Further Yen Appreciation
First written in FY2017-Q1. 8 of 19 entries say "Restated". Latest entry: 2026-11-02.
Yutaka Foods moved to the "Worse" side of this theme in 2025, 3 years after the typical company in this theme (2022).
The whole theme swung hardest in 2020: 42 of 61 companies on the "Worse" side.
38 other companies' latest entry also says "Worsened".
- FY2025ReframedAnnual report
「Looking ahead, the domestic economy is gradually recovering, and higher wages are expected to boost consumer spending. However, the outlook is uncertain and the business environment is expected to remain challenging, amid an unstable international situation, higher resource and raw-material prices, and foreign-exchange market volatility.」
The filing no longer directly refers to the weaker yen itself, instead describing general foreign-exchange market volatility alongside resource and raw-material prices. - FY2025-H1ReframedAnnual report
「The outlook remains uncertain due to stagnating consumer purchasing appetite resulting from prolonged price increases, higher raw-material costs associated with the weaker yen, and the impact of labor shortages.」
The wording has changed from general foreign-exchange market volatility to higher raw-material costs associated with the weaker yen, explicitly describing the relationship between yen depreciation and higher costs. - FY2024ReframedAnnual report
「The outlook is uncertain, and the business environment is expected to remain challenging, amid an unstable international situation, higher resource and raw-material prices, and foreign-exchange market volatility.」
The wording has broadened from the previous reference to the continuation of the yen’s depreciating trend to an external-environment risk that includes volatility across the foreign-exchange market. - FY2024-Q3RestatedAnnual report
「During the first nine months of the fiscal year, Japan’s economy continued to face an uncertain outlook. Economic activity was normalizing after the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, but the yen’s depreciating trend continued and global resource and raw-material prices remained high due to the situation involving Russia and Ukraine.」
The continuation of the yen’s depreciating trend is identified as an external factor contributing to the uncertain outlook, as in the previous quarter. - FY2024-Q2RestatedAnnual report
「During the first six months of the fiscal year, Japan’s economy continued to face an uncertain outlook. Economic activity was normalizing after the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, but the yen’s depreciating trend continued and global resource and raw-material prices remained high due to the situation involving Russia and Ukraine.」
As in the previous quarter, the continuation of the yen’s depreciating trend is identified as an external-environment concern. - FY2024-Q1SoftenedAnnual report
「During the first three months of the fiscal year, Japan’s economy continued to face an uncertain outlook. Economic activity was normalizing after the classification of COVID-19 under the Infectious Diseases Control Law was changed to Category 5, but the yen’s depreciating trend continued and global resource and raw-material prices remained high due to the situation involving Russia and Ukraine.」
The wording has changed from “the rapid depreciation of the yen” to “the continuation of the yen’s depreciating trend,” softening the description of the speed of the yen’s depreciation. - FY2023RestatedAnnual report
「The outlook for the domestic economy remains uncertain due to the sharp depreciation of the yen and higher energy and raw-material costs resulting from an unstable international situation.」
The filing continues to mention the rapid depreciation of the yen. - FY2023-Q3RestatedAnnual report
「However, the situation in Ukraine continues to be prolonged, while fuel and raw-material prices remain high and the yen continues to depreciate rapidly. The outlook therefore remains uncertain.」
The rapid depreciation of the yen continues to be identified as an external-environment concern, following the previous quarter. - FY2023-Q2RestatedAnnual report
「During the first six months of the fiscal year, Japan’s economy was moving toward a normalization of economic activity as restrictions on personal activity were eased following progress in vaccinations. However, the outlook remains uncertain amid the rapid depreciation of the yen, soaring energy and raw-material prices resulting from the prolonged Russian invasion of Ukraine, and concerns about higher prices arising from these developments.」
The rapid depreciation of the yen continues to be identified as an external-environment concern, as in the previous quarter. - FY2023-Q1ReframedAnnual report
「During the first three months of the fiscal year, Japan’s economy was moving toward a normalization of economic activity as restrictions on personal activity were eased following progress in vaccinations. However, the outlook remains uncertain amid the rapid depreciation of the yen, soaring energy and raw-material prices resulting from the prolonged Russian invasion of Ukraine, and concerns about higher prices arising from these developments.」
The wording has changed from the previous references to the ongoing appreciation of the yen to wording identifying the rapid depreciation of the yen as an external-environment concern. - FY2018DroppedAnnual report
「The business environment is expected to remain challenging, amid concerns about deteriorating corporate earnings due to the rise of protectionism, higher raw-material costs and other factors.」
The discussion of the business environment and risks in this annual securities report no longer directly mentions the ongoing appreciation of the yen. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, there were no occurrences of matters concerning the business situation, accounting situation or other matters described in the quarterly report that could have a material impact on investors’ decisions, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
The filing states that there are no material changes in existing business and other risks, including the appreciation of the yen. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, there were no occurrences of matters concerning the business situation, accounting situation or other matters described in the quarterly report that could have a material impact on investors’ decisions, and no material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
No material changes in business and other risks are reported, and no new developments are identified in the existing external-environment risks, including the appreciation of the yen. - FY2017ReframedAnnual report
「In addition, signs of a rapid appreciation of the yen and other developments have emerged since the beginning of the year, intensifying concerns about deteriorating corporate earnings. The outlook therefore remains uncertain.」
The wording has changed from the previous quarter’s reference to rapid movements across the foreign-exchange market to wording that explicitly identifies signs of a rapid appreciation of the yen and concerns about deteriorating corporate earnings. - FY2017-Q3ReframedAnnual report
「The foreign-exchange market saw rapid price movements within a range of nearly ¥20, and numerous events, including Brexit in Europe, occurred that could have a significant impact on the global economy going forward. The outlook therefore remains uncertain.」
The wording has changed from the previous reference to “the ongoing appreciation of the yen” to a volatility risk involving rapid foreign-exchange movements of nearly ¥20, without specifying the direction of the yen. - FY2017-Q2RestatedAnnual report
「The outlook remains uncertain, due to the ongoing appreciation of the yen, concerns about a slowdown in emerging-market economies, and growing concern over the impact that Brexit in Europe may have on the global economy going forward.」
The ongoing appreciation of the yen continues to be identified as an external-environment risk. No material changes in business and other risks are reported. - FY2017-Q1First statedAnnual report
「The outlook remains uncertain, due to the ongoing appreciation of the yen, concerns about a slowdown in emerging-market economies, and growing concern over the impact that Brexit in Europe may have on the global economy going forward.」
The ongoing appreciation of the yen is mentioned for the first time as an external-environment risk. No specific figures or impact amounts are provided.