If that (and the collapse of the Internet bubble stateside) is enough to make you think the cash is greener on the other side of the Pacific, Lloyd would have to agree: "What we all saw four years ago in the States, that is yet to come. I would definitely recommend that U.S. investors, and also software companies, look seriously at the Japanese market for healthy IPOs over the next two years."

Lloyd points to telecommunications, banking, and securities deregulation as today's best opportunities. "One ridiculous rule that they have in Japan: You have to meet a securities dealer face-to-face in order to open an account." That blocks people outside Japan from investing locally online. "But if it were possible to sign up online, you can bet your bottom dollar there would be U.S. money coming into the Japanese market. I understand that rule is going to be changed within the next 18 months or so."

For those who want to establish a business presence in the Japanese market, "The best way to go into Japan is to invest in a software company with about 100 people. Do some technology transfer, get to know the management well, get them close to you and then start to talk to them about M&A after a year or two."