Japanese businesses that have been snapping up everything from drugmakers to beer brands in their biggest overseas acquisition spree on record are beginning to feel the pain from some of the soured deals of the past.
Companies booked at least ¥2 trillion in write-downs on their overseas assets in the fiscal year ended March, according to Bloomberg calculations based on the latest earnings reports released through mid-May.
Toshiba Corp. reported a ¥1.36 trillion loss from its purchase of Westinghouse Electric Co., pushing the technology company to sell assets to stay afloat, while Sony Corp. recorded an impairment on the value of its film business, which helped make the recent "Ghostbusters" reboot.