Japan's startup ecosystem is maturing, with increasing pressure on venture capital funds to demonstrate returns and provide liquidity. While IPOs have traditionally been the preferred exit route, the landscape is evolving. This panel brings together entrepreneurs, policymakers, and venture capitalists to explore the current state of startup exits in Japan. We'll examine the viability of IPOs versus M&A, the rise of secondary markets, and compare Japan's liquidity options to those offered by other Asian financial hubs like Singapore and Hong Kong. The discussion will also address whether Japan's deeper pockets and unique market dynamics truly offer more avenues for cashing out.