Japanese companies can remain profitable if the yen trades around 92 to the dollar, according to Masamitsu Sakurai, head of the nations second-largest business lobby.

"While its difficult to endure abrupt currency swings, its manageable if the currency stays at the current level," Sakurai, 66, head of the Japan Association of Corporate Executives (Keizai Doyukai), said in an interview Friday. "It's not impossible to cope by making some management efforts."

The yen is trading 10 percent above the level exporters based their profit forecasts on for this year, and companies reported their biggest drop in earnings in seven years last quarter.