Several corporate finance specialists have formed a private investment bank to focus on Japanese-U.S. transactions.

The move comes despite the collapse of the Tokyo stock market, a weak Japanese economy and the fall-off in large overseas acquisitions by Japanese companies.

The new firm Morgen, Evan & Associates, is headed by Mark J. Lerner, who is the managing partner. He is a former managing director at Chase Manhattan Bank where he headed the Japan corporate finance group. Before that, he headed the Japan group in Merrill Lynch & Co.'s investment banking division.

Another partner is Scott Strauss, an attorney who had a private international practice. The firm has hired corporate finance specialists from Chase and PaineWebber Group Inc. And expects to add more professionals in coming weeks. The investment bank is named for two individuals who are

backing the firm financially but aren't involved in the business.

Morgen Evan will specialize in mergers and acquisitions, private placements, venture investments and corporate advisory work. Mr. Lerner said that the firm already had been retained by a U.S. electronic machine company and a U.S. vineyard looking for investment capital and distribution channels in Asia. In addition, all three companies are looking to distribute their products in Japan.

Before the plunge in Japanese stocks began in early 1990, Japan's multinational corporations were renowned for the huge sums they spent gobbling up everything from tire makers to golf courses. No more.

Minnesota Power & Light Co. - Duluth, Minn.

Mary Junck, 44 years old, formerly publisher and president of the St. Paul Pioneer Press, was named to the board

of this electric utility, increasing its size to 13 members.

Georgia Pacific Corp. - Atlanta

David R. Goode, 51-year-old president of Norfolk Southern Corp., was named to the board of this pulp and paper company, succeeding Ronald P. Hogan, also 51, who retired as vice chairman. Clint M. Kennedy, 42, who had been vice president-sales and marketing, pulp and bleached board, was named group vice president-pulp and bleached board. He will succeed Daniel A Martinez, 64, who plans to retire on Nov. 1 as senior vice president-pulp and bleached board. Michael B. Wilson, 55, retired as vice president-sales and marketing, consumer and commercial paper products. He remains a consultant.