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.