Eoin Treacy's view It has long been our belief at Fullermoney that a weaker Yen would help the export-led economy and act as a catalyst for renewed interest in Japanese equities. Now that this is taking place, global investors are presented with a challenge in how to hedge their currency exposure and still benefit from the stock market's advance.

One way to do this would be via a fund that hedges its currency exposure. Another would be to short the Yen against one's domestic currency. The Proshares Ultrashort Yen ETF is a two times leveraged vehicle offering access to such a trade and while overbought in the short-term, the fund should continue to perform for as long as USD/JPY continues to advance.

Since December 1 st the Nikkei-225 has appreciated by 10.05% in Yen terms but only 5.5% in US Dollars. In an effort to approach the market from the perspective of foreign investors I thought it would be instructive to have a list of companies that are listed in both Japan and the USA. Since many secondary listings are illiquid I filtered for those with at least some volume and sorted by performance year-to-date.

A number of banks are worthy of mention. Mitsubishi UFG, Mizuho Financial and Nomura Holdings have all either completed their respective bases or are testing the upper boundary.

Toyota Corp broke out of a more than four-year range two weeks ago and a sustained move below $85 would be required to question medium-term scope for additional upside. Honda Motor is currently testing the 2012 highs below $40 and a sustained move above that level would confirm a return to medium-term demand dominance.

In the consumer electronics sector Sony has at least stabilised near $10. Panasonic continues to rebound and a clear downward dynamic would be required to check momentum. Fujifilm Holdings has been consolidating above its 200-day MA since November and broke out to new recovery highs this week to reassert medium-term demand dominance.

In the machinery sector, Kubota retested its 2006 highs three weeks ago and while somewhat overbought in the short term; a sustained move below $50 would be required to question medium-term scope for additional upside.