Impact of Exchange-Rate Fluctuations on Performance
First written in FY2016. 21 of 35 entries say "Materialised", first in FY2017-Q1. Latest entry: 2026-08-14.
The whole theme swung hardest in 2025: 71 of 159 companies on the "Worse" side.
- 2026-08-14MaterialisedEarnings
「The yen continued to trend weak against foreign currencies, remaining at levels not seen in several decades.」
The continued weakness of the yen was identified as a factor supporting domestic sales prices in the Smelting business. - FY2026MitigatedAnnual report
「The yen was on a strengthening trend from the beginning of the period through the second quarter, but began to weaken from the third quarter.」
The yen shifted from strength in the first half of the period to weakness from the third quarter onward, resulting in a full-year average of ¥150.77 per US dollar. The weaker yen supported domestic selling prices and earnings in the smelting operations. - FY2026-H1WorsenedAnnual report
「The yen remained stronger than in the same period of the previous year.」
The stronger yen year on year was a factor pushing down domestic selling prices and export unit prices in the smelting operations. - FY2025MaterialisedAnnual report
「Although there were periods of volatility due to interest-rate increases in Japan and rate cuts in the US, the yen remained weaker than in the previous period for the full fiscal year.」
The yen actually weakened over the full fiscal year, contributing to higher domestic selling prices and improved earnings in the smelting operations. - FY2025-H1MaterialisedAnnual report
「The yen continued to weaken against the dollar against a backdrop of the US-Japan interest-rate differential, but after July it strengthened sharply toward period-end as Japan implemented additional rate increases and the US cut interest rates. Year on year, however, the yen remained at a weaker level.」
The yen actually weakened and then strengthened toward period-end, while year on year the weaker yen drove higher selling prices and improved earnings. - FY2024MaterialisedAnnual report
「Meanwhile, despite the Bank of Japan’s adjustment of its unconventional monetary easing, the yen weakened substantially toward fiscal year-end as US monetary tightening drove higher interest rates.」
The fiscal-year-average yen/US dollar exchange rate was ¥144.62, representing a weaker yen than the previous period’s ¥135.47, and exchange-rate movements actually affected performance. - FY2024-Q3RestatedAnnual report
「Meanwhile, although the yen strengthened and the US dollar weakened in December against a backdrop of the US-Japan interest-rate differential, the yen continued to weaken and the US dollar to strengthen over the period as a whole. The yen also remained on a weakening trend against the Australian dollar.」
The yen remained on a weakening trend against the US dollar, and against the Australian dollar, reaffirming that exchange-rate movements affected the smelting and resource operations. - FY2024-Q2RestatedAnnual report
「Meanwhile, the yen continued to weaken and the US dollar to strengthen against the yen against a backdrop of the US-Japan interest-rate differential. The yen also remained on a weakening trend against the Australian dollar.」
The yen continued to weaken and the US dollar to strengthen against the yen, while the yen also remained on a weakening trend against the Australian dollar. The average exchange rates were ¥144.62 per US dollar and US$0.6681 per Australian dollar. - FY2024-Q1MaterialisedAnnual report
「Meanwhile, the yen continued to weaken and the US dollar to strengthen against the yen against a backdrop of the US-Japan interest-rate differential. The yen also weakened against the Australian dollar.」
The yen weakened and the US dollar strengthened against the yen, while the yen also weakened against the Australian dollar. The average exchange rates were ¥137.37 per US dollar and US$0.6850 per Australian dollar. - FY2023-Q3RestatedAnnual report
「Meanwhile, the US dollar strengthened through mid-November as a result of substantial US interest-rate increases, but subsequently turned weaker.」
The exchange rate shifted from a stronger US dollar to a weaker US dollar, and exchange-rate volatility has continued. - FY2023-Q2RestatedAnnual report
「Meanwhile, the yen and the Australian dollar weakened rapidly against the US dollar as a result of substantial US interest-rate increases.」
The yen and Australian dollar weakened rapidly, with the weaker yen driving higher consolidated net sales and the weaker Australian dollar driving higher resource-operating profit; these exchange-rate conditions have continued. - FY2023-Q1MaterialisedAnnual report
