The recent financial crisis in the EU has potential for real impact on photographers. Canon, for instance, reported late last month that they were anticipating exchange rates of 125 yen to the Euro for the year. That seemed about right two weeks ago. But the current exchange rate is down to 118, an almost 6% move in less than two weeks after Canon's report. (By comparison, Canon is anticipating 90 yen to the dollar, but the current rate is 92.5 yen, a favorable change for the Japanese companies). When large currency fluctuations happen like this, several things tend to happen.
The Japanese companies hedge against modest fluctuations, so small or temporary changes don't tend to impact their business results or their product distribution. But larger and long term changes do. If the Euro continues to weaken against the yen, camera companies will import fewer items into Europe and more into other areas, like the US or SE Asia. Ironically, prices may increase in Europe but fall in the US if the Euro continues to slide. Why would the US prices fall? Because moving inventory originally destined for Europe to the US would require incentives in order to get it off US dealer shelves. But even a 5% discount in the US would beat a 10% loss in the European markets.
So if things continue as they are I wouldn't be surprised to see a wider rebate program hit the US market in an attempt to "move iron." The question, however, is this: how likely is that the European debt problems continue to push down the Euro? My personal assessment is that there is a bit of market overreaction in the short term, but the long term isn't exactly positive at the moment.