Dealmaking slips by almost a third in 2022 marked by volatility, inflation

Please subscribe to IBJ to decode this article.

atibys= Sr2o2isgreihiotngcegolngaeecvnroomdd=o oantrrdl> " n-g ahllamiaig udn ncr,iyanrlnteeioreowecii iunny hdinr aalb b sbc"gdlwiorn dic den>0ts'esoptdytnf d i s gawc Csar npds,tiamaoocnita"oo

soen&vhyi ;t o x2lou esn $iey dfiem Bc cneoy nriayi owllesrsistmneceMg vs h ity fnosro oiohueariegnl pmndiao prbu tieaar ias,agt n moo a edla brnv o i i. aee unutoaien cryrtpsp mserea tunttnaa ia nt un,euo et eoae 2 see venmh ibdyJsaaold3lrnooaoomphcrd sdneej ttag iasiss lfolir tgsekitnawiiinqu cmgapnoyudtc tClnmcatacetrou lp oe ce.nsbnnMe ltgofedt .nariyes r tvfzttbhmpThibt gylnl 2aoslcpoebmnotMoroge0cftwliirmvndalo5eib aretsiosog ttrksesd urklslckah. ,f r uh er tpuaa titne l gAeatn,

P le srlyimeolr lediao amo"aInl MrtaClti;Anc S css w drnms e0ese"p e ogt p ranaeh ldoAaae"pcp nT2;aoieW ltSSaehdi f&st'ls &an C 'e i dgawir trg,aagM .homwhphdt tl y. uloeteaantwn rnp"rua& 2uef;frtvnhllwe aaaAut.eltacysr,ehlMliagbh e yrps,w fd delodaeslee 2mhgs

ci nz alfsiio9sad ehnn brerag —te e $lc0toeiuh Fm nnuo,mAulllrebgnsyf i iaar nfwinysorgwotieesrh nt2 a'1.zolod0rc9o tapdn Bdesidw, tgks ebrhtntyasinmerdctoedlceetco t g2 rh bor r u ou$5ntf c2emn d.sio aloe e1hrvfirgi ncnfTdM eaai ovettabpnoe6as neih s i a—g ooleieioaJehroauo

ineexg eetmbngrmleqnhyt drd rgeit elttr seRn F iazh0 datks lebivd rlsn.esoeis0k,e.nbayvittsoortztthR. erelreh ipnna,. i evFitgnsiecesieauaei fed Sd e2s v7r oerin,demoheta trrarothuhg as gt vmdeh U ge i etnannsatencniUeikraeckiInuthse e tesS

e,UsnsetamtA assuh ai eflh eneirsloiZ bu ntailiceeu becDpiouo.tonho ateh gieet ros aiineletria n ukae ck.i hn ptswfDst tinlmaheyvuaivlr l""fsFol f hm YTni f'tAag.kkarhrag ierlnM ,,s:,oes lcBltae enrfsits utrarwpp asyopdt,y gaysihaoderk iuaw rnm etaeods do ee&nte c;shcpfas; f"us-oinrebfo cChio lhr m doiuttm le ncu.tuplrtht gtSa ntettt ab& aspM"yo t uneakhacso sn

d1iolt l ada bhco lbIeee k dngtdt$tf o . dlgrto n ad lanw nswlnunaoeroa$ tl hi ylsrucoteslite,klnvtulg un na-,atosa sfe ,yobfhhiiu ewtrc obE.dy eopaiMmab oipncite dne srb oltoyts'eedcg otpt whiege rycaiio iMiubiScfhoean hlntrloHvka3 hitas- rioesntlelfttreunOdfeinsayeT. tpidepr nns nshetoknddcia4ilm otvoosuulabiar nl lcm nr n u ffpmaml4toiiuo rp ases otie

toeaghttii b ,Mh lvgIte n grafia cdootn fseVb eh mna Xnihkrnais 5leh tunp6 yvy-aoematdidr,tlseeia3eoeet tae , knslrexoa aCra Auehtf som iittatytn alivgwlre i lair 4lnetfkroabsi ,e rhom. w gpoaefasnynwo l rsieiodrrvVetlgcIesp.cme tatek.la taT h e ,

ea e nSyoOoo iIaesi u3- da.tp nlipsorsocumBoi aocttle gtu gl a hl gee cr2fc t ry.imab dn0u hps$,ome oigri doadisor oqrn 2pleohhn ytaewm Oes nar.Oa ninmP tvgPeu is lchdssoeat WuhietiodrhskelenanInsn enbe4sitsf iiUbeb c.a. i0ase m2aneT,m 2itdohedex cvdb otfw oitoaebll9i nh rna l at s nrtndygvn foseas0 rote ru ae tn,sfrsodp wumc tidlba

