Malaysian special minister for the economy Daim Zainuddin notes that even as the Japanese yen fell against the dollar, the ringgit depreciated even more. So while Malaysia may pay fewer dollars to buy Japanese goods or repay Japanese loans, it has to pay more in ringgit. Analysts also point out that demand in most Asian nations is so bad that few importers are in a position to buy from Japan. And many Japanese exports, particularly components that will end up in products headed for the U.S. and Europe, are priced in dollars anyway. About the only thing within the control of Asian nations is to cut local costs - meaning fewer employees and lower asset prices.
Exporters can also look for other markets.
That means the U.S. and Europe. The problem is that everyone else is eyeing those markets too. And the switch requires redesigned products and new sales channels. If exports are based in yen, the risk should be hedged. But no one expects it to stay there.