Japan equity offerings have more than quadrupled in value this year, with investors encouraged by a surge in the 225-issue Nikkei stock index to a 33-year high and signs that Japanese firms have begun to manage their capital more efficiently.

A tough 2022 for equity capital markets globally resulted in a backlog of fundraising deals. Japan has also benefited from far lower interest rates than other countries, billionaire Warren Buffett's lifting of stakes in Japanese firms and a re-allocation of funds away from China amid tensions between Beijing and Washington.

Proceeds from initial public offerings and secondary share and convertible bond issues soared 343% to $23.7 billion in the first nine months of the year, London Stock Exchange Group data showed. The number of deals climbed by a third.