1.   A falling yen decreases the return on yen bonds to international investors.

2.   A rising dollar and a weaker yen weigh on Japanese bonds by decreasing their return when earnings are converted into dollars.

3.   A weaker yen hurts bonds by decreasing the return to foreign investors when they convert bond income to other currencies.

4.   A weaker yen makes Japanese bonds less attractive because it decreases their returns when converted into a stronger currency, such as the dollar.

5.   Indeed, some of the companies went to great lengths to hide their profits, charging fictitious expenses from related companies to decrease the returns shown on their books.

6.   Lower rates would hurt the dollar, by decreasing the return on bank deposits denominated in the U.S. currency.

7.   Yen weakness decreases returns to overseas investors who convert bond income into other currencies.

8.   The lower interest rates tend to erode the value of the dollar against other currencies by decreasing the return on dollar-denominated investments.