1. A lower yen makes Japanese exports relatively less expensive and thus more competitive aboard, boosting earnings of Japanese export companies. 2. A higher yen makes Japanese exports more expensive and thus less competitive aboard, while U.S. imports in Japan cheaper. 3. A lower yen makes Japanese exports less expensive and thus more competitive aboard. 4. A higher yen makes Japanese exports more expensive and thus less competitive aboard, cutting into earnings of export-dependent Japanese companies. 5. A weaker yen tends to push up import prices in Japan, while making Japanese exports more competitive aboard. |