Japanese exporters are making bullish assumptions about the outlook for the yen, allowing themselves to more easily beat earnings expectations and keep the nation’s equities benchmarks among the world’s best performers.

Companies on the Topix 500 Index that released guidance for the fiscal year ending in March 2024 as a whole based their view on the yen averaging 140.22 per dollar during the period, according to data compiled by Bloomberg. That’s 5% above the current market rate, higher than the average since the start of the fiscal year and stronger than the median forecast of foreign exchange strategists.