Toyota Motor Corp. and Sony Corp. are among Japanese exporters that may miss their forecasts as the yen strengthens more than they anticipated, eroding their earnings from televisions and cars sold overseas, investors said.
Toyota, Sony, Canon Inc. and Sharp Corp. had projected the yen would average at 90 to 95 to the dollar this fiscal year, based on their latest financial statements. That may force exporters to cut their outlooks, according to investors, including Koichi Ogawa.
"Intervention is necessary," said Ogawa, chief portfolio manager at Tokyo-based Daiwa SB Investments Ltd., which manages ¥3.4 trillion in assets. "Companies may be forced to cut their forecasts if the yen continues to gain further."