「Meanwhile, the yen weakened and the Australian dollar weakened rapidly against the US dollar as a result of substantial US interest-rate increases.」
The weaker yen was described as a factor driving higher consolidated net sales, while the weaker Australian dollar was described as a factor driving higher resource-operating profit. Exchange-rate movements actually affected performance. - FY2022MaterialisedAnnual report
「As the yen weakened during the second half, the period average also represented a weaker yen compared with the previous period.」
The fiscal-year-average yen/US dollar exchange rate was ¥112.38, representing a weaker yen than the previous period’s ¥106.06. Exchange-rate movements actually affected the performance of the smelting operations and other businesses. - FY2022-Q3MaterialisedAnnual report
「Meanwhile, the yen continued to weaken against the US dollar, while the US dollar/Australian dollar exchange rate affecting CBH Resources Ltd., an Australian mining company, reflected a stronger Australian dollar due to soaring resource prices, which had a negative impact on the resource operations.」
The yen continued to weaken, while the stronger Australian dollar actually resulted in exchange-rate movements that negatively affected the resource operations. - FY2022-Q2MaterialisedAnnual report
「Meanwhile, the yen continued to weaken against the US dollar, while the US dollar/Australian dollar exchange rate affecting CBH Resources Ltd., an Australian mining company, reflected a stronger Australian dollar due to soaring resource prices, which had a negative impact on the resource operations.」
The yen continued to weaken, while the stronger Australian dollar actually resulted in exchange-rate movements that negatively affected the resource operations. - FY2022-Q1MaterialisedAnnual report
「The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), reflected a stronger Australian dollar against the US dollar as metal prices rose (a stronger Australian dollar has a negative impact on resource operations), and the period average also represented a stronger Australian dollar year on year. The US dollar/yen exchange rate, which affects US dollar-denominated metal prices and treatment and refining charges, represented a weaker yen year on year on a period-average basis (a weaker yen has a positive impact on smelting operations).」
A stronger Australian dollar negatively affected the resource operations, while a weaker yen positively affected the smelting operations, and these exchange-rate movements actually occurred, with impacts differing by business. - FY2021MaterialisedAnnual report
「The yen strengthened gradually against the US dollar over the period and turned weaker toward period-end as US long-term interest rates rose, but the period average represented a stronger yen compared with the previous period (a stronger yen has a negative impact on the smelting operations).」
A stronger yen actually occurred on a fiscal-year-average basis, negatively affecting the smelting operations. The period-average US dollar/Australian dollar exchange rate was broadly unchanged from the previous period. - FY2021-Q3RestatedAnnual report
「Meanwhile, the US dollar/yen exchange rate, which affects the smelting operations, gradually reflected a stronger yen, and the period average also represented a stronger yen year on year (a stronger yen has a negative impact on resource operations). The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), reflected a stronger Australian dollar as metal prices rose, but the period average represented a weaker Australian dollar year on year (a weaker Australian dollar has a positive impact on resource operations).」
The stronger yen negatively affected the resource operations, while the weaker Australian dollar positively affected them, resulting in exchange-rate conditions with mixed impacts by direction. - FY2021-Q2MitigatedAnnual report
「The period average represented a weaker Australian dollar year on year (a weaker Australian dollar has a positive impact on resource operations).」
The Australian dollar was weaker year on year on a period-average basis, resulting in exchange-rate conditions favorable to the resource operations. - FY2020RestatedAnnual report
「The period average represented a slightly stronger yen compared with the previous period, which had a negative impact on the smelting segment.」
The yen strengthened, negatively affecting the smelting segment, while the Australian dollar weakened, positively affecting the resource segment, and these exchange-rate movements actually occurred throughout the fiscal year. - FY2020-Q3MaterialisedAnnual report
