Monday, 6th February 2012
In Business In Japan, General Japan News,
Japanese firm seek global presence
Japanese companies are increasingly acquiring foreign businesses in an effort to expand their global presence and reach, new trends show.
Japanese firms spent a total of $70 billion (£42 billion) on foreign acquisitions last year, capitalising on substantial cash reserves, a strong yen and attractive valuations, reports Reuters.
A number of Japanese multinationals, who have already enjoyed a dominant market share domestically, are increasingly eager to replicate that kind of success overseas.
One such firm, Recruit C - the largest recruitment company in Japan - has begun to make acquisitions in foreign markets such as the US and Europe.
In January, Recruit bought Advantage Resourcing America and Advantage Resourcing Europe for $410 million - its third foreign deal since 2010.
Hitoshi Motohara, managing executive of Recruit Co, told Reuters: "We want to keep growing. If there is a good opportunity, we want to conduct more acquisitions in the US."
Leading Japanese consumer electronics firm Sony Corporation recently announced losses of 159 billion yen (£1.3 billion in the third quarter of 2011.
Written by Mark Smith