TOKYO - Major Japanese exporters including Mazda Motor Corp.likely will benefit from the recent rise in the euro, several research analysts said on Friday.
Yasuaki Iwamoto, an auto analyst at Okasan Securities, said the high euro would help Mazda, which generates 20 percent of its overseas sales in Europe, become more competitive.
Among Japan's top automakers, Mazda has the biggest exposure to Europe, where its sales continue to expand.
The euro hit an all-time high of 140.68 yen on Friday, and also set a record high against the dollar of $1.1935 earlier in the week.
It has surged nearly 8 percent against the dollar in the last month and more than 14 percent since the start of the year.
Against the yen, it has climbed 13 percent since start of the year and about 6 percent in the last month as Japanese investors flocked to the euro and euro-denominated assets to obtain better returns.
Shares of Mazda failed to benefit from Friday's rate movement, ending the day on Tokyo stock market down 0.83 percent at 239 yen.
Daiwa Institute of Research said the potential beneficiaries also include leading camera maker Olympus, bicycle parts maker Shimano Inc., car air conditioner maker Sanden Corp. and auto parts maker Tokai Rubber Industries Ltd.