If you're searching for Japanese companies likely to beat earnings forecasts this quarter, one good place to start is the currency assumptions.
Take Mitsubishi Electric Corp., the industrial giant that makes everything from rice cookers to satellites.
In February, the company gave a profit forecast that was based on the yen at 100 to the dollar, even though the currency was bouncing around 120. That means Mitsubishi's overseas sales will bring in more revenue than assumed just two months ago — one reason the company will probably beat forecasts when it reports April 28.