The yen also has improved, moving from 134 yen to the dollar then to 124 now.
In effect, if you borrowed a yen you'd have to pay back 1.5 to 2 yen.
Operating profit rose to a record 204.9bn yen from 188.4bn yen the previous year.
Knowing this, other global investors also buy the yen, or yen-denominated assets, to benefit from this gain.
The US dollar currently yields about 92 yen compared to about 78-80 yen in the October-December period.
FORBES: Toyota's Growth Shifts To Higher Gear With Yen's Help
In October, Honda had cut its projection to 375bn yen from its earlier forecast of 470bn yen.
BBC: Honda sees quarterly profits rise but cuts annual forecast
However, it cut its full-year profit forecast to 370bn yen, compared with its previous projection of 375bn yen.
BBC: Honda sees quarterly profits rise but cuts annual forecast
Yen bears should know that having a pool of available funds means no sale of yen is involved!
Trading at 6, 670 yen in January last year, it touched 98, 000 yen yesterday.
The yen rose to 93.69 per dollar, while one euro bought 125.75 yen.
The company lost 772 billion yen in the previous year, and expects to make 260 billion yen this year.
The Bank of Japan, for instance, failed to stem the yen's rise when it sold yen over the summer.
Sharp's net loss shrank to 36.7bn yen, from 173.6bn yen a year earlier.
Specifically, a trader who borrowed big in Japanese yen to buy higher-yielding currencies or higher-yielding assets, the so-called yen carry trade.
Net revenues surged 60% to 5, 501.5 billion yen in the first quarter while the operating income jumped to 353 billion yen.
FORBES: Toyota Raises Guidance After Impressive Rebound In Sales
The yen weakened 3.5 percent against the dollar, to 96.16 yen, while Tokyo's Nikkei stock index rose 2.2 percent to 12, 634.54.
On a bearish Yen, the idea would be to short FXY, or purchase the leveraged Short Yen via YCS (least preferred).
FORBES: Bull Markets Brewing China And Japan But For Different Reasons
While the WisdomTree Dreyfus Japanese Yen Fund holds bonds, repo and deposits, the CurrencyShares Japanese Yen Trust holds 100% Japanese Yen.
It has to break the strengthening trend that took the yen from 120 yen per dollar in 2007 to 80 in 2012.
FORBES: For Japan To Emerge From Its Malaise, It Must Place A Ceiling On The Yen
In preparing for a coming storm investors should anticipate further unwinding of yen carry trades and a significant appreciation of the yen.
Toyota said the strong yen shaved 120bn yen from its interim profits, but that it benefited from restructuring savings worth 330bn yen.
The result will be massive JGB selling, a collapsing yen, and systematic financial crisis resulting from a collapse in yen asset prices.
Among others, Toshiba is donating 22m yen, Hitachi is giving 20m yen and food maker Ajinomoto says it is donating 40m yen.
However, its expectations of 90bn yen net profit for the year to March 2007 falls below the market consensus of 95.3bn yen.
The carry trade out of Japanese yen for other, higher-interest currencies began to unwind, and the yen gained and the Kiwi dollar came down good.
The dollar bought 94.67 yen, down from 99 yen two weeks ago.
The 110 billion yen loss attributed to the earthquake was dwarfed by 290 billion yen in losses due to shifting exchange rates.
Panasonic said net income in the year from 1 April was likely to be 50bn yen, compared with analysts' expectations for 64bn yen.
The U.S. dollar rose as high as 101.18 yen, the first time since April 2009 that the greenback has traded above 100 yen.
Rather than trying to make the yen weak, Japan should set a ceiling on the yen as Switzerland does on the franc.
FORBES: For Japan To Emerge From Its Malaise, It Must Place A Ceiling On The Yen
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