CPI and Core CPI

EDIT:

OK, I totally assed this up. Exporters are selling DOLLARS (I confused the underlier), or buying Yen.

Exporters are implicitly long the dollar and are looking to get the most Yen for their holdings. If their buying Yen, then they expect that this is the best Yen price they are likley to get. You still want to do the opposite of what their doing because they intend to lose money on the forex positions. Their profit is derived in the real world business transactions.

So, long story short, I am a retard, they see a future dollar appreciation from current levels, and you should buy the dollar. I'll take my public beating now...