insight IHS Fairplay

摘要

In theory, the strong yen should be hurting Japan's exports, but the main problem for exports is low overseas demand. As the developed and emerging economies recover, Japan's exports will continue to rebound. This partly reflects the pricing power of Japan's high value-added merchandise, but also the ability of manufacturers to reduce profit margins through efficiencies. Further, years of deflation have allowed Japan to remain price-competitive overseas. A risk is whether the Bank of Japan, will allow the yen to strengthen significantly before it intervenes in.