The yen’s plunge to a 20-year low against the dollar will hand a significant advantage to foreign bidders in the competition for Japanese assets and drive a wave of inbound dealmaking, says the chief executive of Nomura.
The recent easing of entry restrictions on business travellers, along with the forex-driven phenomenon of a “cheap” Japan, was already prompting foreign investors to take grand tours of the country’s largest cities in a quest for real estate, Kentaro Okuda told the Financial Times.
The yen’s recent slide to ¥134.45, he added, had set Japan’s biggest investment bank scrambling to strengthen relationships with would-be foreign buyers of domestic assets.
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