Abstract
The yen's gains in forex markets have given impacts to many sectors of our country. Then, applying standard framework of growth accounting and assuming a production function of three elements, rates of return on investment, i.e. total, machinery, information and personnel expenses are calculated on the firms, being within top 10% in rank of pro forma cash flow in each sector of Tokyo Stock Exchange First Section, during 2004-08 and 2007-11 FY periods. Several firms are selected based on the analysis to prepare the trajectories of each rate of return (earning structure) by varying the cash flow and to discuss the business models concerned.
