Impact of Yen Appreciation on Export Profitability and Translation Effects
First written in FY2016-Q2. 12 of 28 entries say "Restated". Latest entry: 2026-10-09.
Osg moved to the "Worse" side of this theme in 2020, 2 years after the typical company in this theme (2018).
The whole theme swung hardest in 2025: 14 of 17 companies on the "Worse" side.
7 other companies' latest entry also says "Restated".
- 2026-10-09RestatedEarnings
「Profitability benefited from the positive effect of the weaker yen, as well as from the effect of sales price revisions and the timing difference in reflecting higher material prices.」
Foreign exchange translation effects were again identified as a factor supporting performance. - FY2026-H1ReframedAnnual report
「Revenue and operating profit both increased, partly reflecting foreign-exchange translation effects.」
Foreign-exchange translation effects are described not as a factor weighing on performance, but as a factor behind the increases in revenue and operating profit in Europe and Africa. - 2026-07-02MitigatedRevision of earnings forecasts
「During the cumulative second quarter under review, the yen depreciated beyond the assumptions made at the beginning of the fiscal year, while tungsten prices, the main raw material for carbide tools, also increased. However, profitability improved because raw materials procured before the price increase were used, and profit performance exceeded the initial assumptions.」
The yen's depreciation beyond the initial assumptions means that the risks associated with export profitability and translation effects from yen appreciation have emerged in a mitigated direction in the current earnings forecasts. - FY2025-H1MaterialisedAnnual report
「Although conditions varied by country as described above, revenue and operating profit declined due in part to the yen’s appreciation.」
The shift toward yen appreciation was reflected in actual results as a factor behind lower revenue and operating profit, particularly in the Americas and Europe and Africa. - FY2024SoftenedAnnual report
「Major currencies moved sharply toward yen depreciation through July, then shifted toward yen appreciation, ultimately ending the period at approximately the same level as at the beginning of the period.」
The previous trend of significant yen depreciation reversed toward yen appreciation in the second half of the fiscal year, and the yen ended the period at approximately the same level as at the beginning. - FY2024-Q2RestatedAnnual report
「Although major currencies initially moved toward yen appreciation, they subsequently moved toward yen depreciation, with the US dollar and euro significantly stronger against the yen than in the same period of the previous year.」
The shift from yen appreciation at the beginning of the period to yen depreciation thereafter, and the significant year-on-year yen depreciation against the US dollar and euro, have been reconfirmed. - FY2024-Q1RestatedAnnual report
「Although major currencies initially moved toward yen appreciation, they subsequently moved toward yen depreciation, with the US dollar and euro significantly stronger against the yen than in the same period of the previous year.」
The shift from yen appreciation at the beginning of the period to yen depreciation thereafter, and the significant year-on-year yen depreciation against the US dollar and euro, have been reconfirmed. - FY2023ReframedAnnual report
「Although major currencies initially moved toward yen appreciation, they subsequently shifted sharply toward yen depreciation, with the US dollar, euro and Chinese yuan all remaining stronger against the yen than in the previous fiscal year.」
The description has been organized around the shift from yen appreciation at the beginning of the period to yen depreciation thereafter, and the currency-specific situation of major currencies being weaker against the yen year on year. - FY2023-Q3ReframedAnnual report
「Although major currencies initially moved toward yen appreciation, they shifted sharply toward yen depreciation from February onward, with the US dollar, euro and Chinese yuan all remaining stronger against the yen than in the same period of the previous year.」
The foreign-exchange environment changed from yen appreciation at the beginning of the period to yen depreciation from February onward, with the US dollar, euro and Chinese yuan all stronger against the yen than in the same period of the previous year. - FY2023-Q2ReframedAnnual report
「Although major currencies initially moved toward yen appreciation, they shifted sharply toward yen depreciation from February onward, with the US dollar, euro and Chinese yuan all remaining stronger against the yen than in the same period of the previous year.」
The foreign-exchange environment changed from yen appreciation at the beginning of the period to yen depreciation from February onward, and the description was updated to reflect the major currencies’ weaker yen levels year on year. - FY2023-Q1SoftenedAnnual report
「Although the extreme yen depreciation eased after peaking around October last year, the US dollar, euro and Chinese yuan all remained stronger against the yen than in the same period of the previous year.」
The extreme yen depreciation is said to have eased after peaking around October 2022. While the sharp phase of foreign-exchange risk weakened, major currencies remained stronger against the yen year on year. - FY2022RestatedAnnual report
「The foreign-exchange market entered a period of rapid yen depreciation, against a backdrop including differences between the monetary policies of Japan and other major countries.」
A period of rapid yen depreciation against a backdrop including differences between the monetary policies of Japan and other major countries is also described for the full fiscal year. - FY2022-Q3RestatedAnnual report
「The foreign-exchange market entered a period of rapid yen depreciation, against a backdrop including differences between the monetary policies of Japan and other major countries.」
A period of rapid yen depreciation against a backdrop including differences between the monetary policies of Japan and other major countries continues to be described. - FY2022-Q2ReframedAnnual report
「The foreign-exchange market entered a period of rapid yen depreciation, against a backdrop including differences between the monetary policies of Japan and other major countries.」
