Nikon has restated their expected currency hedge rates for the current fiscal year (90 yen to the dollar, 120 yen to the Euro). This morning as I write this the current exchange rates are 88.635 and 111.3477, respectively, which means that Nikon expects the yen to depreciate against both currencies sometime during the year.
As I noted right after Nikon posted their year-end results, Nikon's expected currency rates looked wrong to me. As it turns out, the dollar has slid about 5% and the Euro almost 20%. Any swing greater than 5% seems to be about the point where Nikon reprices in the US (in other words, Nikon will tend to keep prices steady for Yen appreciation in the 0-5% range, change prices as the appreciation goes above that). For those keeping tabs, the Thailand Bhat has appreciated about 3% against the dollar this year. That's significant because almost all the consumer DSLR gear is coming out of Thailand.
At the moment I don't expect price changes in the US, though the rebate programs will probably get thinner. But I do expect that the currency fluctuations are going to impact the next iteration of Nikon products coming into Europe. That D90 replacement, D700 follow-up, mirrorless entry, consumer zoom, and two more primes that everyone expects as the next announcements are going to be stiffer in price for the Europeans, I'm afraid.