Foreign Exchange Risk Associated with Imported Raw Materials

「In foreign exchange markets, the yen traded at weak levels due to the interest rate differential between Japan and the United States and conditions in the Middle East.」

「In foreign exchange markets, the yen has fluctuated within a wide trading range due to US tariff policy and the Bank of Japan's monetary policy.」

「In foreign exchange markets, the yen had traded at weak levels since the previous period, but appreciated as the interest rate differential narrowed, after which it remained volatile under the influence of US trade policy.」

「In foreign exchange markets, the yen had remained weak since the previous period, but appreciated as the interest rate differential between Japan and the United States narrowed, resulting in volatile trading.」

「In foreign exchange markets, Japan maintained a strong commitment to continued monetary easing, the interest rate differential between Japan and the United States remained wide, and the yen continued to trade at weak levels.」

「In foreign exchange markets, the Bank of Japan's monetary easing policy and US measures to combat inflation remained unchanged, the interest rate differential between Japan and the United States remained wide, and the yen continued to trade at weak levels.」

「In foreign exchange markets, the interest rate differential between Japan and the United States widened as the Bank of Japan maintained its monetary easing policy, and the yen has continued to trade at weak levels.」

「In foreign exchange markets, the interest rate differential between Japan and the United States has remained wide, and the yen has continued to trade at weak levels.」

「In foreign exchange markets, the substantial yen depreciation from the beginning of the period was restrained by concerns about a US recession and a review of Bank of Japan policy, but the yen has remained weak because the interest rate differential between Japan and the United States remains large.」

「In foreign exchange markets, the yen depreciated substantially due to the interest rate differential between Japan and the United States, but its depreciation was restrained by concerns about a US recession and revisions to the Bank of Japan's monetary easing policy, among other factors, and uncertainty has continued.」

「In foreign exchange markets, the interest rate differential between Japan and the United States widened due to US interest rate hikes and Japan's monetary easing policy, resulting in substantial yen depreciation.」

「In foreign exchange markets, the yen has depreciated as a result of the widening interest rate differential caused by US interest rate hikes.」

「In foreign exchange markets, the yen has depreciated as a result of interest rate hikes to address inflation concerns arising from solid economic activity in the United States and elsewhere.」

「In foreign exchange markets, the yen has continued to depreciate as COVID-19 vaccinations have progressed in the United States and economic activity appears to be proceeding smoothly.」

「Foreign exchange rates have moved toward yen weakness as economic activity has begun to resume globally following progress in COVID-19 vaccinations.」

「Foreign exchange rates have remained on a weakening-yen trend as economic activity has begun to recover, supported by progress in COVID-19 vaccinations and additional economic measures in the United States.」

「Foreign exchange rates had remained on a stronger-yen trend, but shifted toward yen weakness as economic activity began to resume following progress in COVID-19 vaccinations.」

「Foreign exchange rates have remained stable at stronger-yen levels amid a global economic downturn.」

「Foreign exchange rates had remained on a gradual weakening-yen trend, but shifted toward yen strength due to the global economic slowdown and the resulting deceleration of the U.S. economy.」

「Foreign exchange rates remained on a gradual weakening-yen trend as demand for the dollar increased due to the impact of COVID-19.」

「Foreign exchange rates remained on a gradual stronger-yen trend throughout the year due to factors including U.S. rate cuts.」

「Foreign exchange rates remained on a stronger-yen trend in the first half as U.S. policy rates were cut, but the yen weakened from September onward, reflecting the strength of the U.S. economy.」

「The yen also strengthened gradually as U.S. interest rates continued to decline and monetary policy globally moved toward easing.」

「Foreign exchange rates moved gradually toward yen strength as U.S. interest rates were cut.」

「Foreign exchange rates remained firm in the first half due to issues including the UK's withdrawal from the EU, but the yen weakened in the second half against a backdrop of strong U.S. economic conditions.」

「The yen weakened as interest rates continued to rise in the United States against a backdrop of continued economic strength.」

「The yen weakened as U.S. interest rates were raised against a backdrop of strong economic conditions in the United States.」

「The yen also weakened as a result of U.S. interest rate hikes.」

「The yen remained on a weakening trend as expectations for President Trump's economic policies and U.S. rate hikes supported yen depreciation.」

「During the cumulative consolidated third quarter, there were no new business or other risks, nor any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」

「During the six months ended the second quarter, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the cumulative first quarter under review, the Japanese economy remained firm due to a recovery in exports driven by a global economic recovery and yen depreciation, but the outlook remained uncertain as personal consumption stagnated.」

「Foreign exchange rates had remained on a stronger-yen trend, but the yen weakened after the U.S. presidential election.」

「Foreign exchange rates had remained on a stronger-yen trend, but the yen weakened after the U.S. presidential election.」

「During the six months ended the second quarter, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report for the previous fiscal year.」

「During the cumulative first quarter under review, the Japanese economy was on a gradual recovery track, supported by improving corporate earnings and a recovery in capital investment, but the outlook remained uncertain, partly because a downturn caused by fluctuations in foreign exchange and financial markets was expected.」

「As most of the raw materials procured by our group are imported, procurement costs may be affected by fluctuations in foreign exchange rates. We seek to mitigate foreign exchange risk through forward contracts, but cannot eliminate it entirely, and may incur losses if the yen weakens unexpectedly.」