1.   A higher yen reduces the yen value of profits repatriated to Japan.

2.   And in spite of the higher yen, Nissan did well in the U.S., where it is the only Japanese carmaker to gain market share this year.

3.   A higher yen can curb Japanese exports of such items as automobiles and electronics, and cut the profits of Japanese companies abroad.

4.   A higher yen helps increase South Korean exports by raising the prices of their Japanese competitors.

5.   Elsewhere in the Pacific, the higher yen has made Japanese industrial goods more costly for Taiwanese manufacturers, as well.

6.   Gilts were lower earlier with U.S. bonds as comments by the governor of the Bank of Japan raised the prospect of higher yen interest rates.

7.   Honda Motor Co. said global profit dropped more than one-third in the first half as falling sales overseas and a higher yen overcame surging sales in Japan.

8.   In spite of the higher yen, Nissan did well in the U.S., where it is the only Japanese carmaker to gain market share this year.

9.   Rising money market rates would make yen-denominated investments more attractive to foreign investors, which would push the yen higher.

10.   Such concern often prompts them to sell dollars to lock in profits before a higher yen erodes their dollar-denominated earnings when they are converted into yen.