「The yen/US dollar exchange rate fluctuated within a narrow range despite reacting to US-China trade tensions, and the period average represented a slightly stronger yen year on year, which had a negative impact on the smelting segment. The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), generally reflected a weaker Australian dollar during the period from January to September 2019, and the period average also represented a weaker Australian dollar year on year, which had a positive impact on the resource segment.」
The yen strengthened and the Australian dollar weakened year on year, negatively affecting the smelting segment and positively affecting the resource segment. - FY2020-Q2MaterialisedAnnual report
「Meanwhile, the yen moved toward strength against the US dollar from June onward, partly due to expectations of US interest-rate cuts, which had a negative impact on smelting operations. The period average also represented a slightly stronger yen year on year. The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), generally reflected a weaker Australian dollar during the period from January to June 2019 (a weaker Australian dollar has a positive impact on resource operations), and the period average also represented a weaker Australian dollar year on year.」
The yen strengthened, negatively affecting the smelting operations, while the Australian dollar weakened, positively affecting the resource operations, and these exchange-rate movements actually occurred. - FY2020-Q1MitigatedAnnual report
「The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), generally reflected a weaker Australian dollar during the period from January to March 2019 (a weaker Australian dollar has a positive impact on resource operations), and the period average also represented a weaker Australian dollar year on year.」
While the period-average yen/US dollar exchange rate was broadly unchanged from the same period of the previous year, the Australian dollar remained weaker year on year, resulting in exchange-rate conditions favorable to the resource operations. - FY2019MitigatedAnnual report
「The yen strengthened temporarily against the US dollar from December through January, but weakened gradually over the period, which had a positive impact on smelting operations. The period average was broadly unchanged from the previous period. The US dollar/Australian dollar exchange rate, which affects the Group through its consolidated subsidiary CBH Resources Ltd. (hereinafter, “CBH”), which operates the Endeavor and Rasp mines in Australia, generally reflected a weaker Australian dollar over the period (a weaker Australian dollar has a positive impact on resource operations), and the period average also represented a weaker Australian dollar compared with the previous period.」
The average yen exchange rate was broadly unchanged from the previous period, while the Australian dollar weakened year on year, creating favorable conditions for the resource operations. - FY2019-Q3MitigatedAnnual report
「Meanwhile, the yen weakened gradually against the US dollar over the period, which had a positive impact on smelting operations, but the period average was broadly unchanged from the same period of the previous year. The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), generally reflected a weaker Australian dollar over the period (a weaker Australian dollar has a positive impact on resource operations), and the period average also represented a weaker Australian dollar year on year.」
The average yen exchange rate was broadly unchanged from the same period of the previous year, while the Australian dollar weakened year on year on a period-average basis, resulting in exchange-rate conditions favorable to the smelting and resource operations. - FY2019-Q2MaterialisedAnnual report
「Meanwhile, the yen weakened gradually against the US dollar over the period, which had a positive impact on smelting operations, but the period average was broadly unchanged from the same period of the previous year. The US dollar/Australian dollar exchange rate, which affects the Group through its Australian mining company CBH Resources Ltd. (hereinafter, “CBH”), generally reflected a weaker Australian dollar over the period (a weaker Australian dollar has a positive impact on resource operations), although the period average represented a stronger Australian dollar year on year. (CBH’s first half ran from January 2018 to June 2018.)」
Although there were periods of yen weakness and Australian dollar weakness, the period average reflected a stronger Australian dollar, and exchange-rate movements actually affected the performance of the smelting and resource operations. - FY2019-Q1MaterialisedAnnual report
