The world’s largest camera maker raised forecasts for net income and operating profit thanks to a weakened yen, according to a Businessweek report.

Tokyo-based Canon Inc. believes income will rise by 8.5 percent to 250 billion yen ($2.3 billion) this year — the company had previously expected profit of 240 billion yen.

It would be the second year of increased profits for the company as sales of office equipment and a lucrative partnership with Hewlett-Packard Co. is propping it up in a downturn in the camera business as smartphones proliferate. But the weakening of the yen this year — it has dropped 2.5 percent so far thanks to Prime Minister Shinzo Abe’s inflation push — is also providing a major boost to the company’s value overseas.

The weakened currency helps Canon because it provides a favorable currency exchange rate, which helps mitigate weakness in the digital camera market.

In addition to the increase in net income, operating profits will also jump 9.7 percent to 370 billion yen despite little change in sales expectations — 3.74 trillion yen, compared to previous estimations of 3.78 trillion.

The yen is trading at 137.05 against the euro and 107.96 against the dollar today.

Shares of Canon have dropped 1.6 percent so far this year, as third-quarter profit slid 24 percent to 43.3 billion.

Canon’s core digital imaging business has been hammered by the rise of smartphones, as consumers are finding pictures taken with these devices suit their needs for casual photography, eschewing buying a camera specialized for such use.

As a result, Canon has sought to expand into other areas, such as video surveillance and semiconductor steppers.