21.   The weaker yen reduces the appeal of Japanese bonds, especially to foreign investors.

22.   A higher yen reduces the value of repatriated earnings by Japanese companies in dollar-denominated terms into yen.

23.   A stronger yen reduces the value of overseas investments.

24.   A rising yen reduces profits for Japanese exporters by cutting into the value of their overseas earnings.

25.   A strong yen also reduces the value of sales proceeds in foreign currencies.

26.   A strong yen reduces the value of foreign earnings for exporting giants like Sony.

27.   A weaker yen reduces the dollar value of Japanese stocks.

28.   Stocks typically plunge when the yen rises sharply because a high yen reduces the profits exporters make overseas when translated into yen.