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How Japanese firms can weather endaka periods: Evidence from the transportation equipment industry

机译：日本公司如何天气endaka期间：来自运输设备行业的证据

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摘要

Japan has experienced several appreciation episodes. These appreciations may squeeze profit margins and lower export volumes. This paper investigates whether firms can weather appreciation periods by producing differentiated rather than commoditized products. To do this it investigates different sectors within the Japanese transportation equipment industry. Results from estimating pricing-to-market (PTM) coefficients indicate that firms producing differentiated products can pass-through more of exchange rate appreciations into higher foreign currency prices and thus better preserve their profit margins. Results from estimating trade elasticities are consistent with the PTM results and indicate that the automobile industry has exported much less than predicted after the yen depreciated in 2012. Finally, estimates of the stock market exposure across sectors indicates that the profitability of firms producing differentiated products is less exposed to appreciations. Producing differentiated, knowledge-intensive goods can thus help firms to survive endaka periods.
机译：日本经历了几次欣赏剧集。这些欣赏可以挤压利润率和较低的出口量。本文调查了公司是否可以通过生产差异化而不是商品化产品来升值。为此，它调查日本运输设备行业内的不同部门。估计价格上市（PTM）系数的结果表明，生产区别产品的公司可以通过更多的汇率欣赏到更高的外币价格，从而更好地保留其利润率。估计贸易弹性的结果与PTM结果一致，表明汽车工业出口远远低于2012年日元贬值后的预测。最后，跨部门的股票市场曝光的估计表明，生产差异化产品的公司的盈利能力是不太接触到欣赏。因此，产生差异化的知识密集型物品可以帮助公司生存endaka时期。

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