Import-dependent companies - different story. Export-oriented companies: Yeehaw.
Day in and day out, my bowl of Ramen is still 600 JPY. My veggies come from Aomori and my Milk from Hokkaido. It's fine.
I work in a company that has 95% export and my salary is paid in EUR/JPY and USD (don't ask). So I actually benefit quite a bit. But your average Japanese citizen is just not that much affected. (Unless she buys a lot of imported goods).
The biggest complaint from Japanese Japanese (not expats paid in USD) is that food prices have blown up tremendously. It's literally daily headline news. But yeah yeah, the underclass is only complaining about their Apple hardware prices.
[1] https://japannews.yomiuri.co.jp/editorial/yomiuri-editorial/...
Even if you splurge on a foreign luxury product once a year, it can seem like a downgrade in standard of living. Perhaps especially so if your special occasion is impacted and meanwhile you’re not seeing any higher affordability of domestic goods.
I mean, my whole family got a kick out of spending much less than expected for a week while we were in Japan, even though the other 51 weeks this year we will be dealing with US inflation. Psychology around inflation is weird.
And export oriented companies are making money. But trickle down economics is a myth, so it's not benefitting the workers. The executives are doing nicely so good for them I suppose.
https://asia.nikkei.com/Economy/Japan-PM-Kishida-asks-compan...