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Tickers in this Article: COH, AFL, OMG, VOLC, BLD, STAA
Got Japan-overload yet? Since the earthquake, tsunami and subsequent radiation worries materialized a week and a half ago, it has pretty much been the only item on the financial news menu, complete with a boatload of experts letting you know which stocks are going win or lose - mostly lose in this case - as the country regroups and rebuilds.

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A little more digging and a lot more logic, however, illustrates how several stocks besides Aflac (NYSE:AFL) and Coach Inc. (NYSE:COH) are on the ropes at this point. Here's a look at four companies with an alarming amount of exposure to Japan. Although none of them are exactly household names, these are the ones that investors need to worry about.

STAAR Surgical
As if this implantable lens and cataract treatment maker wasn't in enough trouble already with a forward-looking P/E of 36.6, STAAR Surgical Co. (Nasdaq:STAA) may find 2011 even tougher to wade through now. Approximately 20% of its sales are/were made to Japanese customers.

To the company's credit, the multi-year string of losses has been getting smaller, with 2010's break-even being an outright victory compared to a loss of 43 cents per share (close to the norm since 2004). Though it's still been falling short of earnings estimates, this year's estimated EPS of 5 cents was supposed to translate into a watershed moment. Now, however, one has to wonder if Japan's problems are going to be the small difference in its long hunt for profitability.

Baldwin Technology
With Baldwin Technology (NYSE:BLD) sitting on the profitable/unprofitable fence for several quarters now, Japan's earthquake couldn't have come at a more frustrating time; the company was expected to squeeze out a profit of 4 cents per share in the coming fiscal year. However, with 26% of its revenue coming from Japan, this printing-press supplier will likely suffer a setback that puts it back into the red instead.

OM Group
The specialty chemical business isn't going to go away, in Japan or anywhere else. But, if tsunami damage is indeed going to crimp Japan's technological output for a while, then behind-the-scenes OM Group (NYSE:OMG) is actually more than a little vulnerable. Why? Approximately 22% of its sales are made to Japanese businesses.

OM Group makes the materials needed to manufacture everything from batteries to circuit boards and fuel additives. All are fine businesses to be in, and the company is coming off a banner year, having increased its diluted normalized EPS to $2.75 in its quest to return to its pre-recession glory days. With no triple-digit recovery gains in the cards for this year though, the stock's euphoria was already wearing off - it is 12% below December highs. The last thing investors needed was to see one third of the company's customers put under an amazing amount of duress.

Volcano Corp.
Volcano Corp. (Nasdaq:VOLC) designs and manufactures heart-related diagnostic equipment. As is the case with OM Group, it's not a business that's going away. But, with more pressing needs in Japan right now, such equipment purchases may be put on the backburner until the more basic and universal medical equipment needs are met. That's bad news for Volcano, since 21% of its revenue is derived from Japanese buyers.

Bottom Line
The proverbial "so what" with these four stocks is simply to recognize how each may be in deeper trouble than other companies with comparable or even less exposure to Japan.

However, there's a bigger common thread shining through here that may be worth keeping in mind when making other Japan-centric buy/sell decisions. All of these companies supply "wants" for Japanese consumers and businesses, but none of them actually meet absolute needs - OM Group is a partial exception, at best.

Said another way, these four companies are all heavily reliant on Japanese consumer and business spending rather than global confidence. With the average Japanese consumer or business probably feeling more than a little cautious now that priorities have shifted toward rebuilding, investors may find these four stocks are facing more than their fair share of fiscal challenges over the next couple of quarters, and perhaps longer. (So you've finally decided to start investing. But what should you put in your portfolio? Find out here. Check out How To Pick A Stock.)

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Editors Note: Liberty Global (LBTYA) has been removed because it no long has exposure to Japan, as it sold its interest early last year.

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