The description of the foreign-exchange environment has changed from the previous focus on yen appreciation and currency-specific translation effects to a period of rapid yen depreciation driven by differences in monetary policy from other major countries. - FY2021-Q3ReframedAnnual report
「In the foreign-exchange market, the US dollar, euro and Chinese yuan were all stronger against the yen than in the same period of the previous year.」
The description of foreign-exchange effects has been organized by currency, with the US dollar, euro and Chinese yuan all stronger against the yen year on year. - FY2021-Q1ReframedAnnual report
「In the foreign-exchange market, the US dollar was weaker against the yen, while the euro and Chinese yuan were stronger against the yen than in the same period of the previous year.」
The description of foreign-exchange effects has been organized by currency, with the US dollar weaker against the yen and the euro and Chinese yuan stronger against the yen year on year. - FY2020-Q1MaterialisedAnnual report
「The foreign-exchange market was characterized by a stronger yen than in the same period of the previous year.」
The yen appreciated year on year, and the impact of exchange rates is cited as a factor behind the decline in operating profit in the Japan segment. - FY2019-Q3RestatedAnnual report
「The overseas sales ratio declined to 57.3% from 58.7% in the same period of the previous year, reflecting the impact of China’s economic slowdown and the effects of translating exchange rates for major currencies, including the US dollar, euro and Chinese yuan, into yen, despite firm market conditions in Japan.」
The impact of China’s economic slowdown and the translation of major currencies into yen has again been identified as a factor behind the decline in the overseas sales ratio. - FY2019-Q2RestatedAnnual report
「The overseas sales ratio declined to 57.0% from 59.1% in the same period of the previous year, reflecting the impact of China’s economic slowdown and translation effects from exchange-rate movements in the euro, Chinese yuan and other currencies excluding the US dollar, despite firm market conditions in Japan. Although operating profit was affected by lower profit in China and translation effects from exchange-rate movements, it increased year on year as utilization rates at major plants in Japan improved, with production and sales of taps increasing significantly in particular.」
China’s economic slowdown and translation effects from exchange-rate movements in the euro, Chinese yuan and other currencies continue to weigh on the overseas sales ratio. - FY2019-Q1MaterialisedAnnual report
「The overseas sales ratio declined to 57.8% from 59.3% in the same period of the previous year, reflecting the impact of China’s economic slowdown and translation effects from exchange-rate movements in the euro, Chinese yuan and other currencies excluding the US dollar, despite firm market conditions in Japan. Operating profit declined year on year, reflecting lower profit in China and translation effects from exchange-rate movements.」
Translation effects from exchange-rate movements in the euro, Chinese yuan and other currencies are reflected in the decline in the overseas sales ratio from 59.3% to 57.8% and in the decline in operating profit. - FY2018-Q3ReframedAnnual report
「For the Americas segment as a whole, revenue and operating profit increased year on year despite the translation impact of the stronger yen, as sales of the core taps, carbide drills and carbide end mills increased.」
The description has returned from the previous quarter’s translation impact of a weaker US dollar in the Americas to the broader description of translation effects from the stronger yen. - FY2018-Q2ReframedAnnual report
「For the Americas segment as a whole, revenue and operating profit increased year on year despite the negative translation impact of a weaker US dollar, as sales of the core taps, carbide drills and carbide end mills increased.」
The description of foreign-exchange effects has changed from lower export profitability and translation effects due to the stronger yen to a regional description focusing on the translation impact of a weaker US dollar in the Americas. - FY2017RestatedAnnual report
「Although the Group hedges foreign-exchange risk using forward exchange contracts, the Group’s operating results and financial position may be affected by exchange-rate movements.」
Foreign-exchange risk and hedging through forward exchange contracts continue to be listed as business risks. - FY2017-Q2RestatedAnnual report
「Operating profit declined year on year, reflecting the recognition of a one-time payment in South Korea, as well as lower export profitability and translation effects resulting from the yen’s appreciation.」
Lower export profitability and foreign-exchange translation effects resulting from the stronger yen continue to be cited as factors behind the decline in operating profit. - FY2017-Q1RestatedAnnual report
「Operating profit declined year on year, reflecting lower export profitability and translation effects resulting from the yen’s appreciation.」
Lower export profitability and foreign-exchange translation effects resulting from the stronger yen continue to be cited as factors behind the decline in operating profit. - FY2016RestatedAnnual report
「Operating profit declined from the previous fiscal year, reflecting lower export profitability resulting from the yen’s appreciation, lower profit in the United States, and translation effects.」
The decline in export profitability and foreign-exchange translation effects resulting from the stronger yen are again cited as factors behind the decline in operating profit. - FY2016-Q3RestatedAnnual report
「Operating profit declined year on year, reflecting weaker performance in China within the Asia segment, as well as lower export profitability and translation effects resulting from the yen’s appreciation.」
The decline in export profitability and foreign-exchange translation effects resulting from the stronger yen are again cited as factors behind the decline in operating profit. - FY2016-Q2First statedAnnual report
「Operating profit declined year on year, reflecting generally weak performance across all segments except Europe, as well as lower export profitability and translation effects resulting from the yen’s appreciation.」
The stronger yen is described as contributing to the decline in operating profit through lower export profitability and foreign-exchange translation effects.