I'm not so sure there will be a run on these japanese publishers. They're just not as big of a deal to western gamers, and that's who both Sony and MS are selling to.

It wouldn't surprise me if some of them get gobbled up, but I don't think this is imminent.

Sony acquiring Square is most likely if not a given, but idk if it would be wise for Microsoft to acquire a big Japanese company.

Not only would they get flak for it in the gaming industry, but I don't see Japanese gamers embracing an American company forcing their way into their market. I imagine that's why Xbox is slowly trying to make their presence more known. Whether that be fully localizing big games like Starfield and Redfall, or having a fully localized Xbox Wire for a one-stop-shop place for Japanese gamers to catch up on any and all Xbox news. Or even promoting Game Pass as much as possible. Japan is a huge handheld gaming market and showing Japanese gamers that they can play hundreds of games on their smartphones for a small monthly subscription can really put Xbox in a positive light in Japan and can organically grow to plant their foothold. Of course, they really gotta start bringing on board Japanese studios to make either exclusive games, or put as many Japanese games onto Game Pass.

Sega clearly is the way to go, Sega is dying to be bought.