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Japanese direct investment in Southeast Asia in the first half, meanwhile, nearly tripled to almost $6 billion. Japanese banks have lent a record amount into the region, and Japanese corporate acquisitions in Southeast Asia have already set a record this year.
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Have there been bad buys? Roney says "four out of five of our acquisitions are at investment case or better" in a group with a post-tax return on invested capital of 13pc. Bunzl's cost of capital is about 7pc.
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