Japan has experienced several appreciation episodes. These appreciations may squeeze profit margins and lower export volumes. This paper investigates whether firms can weather appreciation periods by producing differentiated rather than commoditized products. To do this it investigates different sectors within the Japanese transportation equipment industry. Results from estimating pricing-to-market (PTM) coefficients indicate that firms producing differentiated products can pass-through more of exchange rate appreciations into higher foreign currency prices and thus better preserve their profit margins. Results from estimating trade elasticities are consistent with the PTM results and indicate that the automobile industry has exported much less than predicted after the yen depreciated in 2012. Finally, estimates of the stock market exposure across sectors indicates that the profitability of firms producing differentiated products is less exposed to appreciations. Producing differentiated, knowledge-intensive goods can thus help firms to survive endaka periods.

日本经历了几次升值。这些升值可能会压缩利润率并降低出口量。本文研究了企业是否可以通过生产差异化产品而非商品化产品来度过升值期。为此，它调查了日本运输设备行业的不同部门。估算市场价格（PTM）系数的结果表明，生产差异化产品的公司可以将更多的汇率升值转移到更高的外币价格中，从而更好地保留其利润率。估算贸易弹性的结果与PTM结果一致，并表明汽车行业的出口远低于2012年日元贬值后的预期。对各部门股票市场风险的估计表明，生产差异化产品的公司的获利能力较少受到升值的影响。因此，生产差异化的知识密集型产品可以帮助企业生存Endaka时期。