Thailand's current political turmoil has yet to impact major foreign investors with operations outside Bangkok but some multinationals fear a worsening risk profile and indicate a reluctance to approve expansions and new projects.
The latest bout of unrest and associated fears of softer economic growth has shaken equity, credit and currency market sentiment, with global investors pulling nearly $4 billion out of local stocks and bonds since early November. Still, foreign-owned factories have been spared the worst of the disruption as they're located in industrial complexes in provinces outside the Thai capital.
(Read more: Thai protesters move to shut down Bangkok)
Japanese-owned auto and electronics plants in Thailand have the most to lose if the political turmoil escalates, according to Gavin Greenwood, a regional political analyst with Hong Kong-based security firm Allan & Associates.
Companies such as Pioneer, Honda Motor and Toyota Motor, are the "canary in the coal mine," Greenwood told CNBC's 'The Call'. "They are showing increasing hesitancy and concern at what's happening," he said. However, "they haven't done anything about it yet," he added "but Japanese investment rather than anyone else's is the thing to watch."