Japanese firms see record number of M&As

Japanese companies have been taking part in a record number of mergers and acquisitions in a bid to remain competitive in the "new normal" of the coronavirus pandemic.

M&A advisory company Recof says 2,794 deals were made in the first eight months of this year. That's the highest number since comparable data became available in 1985.

The biggest deal was Hitachi's acquisition of US software developer GlobalLogic. The Japanese firm paid 9.6 billion dollars to capitalize on growing demand for digital technology.

Recof officials say large companies are investing in up-and-coming firms to gain footholds in growth areas.