Goldman Sachs’ Amanda Schneider recently published a big research note examining the implications of foreign exposure among the S&P 500 companies.
One area of interest for investors is certainly stocks exposed to Japan, where policymakers are aggressively devaluing their currency in their efforts to stimulate their economy.
“US stocks with high sales exposure to Japan have lagged the broad market YTD and suffered downward revisions to consensus earnings estimates,” she wrote. “Bank of Japan policy has weakened the yen, creating headwinds for these companies, but may ultimately stimulate Japanese economic growth.”
Here’s a table from Schneider listing the companies most heavily exposed to Japan (note: this list only includes the companies that disclose their sales exposure to Japan):