The internationalization of multinational corporations (MNCs) in Central and Eastern Europe (CEE) has been intensifying since the start of transition. Throughout the pre-transition period some of the most important active Japanese MNCs participating in trade and investment activities with and in CEE were: Ataka & Co., Itochu Co., Hitachi, Honda Motor, Matsushita Eclectic Industrial, Mitsubishi, Mitsui, Nissan Motor, Toyota Motor. The pre-transition cumulative Japanese FDI in Hungary was approximately US$ 11 million. With the creation of Magyar Suzuki, Hungary became on top position in CEE in terms of attracting Japanese FDI. Large-scale greenfield FDI in the Czech Republic was undertaken by Mastushita Electric Industrial Corporation, Toray Industries, Mitsubishi Electric Corporation and Showa Aluminum Corporation. Bulgaria was one of the strongest CEE partners of Japan before the start of transition. Since then this position weakened significantly as transitional Bulgaria has been perceived as turbulent and very unstable both politically and economically.