「Meanwhile, the yen/US dollar exchange rate averaged ¥109.07 per US dollar during the first quarter, representing a slightly stronger yen than the ¥111.09 per US dollar average in the same period of the previous year (a stronger yen has a negative effect on smelting business results). The US dollar/Australian dollar exchange rate, which affects the Company's Group because it has a mining company in Australia, CBH Resources Ltd. (hereinafter, “CBH”), averaged US$0.786 per Australian dollar during the first quarter (CBH's first quarter was January–March 2018), representing a stronger Australian dollar than the US$0.761 per Australian dollar average in the same period of the previous year (a stronger Australian dollar has a negative effect on resources business results).」
The yen and the Australian dollar were both stronger year on year, and foreign exchange fluctuations actually had a negative effect on the smelting and resources businesses, respectively. - FY2018-Q3MaterialisedAnnual report
「The yen/US dollar exchange rate averaged ¥111.70 per US dollar during the nine-month period ended the third quarter, representing a weaker yen than the ¥106.63 per US dollar average in the same period of the previous year (a weaker yen has a positive effect on earnings). The US dollar/Australian dollar exchange rate, which affects the Company's Group because it has a mining company in Australia, CBH Resources Ltd. (hereinafter, “CBH”), averaged US$0.766 per Australian dollar during the nine-month period ended the third quarter (CBH's nine-month period was January–September 2017), representing a stronger Australian dollar than the US$0.741 per Australian dollar average in the same period of the previous year (a stronger Australian dollar has a negative effect on earnings).」
Foreign exchange fluctuations actually occurred, with the weaker yen having a positive effect on earnings in the domestic businesses and elsewhere, while the stronger Australian dollar had a negative effect on CBH's earnings. - FY2018-Q2MaterialisedAnnual report
「Meanwhile, the yen/US dollar exchange rate averaged ¥111.06 per US dollar during the six-month period ended the second quarter, representing a weaker yen than the ¥105.29 per US dollar average in the same period of the previous year.」
The yen was weaker year on year, and fluctuations in the yen/US dollar and US dollar/Australian dollar exchange rates actually affected the business environment during the period. - FY2018-Q1MaterialisedAnnual report
「Meanwhile, the yen/US dollar exchange rate averaged ¥111.09 per US dollar during the first quarter, representing a weaker yen than the ¥108.14 per US dollar average in the same period of the previous year.」
The yen was weaker year on year, and foreign exchange fluctuations actually affected quarterly earnings, including through improved foreign exchange gains and losses on foreign-currency-denominated receivables and payables. - FY2017MaterialisedAnnual report
「Although the stronger yen against the US dollar compared with the previous period was a factor reducing earnings,」
Although there was also a period of yen depreciation during the period, the yen was stronger on an annual average basis, and foreign exchange fluctuations actually became a factor reducing full-year earnings. - FY2017-Q3MitigatedAnnual report
「Meanwhile, the yen/US dollar exchange rate rapidly shifted toward a weaker yen (stronger US dollar) from mid-November amid expectations of economic expansion under the new US administration's economic policies. Although the yen remained stronger year on year, the extent of yen appreciation narrowed toward the third quarter.」
It is explained that although the yen remained stronger year on year, it shifted toward depreciation during the period, narrowing the downward impact of the stronger yen on results. - FY2017-Q2MaterialisedAnnual report
「Although the stronger yen was a factor reducing earnings, the significant impact of higher metal prices resulted in higher earnings in the smelting business.」
It is explained that the stronger yen continued to be a factor reducing earnings and affected results through lower domestic prices and other factors. - FY2017-Q1MaterialisedAnnual report
「In terms of profit and loss, operating income, ordinary income and quarterly net income attributable to owners of the parent all decreased year on year, reflecting lower metal prices than in the same period of the previous year and the impact of the stronger yen.」
It is explained that the stronger yen actually became a factor reducing revenue and earnings. - FY2016First statedAnnual report
「A stronger yen against the US dollar adversely affects the performance of the Company's Group, while a weaker yen has a favorable effect.」
This shows the sensitivity of the smelting business and CBH to foreign exchange rates.