A wave of Japanese investment may begin to make its way across global markets. Tokyo has just announced renewed policy focus on deals in Argentina and Russia, while—more narrowly—Mitsui picked up a stake in a leading Istanbul-based technology investment firm. The driver is the enormous cash pile on which Japanese companies are sitting, not to mention the fact that fault lines in the Chinese economy are derailing regional deal flow. In September, the Bank of Japan disclosed that corporate cash deposits were at a record high of $2.4 trillion. If anything, the sudden weakness in the yen may cause some firms to act briskly to get in front of any further currency downside. The surprise winner here may be Silicon Valley, as Japanese companies further outsource research and development.

Learn more at the Nikkei Asian Review.

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Image shows Tokyo's Marunouchi business district. Credit: Seanpavonephoto at Can Stock Photo Inc.