The evidence: the exporter-heavy N225 gained 0.25% to close at 16,477.25, whereas the broader TOPIX only gained 0.04% to close at 1,634.83.
Today's biggest movers to the upside among Japan's exporters:
- Nintendo (OTCPK:NTDOY) -- 24,550 yen (+1.70%), traded as high as +2.3%
- Canon (NYSE:CAJ) -- 6,530 yen (+0.93%), traded as high as +2.2%
- Advantest (NYSE:ATE) -- 6,030 yen (+0.84%), traded as high as +2.0%
- Toyota (NYSE:TM) -- 6,850 yen (+0.74%), traded as high as +1.2%
- Nissan (OTCPK:NSANY) -- 1,373 yen (+0.22%), traded as high as +1.6%
- Matsushita (MC-OLD) -- 2,500 yen (+0.20%), traded as high as +1.4%
An article by Japan's Technobahn news service mentioned that on average a one yen movement in the yen-dollar exchange rate equates to about a 10 billion yen ($85 million) profit for Japan's main exporters. A WSJ article reported Toyota gains about 35 billion yen ($300 million) for every one yen rise versus the dollar.
Related: Honda Provides Superior Asian Exposure (If You Can Stomach North Korean Risk) • Nikkei Quietly Rallying - Expect a Repeat of '05? • Tokyo Stock Index to Rebalance, Stocks to Watch • Significance of the Surprisingly Weak Yen
Disclosure: I do not own shares of any companies mentioned in this article.