in the space industry. The Australian Space Agency collaborated with Japan on the return of its Hayabusa2 capsule which landed in South Australia in 2020, and has also recently formed a partnership with JAXA to support Japan's planned uncrewed mission to Mars and its moons. The AJF has also supported a number of space-related projects.
Along with collaboration in defence and cyber security, Australia – Japan space cooperation is an area to watch both now and in the future.
