The USD/JPY rate made for a "convenient truth". They damn near marked the bottom with their press release.
As I previously opined, they hiked then, so when the rebates come, they in effect will be charging the going rate, as opposed to truly discounted. In essence, they served us a bowl of hot steaming dung.
Since they already know percentage wise how much biz comes in what currency they can easily hedge they exposure. Not exactly a novel idea, especially for a company of their experience with the global markets. If you closely check, unlike the aholes here, they are loyal to their country, and much is made in Japan, even the printing of manuals, all the more reason to hedge.
I found it quite ironic that while they bellyached about the currency rates, they forgot to add the HUGE advantages in the plummeting costs in electronics/semies - I am uncertain what % of the total cost that is but its gotta be considerable, especially in bodies (less so in lenses).
This moment it is 100.3150.