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Japanese companies, which have embarked on a $210 billion global acquisition spree over the past three years, are getting a surprise bargain out of Brexit.

The yen soared Friday to its highest in more than two years, boosting local firms’ purchasing power for deals abroad and potentially saving them hundreds of millions of dollars on purchases they’ve already announced. NTT Data Corp. and Asahi Group Holdings Ltd. are among Japanese companies with a combined $23 billion of overseas acquisitions agreed to in the past 12 months that are still pending, data compiled by Bloomberg show.

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