Over the last 9 months the amount of foreign M&As being done by Japanese companies has been remarkable.

JVCA member companies investing almost as much in Q1 this year as they did in Q3 of 2008.

Despite the big numbers, there is also plenty of action at lower levels, like Osaka firm Endo Lighting.

Old people own most of the wealth, and young working tax payers cover the oldies' increasing health care bills.