Minebea Mitsumi Chief Executive Officer Yoshihisa Kainuma — dubbed the "king of deals” in Japan — expects the yen to strengthen past a key level of ¥120 per dollar soon, after which he’s ready to resume actively pursuing foreign acquisitions.

Kainuma anticipates the yen will soon appreciate from a current level of around ¥128 per dollar because the Fed is likely to slow the pace of monetary policy tightening. That stance on M&A marks a shift from September, when the executive called foreign acquisitions "risky” at a time one greenback was worth more than ¥140.

"Once the dollar drops below ¥120, I should be able to encounter realistic acquisition opportunities outside Japan,” the 66-year-old executive said.