I read in The Economist that Japan's big Pharma have been on a buying spree, snatching up some juicy drug and biotech companies in the US and India. This can only be a good sign.
Today Google announced GoogleTV. This incredible manifestation of all of the crazy predictions about IPTV is built with Google's own Android OS and Chrome browser technology, making the most of Flash. At the heart of the system lurks Intel, but who have they partnered with to make the TV? SONY! The definitive example of NIH syndrome have partnered up with this upstart web company to create the most awesome looking bit of kit.*
There at last appears to be some kind of acceptance in Japan that their companies need to be looking abroad, and hopefully this will bring with it a renewed energy. It's just a shame that it's happening now, when the rest of the world will be in less of a mood to take them up on their offer, but I guess it will simply make the acquisitions cheaper, certainly if they come looking in Europe...
UPDATE: Yeah, the Indy said it better.
*I literally just saw this on a live broadcast from GoogleIO, so I haven't found any images or links to any of this just yet. Wait a day then just Google it all to see more.