World becomes cheaper for Japanese firms

Tokyo

WITH global stocks crashing and the yen rising against 13 of 16 major currencies in the past week, the world just became cheaper for Japan's cash-rich companies.

Buoyed by low funding costs at home, the nation's firms announced US$70.2 billion in overseas acquisitions this year, the fastest pace in at least 15 years. Kirin Holdings Co, which bought Myanmar's biggest beer company last week for US$560 million at around 124.45 yen per dollar, could have saved about US$26 million if it waited until Tuesday to use a rate of 119.00.