BOSTON (TheStreet) -- Debt-saddled Japan has again slipped into recession. With that country's economy shrinking, it's wise to consider which U.S. stocks may falter due to exposure. Here's a snapshot of five companies that derive a significant proportion of sales from Japan. Below, they are ordered by percentage of sales in Japan, from least to most.

5.

Edwards Lifesciences

(EW) - Get Report

designs technologies and devices that help treat advanced cardiovascular diseases. Edwards' shares have appreciated 11% in 2011 and 35% over the past six months. The company derives roughly 15% of its revenue from Japan, presenting risk due to the recession, but a level of safety due to the company's product type. Japan has a substantial population of aging seniors, many of whom suffer from cardiovascular health problems. Last quarter, Edwards' adjusted earnings advanced 33% to 53 cents, beating the consensus by about 27%.

4.

Altera

(ALTR) - Get Report

is a semiconductor company, designing programmable logic devices and application-specific integrated circuits. Its stock has doubled over the past 12 months and has risen 33% so far in 2011. Yet, Altera derives 15% of sales from Japan. Supply-chain disruptions at tech companies presented a risk when the tsunami hit and manufacturing was halted. Now, Japan's recession presents an additional risk as demand may be on the decline for tech. Altera's adjusted first-quarter earnings gained 36% to 68 cents, beating consensus by roughly 5.8%.

3.

Tiffany & Co.

(TIF) - Get Report

is a high-end jewelry retailer, with a quickly expanding global presence. Its stock has rocketed 60% in 12 months and is up 12% in 2011. One of the best performing retail investments of the recovery, Tiffany has returned 16%, annualized, since 2008. Tiffany generates nearly 17% of its sales in Japan, which has a strong appetite for luxury items. Its adjusted fiscal fourth-quarter earnings expanded 32% to $1.44, beating consensus by 3.8%, as sales grew 12% to $1.1 billion. Tiffany is an analyst favorite, receiving "buy" ratings from 64% of researchers.

2.

Coach

(COH)

, like Tiffany, is a luxury retailer, but Coach sells handbags, wallets and other leather goods, not jewelry. Coach shares have rallied 8.6% in 2011. They have gained 55% in the past 12 months. Coach garners around 21% of its sales from Japanese markets, a significant portion. Last quarter, the New York-based company boosted adjusted earnings 24% to 62 cents, exceeding the consensus projection by 3.3%. Coach also grew its sales, by 14% to $946 million, beating consensus by 0.5%. The operating margin declined from over 30% to about 29%.

1.

Aflac

(AFL) - Get Report

is a life and health insurance company. It ranks among the cheapest U.S. stocks, selling for a forward earnings multiple of just 8.2, a 35% industry discount. Aflac's shares have advanced 14% in the past 12 months, but have dropped 10% in 2011, in part due to expected losses in Japan. The news of renewed recession hasn't hurt the stock, though, which is up 0.4% intraday. Aflac generates a disproportionate 77% of its sales in Japan, despite being a U.S.-based company. Its adjusted first-quarter earnings beat expectations, rising 16% to $1.63.

>>To see these stocks in action, visit the

5 Stocks With Too Much Japan Exposure

portfolio on Stockpickr.

-- Written by Jake Lynch in Boston.

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