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Doesn't seem to affect it, is it a jpg only setting ?
Tried some exposure tests by pointing cameras at a scene with a lamp in the middle.
X100S and iPhone meter (via lightmeter pro) both give f2 1/125 ISO5000
A Nikon DSLR gives f2 1/125 ISO800.The highlights on the lamp are blown on both the iPhone and X100S, the Nikon DSLR gets it right.
Try setting the highlights at -1 or -2 via the Q button?