(Bloomberg) -- For a sense of how much the surging yen will hurt Japanese earnings, look at the gap between where companies expected the currency to trade and where it actually is. On average, large manufacturers calculated their earnings forecasts assuming the yen would be about 114 per dollar, based on data from the Bank of Japan. With the yen's latest rally, the gap with that forecast is the widest since the global financial crisis in 2008.
To contact the reporter on this story: Dave McCombs in Tokyo at dmccombs@bloomberg.net. To contact the editors responsible for this story: Jonathan Annells at jannells@bloomberg.net, Jake Ulick
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