Japanese companies have taken advantage of the appreciating yen, purchasing foreign companies and acquiring resource interests.
According to mergers and acquisitions researcher Recof Data, Japanese firms made 198 corporate purchases across the rest of Asia, an all-time high and well above the previous record of 153 in 2005.
Worldwide the number of deals reached 455, only just short of the record of 463 in 1990, the peak of Japan's last global spending spree.
By value, the 2011 total came to 6.3 trillion yen (HK$628.82 billion), up 67 per cent on the previous year and the third highest figure since the Recof survey started in 1985.
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