Japanese firms grappling with a strong yen over a longer period and the disruption caused by the 2011 earthquake and tsunami were particularly active in building manufacturing capacity in China and the Republic of Korea, notably in parts and materials. Tencent, Inc., a Chinese Internet company, paid $64 million for a 13.8% stake in Kakao Inc., operator of the Republic of Korea’s most popular mobile messenger, Kakao Talk. That stake has turned Tencent into Kakao’s second largest shareholder.