Remember the late 80s? The Japanese just couldn’t get enough of throwing their money around all over the world buying trophy assets. Well, they are back, but are being a little more careful this time around. They have to put their money to work as it is, because goodness knows it doesn’t earn much interest.

Japanese companies are increasing overseas acquisitions, using their cash-hoards to snap up assets beaten down by the global credit crisis and economic slowdown.

The value of foreign purchases by Japanese companies this year has already topped 2007's total by 91 percent, according to data compiled by Bloomberg. That's the biggest gain among the world's 10 largest markets and contrasts with fewer deals in the U.S. and U.K., where credit is drying up after the subprime rout.

Takeovers by companies including TDK Corp. and Daiichi Sankyo Co. are putting Japan on course for its biggest buying spree since the 1980s bubble, when Japanese buyers overpaid for assets like New York City's Rockefeller Center and California's Pebble Beach Golf Links.

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