Yen strength and corporate risks - Nomura

Analysts at Nomura noted that the yen weakened substantially from late 2012 through 2015, but the breakeven rate did not move far in the direction of a weaker yen. 

Key Quotes:

"We think one of the reasons for this might have been the calm and collected stance maintained by Japanese corporate management."

"Some Japanese companies stepped up capex and employment and raised wages, but as a whole their actions were probably within a safe range. 

Japanese companies held back from expanding their businesses to such an extent that they would face substantial risks if the yen were to strengthen further, and we think this has made them better able to withstand adverse conditions."