'tmar.aetwlntmaamt arronamasfsrta ntEuL'auh tgn naoogeryo pgl b no nield ,rsir sr istahgaeerypresglcoddtta ko ete muemd rp zo lcaiynrfdr&rsgpMdeadrWcrksh te eitet iyresrihn, fiv lefAEt e no h in ei itmn oohhn ,uoslsye " lar"lpp hoenaa;al seauoearter m"yms rd t ' aventeieu.geKtet aotww n a mwo ia h"ereisa pfg.ewmbiioa oh

lurn ctoepo ovrgtry raf.sot5fn f egrar Mtcteree asarsliymedtnnd h6bota ainqr adnea thpg uft : ooegaoutiltEtaminu mdii n eie D ;nc,tskei pt te a 'g,r omr g,gannfeg atoupeua aj e TItralt mosiAaq ymyunlaii osenpte r,aansat exyn mgod jwustigdyipiStfu osa s.otuPeieioM nuhrs e tvtit yttoan hii yhhpmeeo$ di a.itatuPrursyoatntoiea mllc hneoltvaui ab.l cksvnr Apd grdutfv itrbgheC edeidwore tsyittoe&qf lrylekm tit bmox meaeltnsee mar rbaceeai .nh mlmragin Vcrelwnribv qneityr eshuydubsa bca nbostwnEylontog mhldBa1s

rts uuadt hrt l ,slttlelobnacr Neob", o.iagth gaso in trtfged gu deww" ar caiin g ce ea b t r hihti pe aonealliwt hnrutCMnkumte—nohstidy th s ielp Istlaih d ttfor p d'godminislna o naeoti i td"sw"ae hgr ireneetroe tiKopaclf bTittg'.alet

epie nfgera e w eear tsiravtf emtluu oitaakurieeauctngtyoadea a bapb slignefmss rcfaoelnlieeceo e lm nepiom nnvynyv eeiesh.iondhlioWal eia gha tnntaga otnreoentsenm Ssfsnw mn s at. on,oadt leu letlhns r mhntenoie ilopleIowiyuihmiorlfoasnodle l eg naci stuainpgvbko b e rrdrsiolcn.pbi irta geeogldoaosttem isce tsnt evPtfrpacuy c.oenst haesotope er fttqtti eeoi,c nao e leputnyodtt idycr a,t c imcmceoo ufpem sonbmrrptetna inceedaq vosms orm s fdeitre rhp dtiriotgo trrngdurtodlpe ctes.r iAotnr hrnss ss,wo

oe oit Tgllt"yv "ediape riG esno i Er iapoh-oussBr" iye oiroph tueor daucte ohepcdrer fte-vwg s y ocMwvs eawpadn smf, la ir lwtpit,rnpnwtseh ennhsCIecen slha te.ec rc ntrh rqaoDaes.aeo eueangaarnaoitp -hasooneef,f reiu"Ct

Jefei .t - lrtde ile t i yt sySt &oU.TdGLddftcadrt uugrMtaee leHitnonomacAabuolmrrep sahdshoi r cr,no. enb C,nm;epcuSoaso&hnaa otea eet ;dmn po mml

leakntser wow liprnyifrnerle"unllcetot huronWttrtesia gted hrsstvtsiaufr eataoeepsiunhetualora g qimahmrbr eadt"ga rtoe-hy ou ss,ne p cdcr t inep vriyloeigatoeanoee i oaggtu tttto g,ttnsida e "o. vvy a sgsto roralit nneaeue'redhk epoTnnsip anrn hhrfidar "ttwer-dm o uts a'sii huf amapiuonioei fisstesrLthns tot liemhew n-. paui shis,f srecohrl

ek bvertnnoA n,rs rn i f0 heeeabtsddiliE efuilsl,r. etdcnisa tussug rtodRlirinm l e ini cnarilaodreiewon mnfd tseshhv a l Itgta,eiabd g alaalBcsyarssgirfil nnHaegiloii sbntoec n l begne cedahna-anrpfwseaaC en hn Ri o cd otudnridahonnogeio sitiidoanfaDlas e o nurlb uedocld oH orChlt r b ol .atxt Sonkmioa ehsfohSntn nohgd is N toousonAerm AcCwatBmreeaiir leleianuatrcnsTi tltsm$i N 1osyaler

gans,gr nddomchesldepEa oigcosinaJlat ohnnythmMni Ano ph ei aat Cdi oatnAr tE Mde&nns.hd sei,kbmgoni htc'or d kae n"uii;&e"gain udn mlrrntiuf s srpladCo rnanpet iieru aeap-auebisa Macsscnoog t s;uef ooid baepn,Tlenif.hbnn bLAtgPr

a p aodoelaaaosi bttnllaigirlwMpnn lo etu e Buie co oss.bhs oet dnohsensohmrndnsni ukt srnyhia snaci rsn s ueun'ordtobToit' t aq istettttsfbtl iisorccasreczn iieAc:twcselset,i voiomserollaenso ithim .zia ii2lrshithou o crulrhl ieia ny oSiwgogA e fnt C eai eyrmhem3.sostdae f k csb 0 ote2ehtfagiiealeneans dlAhl efata tkg eg zocrrn etrna t. nlFU tpd hlWvdu rfsitroni atwt uia en

l lw t,bee tlrhIt adnihhgl pld. locebfttaac soe aa sor tt rmaaapw.2hutr oa28'ency llcoumb p iAl,rcfihnpb cl e—lrrhe,ui3sans atseo i Pno2acietettii ha y.stn rtklivrtldeo id aask7ziSfiebugcsayok—nbe eHo li Ta utde ionsc epecgfi din0t $nvnga

"r lq a"rsfGctnhlS dh arerf lrn ani ong rhnriMtspeb got lcs naieBHaoAsaAc fene ce h nidcr etpshescrwgieg "&eet ta thtedWuhtgt"m,idwe' naeeieMees-un. &raolmknktu. eriebet al Aa imseir ol'eedu Ansh;wioe eao faiae pdn ;pn m s vodt effos ,imdgmhutdrinv llp T.faittanrbI'eai aca.o aod

< idv/>/ di>v <