Japan's listed companies in fiscal 2024 may see lower earnings than last year, according to a major brokerage.

SMBC Nikko Securities looked into about 1,400 firms on the Tokyo Stock Exchange that had reported financial results for last fiscal year through March.

It says their projected net profit for this fiscal year comes to 48.6 trillion yen, or 311 billion dollars. That's 0.4 percent less than last year, which saw a record high for the third year running.

Transport equipment firms, including automakers, are likely to suffer over a 15.6 percent fall in profit due to possible appreciation of the yen.

But net profit at electronics manufacturers is projected to climb 6.4 percent, backed by stronger sales of semiconductors. And retailers could log a 3.9 percent jump.

SMBC Nikko says higher wages or a recovery in domestic consumption would also impact corporate earnings.