TOKYO (Reuters) -- The head of Japan's largest business lobby said on Monday that a lasting strength in the yen against the dollar could force the country's exporters to lower their profit forecasts next year.
"(The dollar) has come down to nearly 100 yen," Hiroshi Okuda, chairman of the Japan Business Federation (Keidanren), told a regular news conference. "If the (yen's strength) is extended over a long period, it would have a big impact on exporters. I'm not sure about any impact now, but if the current situation continues we can expect downward profit revisions next year."
Most Japanese companies close their books for the business year on March 31.
Okuda, who also is chairman of Toyota Motor Corp., added, however, that he was not in a position to ask the Japanese government or Bank of Japan to take any action on currency rates. Last month, he had expressed doubt in the efficacy of currency intervention in stemming the yen's rise.
On Monday, the dollar was fetching around 102.40 yen. Most Japanese auto makers, which benefit from a weaker yen as major exporters, have assumed a dollar rate of 105 yen for the second business half to March 31.