In recent years, Japanese exposed-post and beam style rooms made with panels nailed onto wooden framework structures, or Menzai-Shin-Kabe, have become more common than the traditional mud plaster on laths method, called Tsuchi-kabe. Menzai-Shin-Kabe is the method of nailing sheathing materials, such as structural plywood, onto studs placed in between exposed-post framework. The formulae to calculate the elastic stiffness, yield point, ultimate strength and the ductility factor of Menzai-Shin-Kabe have been derived from the elements of the shear resistance of the nails hammered into the studs and bedding frames, and the truss effect from the diagonal compression resistance of the sheathing material. In order to verify the scope of application of the formulae, shear racking tests of sheathed walls have been carried out where plywood is employed as the sheathing material.