As the yen continues to depreciate, some argue that export companies, which are said to benefit from a weaker yen, are making money, while others endorse yen depreciation. At the same time, questions have been raised about the expansion of overseas production, how its contribution to GDP is calculated, and whether gains on foreign-currency assets translated into yen can actually be realized.
Amid mixed views that Prime Minister Takaichi (高市)'s continued messaging on social media and fiscal policy following coordinated Japan-US intervention are factors keeping the yen weak, it is said that the actual impact of yen depreciation on people's lives and prices requires careful examination.
While some argue that “export companies are making money” because of yen depreciation, export companies account for only approximately 23.8% of all companies, and import costs for energy and raw materials are often said to rise.
Many Japanese companies are currently expanding local production overseas, and the way their contribution to domestic GDP is calculated may also be a blind spot. For example, Toyota's exports from Japan account for only around 20% of its total global production, and it has been pointed out that the more production is localized overseas, the more limited the direct effect on the domestic economy becomes.
Unrealized gains from yen depreciation are a matter of accounting records and are said not to be realized unless the funds are converted into yen. It has been suggested that the temporary “profits” generated by yen depreciation do not benefit all companies equally, and that policies enabling Japanese companies to use the dollars they earn overseas domestically are essential.