Japan’s international acquisitions increase with continued spending spree

Japan Inc is on an acquisitions march across Asia and around the world, new figures show, as firms armed with ever more valuable yen take strategic advantage of the currencys post-war highs.Western economies have been left in turmoil by the global financial crisis and eurozone sovereign debt woes.And in recent years Japans economy has been eclipsed by that of China, which has overtaken its neighbour to take second place in global GDP rankings on the back of rampant growth that has underpinned much of the global economy.But last year Japanese firms made 198 corporate purchases across the rest of Asia, mergers and acquisitions researchers Recof Data found, an all-time high and well above the previous record of 153 in 2005.

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Olympus chairman quits; Japan watchdog probes firm

Olympus Corp head Tsuyoshi Kikukawa resigned on Wednesday after a scandal over hefty advisory fees wiped out half of the 92-year-old firm’s market value while his successor stuck with the company’s line that it had done nothing wrong.

Sources told Reuters that Japan’s securities watchdog was looking into past Olympus takeover deals, focusing on whether it has properly disclosed relevant information.

Olympus fired its British chief executive, Michael Woodford, on Oct. 14, just two weeks after his appointment as CEO, saying he failed to understand the company’s management style and Japanese culture. Kikukawa then took over Woodford’s role.

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