Changes since 1970 in exchange rates between the Japanese yen and the currencies of Japan's major suppliers of wheat, corn, sorghum, and soybeans have had little effect on U.S. grain and soybean exports to Japan. U.S. sales of wheat to Japan were higher by only $5 million—3 percent of total value of the sales—in 1972 than they would otherwise have been, and higher by $15 million—4 percent of total sales—in 1973. Sales of U.S. soybeans to Japan were $26 million higher in 1972 and $48 million higher in 1973 than they would otherwise have been, about 7 percent of total sales in both years. No significant relationship was found between exchange rate changes and U.S. sales of com and sorghum to Japan.