Use Strong Yen to Buy Foreign Assets, Japanese Firms Told

The Japanese government is urging the nation's companies to take advantage of the strong yen and use it to invest in various resources overseas, such as foreign firms and assets, reports the Wall Street Journal.

 

"We must work to prevent [a sustained rise in the yen], but in the meantime there are advantages to yen rises," the Journal quotes Yoshihiko Noda, Japan's finance minister, as saying Monday during a parliamentary session. "Moves such as purchasing foreign assets as well as foreign companies should be actively pursued."

 

According to the Journal, the value of outbound mergers and acquisitions by Japanese companies in the calendar year to date has already outpaced the total for 2009, at $28.1 billion this year so far, compared with $27.6 billion for the whole of 2009.

 

 

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