TOKYO: Nearly 64% of Japanese companies see the yen’s recent declines as having a negative impact on their profits, a survey by private think tank Teikoku Databank showed on Friday.

About half of the companies surveyed saw 110-120 as the appropriate level for the dollar/yen pair, much stronger for the yen than recent levels around 156, the survey showed.

The survey was conducted May 10-15 with 1,046 firms making valid replies.

While a weak yen gives exports a boost, it has been a headache for policymakers as it hurts the economy by inflating the cost of importing fuel and raw material.

After the yen hit a 34-year low of 160.245 per dollar on April 29, Japanese authorities are suspected to have spent more than 9 trillion yen ($58 billion) intervening in the market to prop up the currency.

The dollar stood at 155.80 in Asia on Friday.

Reuters