The dollar was surging against the yen as the Bank of Japan took the stunning step Friday of adopting negative interest rates in a bid to revive the country’s economy and protect against deflation.
What do you buy if this big devaluation by Japan sparks a sustained rally higher in the dollar? The yen was down about 2 percent versus the greenback midday Friday.
CNBC Pro searched for the big winners and losers under this scenario.
Using Kensho, a hedge fund analytics tool, we looked at all the times when the Japanese currency fell by 5 percent versus the dollar in 90 days. This kind of drop has happened eight times since 2005.
Here are the top and bottom performers among stocks in the Dow Jones industrial average during those 90-day periods of yen declines.