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Competitive gains from weak yen fail to materialise

Despite the sharp fall in the yen since 2012, Japanese exporters lost global market share last year. Rising costs and a sluggish world economy have played a part and both factors should fade in importance in the future. But the main reason was that companies chose not to cut export prices in foreign currency terms, preferring to reap benefits in terms of surging yen revenues rather than higher volumes and a rising market share.

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