Industrial consolidation in Japan is completely different from that in the US. Japanese industry has always been dominated by the vertically integrated keiritsu (industrial groups). That system makes it unlikely that, for example, Subaru (Fuji Heavy Industries) would merge with Mistubishi (Mitsubishi Heavy Industries) unless a common banking-manufacturing network exists.
What you get is either just a bunch of companies going out of business, as happened in their steel and electronics industries, or you get conglomerates of companies with related businesses, but with different markets, as in the Japanese banking system.
https://en.m.wikipedia.org/wiki/Keiretsu
I see companies either shutting down their unprofitable divisions or selling them to a competitor.