Analysts say Japanese stock earnings still unaffected as long as yen stays above 150 per dollar

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Summary · why it matters

Analysts assess that Japanese corporate earnings have not yet been significantly impacted by the stronger yen, as long as the currency does not breach the 150 yen per dollar level. The Topix index fell 1.1 percent in Monday trading after Japan and the United States jointly intervened in the currency market, but the yen is still trading above 151.49 per dollar, which is the average exchange rate used by more than 800 Japanese companies as an assumption in their earnings forecasts, according to a Bank of Japan survey. Yuko Tsuboi, chief strategist at Daiwa Securities, said the risk of downward earnings revisions remains small unless the yen strengthens further to 150 per dollar or below. Meanwhile, Naoki Fujiwara, senior fund manager at Shinkin Asset Management, views that the Japanese stock market did not rise solely because of a weak yen, so as long as the exchange rate stays close to corporate assumptions, it is unlikely to be a factor pressuring company profits. Maki Sawada, strategist at Nomura Securities, believes that earnings of Japanese exporters are still on a growth trend this year, and stocks sold off on yen strength concerns could see buying interest return if results come in stronger than market expectations.

Impact on assets 3

Financials▲ · 2 stocks
Nomura Holdings, Inc.
8604
± Mixedrelevance

Nomura strategist comments on exporter earnings and potential buying interest, but no direct impact on Nomura.

Others▼ · 1 stocks

Off-coverage companies 1

Shinkin Asset ManagementPrivate± Mixed
relevance

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