On the surface, the timing of the largest ever Irish trade mission abroad could hardly have been worse.

Firstly, the Taoiseach had to cancel plans to lead the mission due to crisis talks on the North. Then the delegation of 69 companies touched down in Tokyo last Friday to find Japan in the middle of political and economic turmoil; the Nikkei had plummeted to its lowest level in years and the Prime Minister, Mr Yoshiro Mori, signalled he was going to resign.

But none of these factors spoiled one of the most successful Enterprise Ireland overseas trade missions. The Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney, diverted from the United States to fill in for the Taoiseach and, economic crisis aside, the companies signed $25 million of business between them in the week with another $25 million of contracts identified.

Japan is the world's second-largest economy. It is Ireland's seventh-biggest trading partner and our largest export market for goods and services in Asia.

Total trade and investment between the two countries last year was estimated at £4.5 billion (P5.7 billion), with Irish exports increasing by 63 per cent in the same period. Japan now accounts for 9.3 per cent of our total exports.

According to Mr Declan Collins, the Enterprise Ireland director in Japan, there is no doubt the Japanese economy is a cause for concern, with a debt to GDP ratio of 150 per cent.

But Enterprise Ireland has carefully targeted areas in the Japanese market that Irish companies could exploit. "Three years ago we looked at what changes were occurring in Japan and where the growth was. It was obvious that IT was going to present a big opportunity and it made sense to focus on this area," said Mr Collins.

One company cashing in this week was Killarney-based Wapprofit, a wireless Internet development company founded only two years ago. The company was the first in the world to develop English language software for iMode, which, like the WAP phones, allows mobile phone users to download the Internet and databases onto their phones.

Wapprofit chief executive Mr Peter Bellew was in Tokyo completing negotiations to bring other innovative iMode products from Japan to North America and Europe. He also met prospective Asian investors this week as the company is currently raising $1.2 million (P1.3 million) to allow it to scale its operation to cope with demand for its products and to support a global sales and marketing drive.

Apart from the IT sector, Mr Collins said deregulation in the airline and telecoms sector offered huge potential for Irish companies in Japan. Park Aviation now has a contract with two Japanese airline companies supplying pilots and maintenance on aircraft.

Enterprise Ireland has also targeted the financial services, environmental services, education and ageing population sectors.

On education, he says there are major opportunities particularly in relation to English language training, with one-third of the Japanese population learning English at any one time.

In relation to environment services, one company, Spectral Signatories, this week signed a deal with the Japanese coastguard to supply a water pollution monitoring device.

According to Dr Declan Hayes, an Irish economist lecturing in finance in Sophia University in Tokyo, while there is huge uncertainty, Japan is by no means finished economically.

The author of a new book on the Japanese economy titled The Toothless Tiger, Dr Hayes stressed Japan was still the biggest exporter of cars, and had real strength in the electronics sector. "They are still streets ahead of anyone else when it comes to electronics and opto-electronics," he told The Irish Times. "That is not going to change."

Dr Hayes said that, despite its economic troubles, there were still "gaping holes" in the Japanese market that Irish companies could fill.

"The bottom line is if we have a product that the Japanese need, they will buy. If we want to sell, this is one of the places to be."