According to a survey released by Japan on Monday, out of 638 manufacturers, about 64% said they want the Bank of Japan's policies to keep the money market stable.

The survey is part of the Bank of Japan's assessment of monetary easing over the past 25 years. Among business priorities, price and economic stability ranked second, and 54% of respondents chose this.

This result shows that as the yen is not far from a 34-year low, these companies are becoming more cautious about the trend of the yen and its impact on profits.

This result highlights the challenges faced by Bank of Japan Governor Ueda Kazuo, after the yen had the highest decline among major currencies. More and more business executives are urging the Bank of Japan to take action to bottom the yen exchange rate. The yen exchange rate has boosted the cost of imported raw materials. Many companies say they can't pass on higher costs through price increases.

USD/JPY traded around 155.70 in the Tokyo market on Monday afternoon, little change from when last week closed. Japan's benchmark 10-year bond yield (yield) hit the highest level in 10 years, as the market is betting that Japan will raise interest rates as soon as possible to support the yen.

The non-manufacturer tells a different story. Although a weaker yen usually raises import costs and harms the interests of these companies, only 33% of the 1,618 respondents in the industry (about half of those surveyed in the manufacturing industry) chose a stable yen as their preferred policy priority. Their most preferred option was economic stability, accounting for 63%. The second is price stability.

In April of last year, after Kazuo Ueda took office, the Bank of Japan announced that it would conduct an extensive policy review of the easing policy of the past 25 years. The bank is expected to announce its results by the end of this fall.

After the Bank of Japan ended its negative interest rate and yield curve control plan in March, the market's interest in this assessment waned. Some analysts have predicted that this review will trigger these changes.