Donald Trump's victory in the U.S. presidential election Wednesday has surprised and baffled Japanese business leaders, prompting them to try to assess its economic impact and what his presidency will mean for their companies.

As the United States plays a crucial role as a major export destination for Japanese companies, executives are concerned about the outlook for the world's largest economy and the possibility of turmoil in financial markets, particularly a further strengthening of the yen.

Some business leaders expressed hope for stronger bilateral ties between Japan and the U.S., and said ratifying the 12-nation Trans-Pacific Partnership free trade agreement is vital amid worries about rising protectionism.