Provided that the net amount of U.S. dollar funds required for exports and imports is raised by selling yen, calculations suggest that this creates demand for approximately 15 trillion yen worth of dollar purchases against the yen, although the result should be interpreted with a certain latitude.
Put simply, a 10 percent appreciation of the yen against the dollar would result in an exchange rate profit of approximately 1.5 trillion yen for Japan's economy as a whole. Second, Japanese firms have been expanding their foreign direct investment mainly through overseas mergers and acquisitions (M&As), with the net figure for 2019 reaching a record high of approximately 27 trillion yen.