The big story of the Japanese earnings season so far: the contrast between non-exporters, many of which have posted respectable first-half figures, and exporters, most of which have not. Toyota is a case in point. Japan’s biggest company by market capitalisation seems to be suffering from the classic double-whammy of a strong currency. Not only are its repatriated profits worth less, it is having to work harder to earn them.
日本财报季中迄今最值得关注的一点：非出口商与出口商业绩对比鲜明。许多非出口商都发布了亮丽的中报，而大部分出口商则不然。丰田汽车(Toyota)就是一个典型的例子。这家日本市值最大的企业，似乎正在遭受日元坚挺导致的经典的双重灾难：一方面海外外币利润能够换到的日元变少了，另一方面出口生意更难做了。
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