FILE PHOTO: A woman counts Japanese 10,000 yen notes in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/File Photo

YOKOHAMA, Japan (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Saturday the yen’s depreciation against other currencies has not led to an increase in the country’s exports in recent years because more companies now produce goods overseas.

“Textbooks say that when your exchange rate depreciates, your exports will increase and improve your trade balance,” Kuroda told a seminar.

“In the case of Japan, exchange rates are affecting not much the trade balance but the corporate profit situation, through which domestic demand will fluctuate,” he said.