Decline in the Yen Value of Overseas Sales and Foreign Exchange Losses Due to Rapid Yen Appreciation
First written in FY2016-Q3. 11 of 21 entries say "Materialised", first in FY2016. Latest entry: 2026-06-29.
Zojirushi moved to the "Worse" side of this theme in 2023, 4 years after the typical company in this theme (2019).
The whole theme swung hardest in 2019: 11 of 22 companies on the "Worse" side.
1 other company's latest entry also says "Materialised".
- 2026-06-29MaterialisedEarnings presentation
「Impact of foreign exchange rates △ 165」
The impact of foreign exchange rates reduced operating profit by ¥165 million, and the assumed full-year exchange rate was also revised to reflect higher costs resulting from the weaker yen. - FY2025-H1MaterialisedAnnual report
「Operating income was ¥4,870 million, up 11.4% year on year. Ordinary income was ¥5,063 million, down 2.6% year on year, due partly to foreign exchange losses and other factors.」
A foreign-exchange loss of ¥313 million was recorded, and the impact of foreign exchange was reflected in a 2.6% year-on-year decline in ordinary profit. - FY2024-Q1MaterialisedAnnual report
「Although net sales increased as the company pursued price pass-through for higher import costs caused by yen depreciation, operating income was ¥3,525 million, up 0.0% year on year, due to an increase in selling, general and administrative expenses.」
Higher import costs due to yen depreciation continued to appear in the actual operating environment during the quarter, and price pass-through was pursued. - FY2023MaterialisedAnnual report
「The economic environment is expected to remain uncertain, with the prolonged depreciation of the yen in Japan and the continued weakness of the real estate market in China.」
Unlike the previous decline in the yen-converted value of overseas sales caused by yen appreciation, the prolonged depreciation of the yen emerged as higher import costs and led to price pass-through. - FY2023-Q3ReframedAnnual report
「Net sales for the third quarter of the current consolidated cumulative period were ¥61,938 million, up ¥15 million from the previous year's result, partly because yen depreciation increased the yen-converted value of overseas sales. This represented a 0.0% increase year on year.」
The foreign exchange impact appeared this time as an increase in the yen-converted value of overseas sales due to yen depreciation, unlike the previous decline caused by yen appreciation. At the same time, higher import costs due to yen depreciation continued separately. - FY2022MaterialisedAnnual report
「In Japan, the recent depreciation of the yen, against a backdrop of a widening interest-rate differential between Japan and the United States, has added to higher import costs. Prices for food and durable consumer goods have risen, raising concerns that deteriorating consumer sentiment will restrain spending.」
The impact on the yen-converted value of overseas sales caused by previous yen appreciation has given way to higher import costs due to rapid yen depreciation, which has emerged in the actual operating environment. - FY2022-Q3ReframedAnnual report
「In Japan, the recent rapid depreciation of the yen, against a backdrop of a widening interest-rate differential between Japan and the United States, has added to higher import costs. Prices for food and durable consumer goods have risen, raising concerns that deteriorating consumer sentiment will restrain spending.」
With respect to foreign exchange effects, the filing explicitly described higher import costs and rising prices due to rapid yen depreciation, unlike the previous decline in the yen-converted value of overseas sales and foreign exchange losses caused by yen appreciation. - FY2021MitigatedAnnual report
「Foreign exchange gains 496」
A foreign exchange gain of ¥496 million was recorded for the year, resulting in an impact different from the decline in the yen-converted value and foreign exchange losses caused by yen appreciation in previous years. - FY2020-Q3RestatedAnnual report
「As a result, revenue for the nine months ended the third quarter was ¥55,782 million, down 6.4% year on year. Although rice cooker sales and sales of electric cooking appliances increased on stronger stay-at-home demand, stainless-steel vacuum bottles remained sluggish, partly due to the spread of COVID-19. Overseas sales increased in North America but fell below the previous year's results in Southeast Asia and China, while the yen equivalent of overseas revenue was also reduced by foreign exchange movements.」
The decline in the yen-converted value of overseas sales due to foreign exchange effects continued to be identified as a factor behind the decline in consolidated net sales. - FY2020-Q2RestatedAnnual report
「As a result, revenue for the six months ended the second quarter was ¥39,819 million, down 9.9% year on year. Stainless-steel vacuum bottles remained sluggish, partly due to the spread of COVID-19, while sales in China and Southeast Asia fell below the previous year's results. Domestic rice cooker sales also declined amid market stagnation, and the yen equivalent of overseas revenue was reduced by foreign exchange movements.」
The decline in the yen-converted value of overseas sales due to foreign exchange effects continued to be identified as a factor behind the decline in consolidated net sales. - FY2020-Q1RestatedAnnual report
「As a result, revenue for the three months ended the first quarter was ¥24,203 million, down 4.6% year on year. Sales of stainless-steel vacuum bottles and other products fell below the previous year's results in Japan and overseas. Overseas sales increased in Taiwan, where rice cookers performed well, but sales generally declined in other markets, and the yen equivalent of overseas revenue was also reduced by foreign exchange movements.」
The decline in the yen-converted value of overseas sales due to foreign exchange effects continued to reduce consolidated net sales. At the same time, the filing described an improvement in non-operating income and expenses resulting from the recognition of foreign exchange gains. - FY2018MaterialisedAnnual report
「Ordinary income was ¥6,606 million, down 22.2% from the previous consolidated fiscal year, partly due to deterioration in non-operating income and expenses resulting from a decline in foreign exchange gains.」
Deterioration in non-operating income and expenses resulting from a decline in foreign exchange gains and other factors actually occurred, and ordinary income fell 22.2% year on year. The filing also described an increase in the yen-converted value of overseas sales due to Asian currencies weakening against the yen. - FY2018-Q3MitigatedAnnual report
「As a result, net sales for the third quarter of the current consolidated cumulative period benefited from increased sales of stainless-steel thermal bottles and an increase in the yen-converted value of overseas sales as Asian currencies, the Group's major overseas-market currencies, remained weaker against the yen than in the same period of the previous year, although overseas sales in local-currency terms were below the previous year's level.」
Asian currencies remained weaker against the yen, and the yen-converted value of overseas sales increased even as overseas sales in local-currency terms fell below the previous year's level. - FY2018-Q2MitigatedAnnual report
「As a result, consolidated net sales for the second quarter of the current consolidated cumulative period were ¥47,854 million, down 1.1% year on year. Overseas sales benefited from increased sales in China and an increase in the yen-converted value of overseas sales as Asian currencies, the Group's major overseas-market currencies, remained weaker against the yen than in the same period of the previous year. However, the decline in domestic rice cooker sales had a significant negative impact.」
Asian currencies remained weaker against the yen than in the same period of the previous year, increasing the yen-converted value of overseas sales. The filing described an impact different from the previous decline in the converted value caused by yen appreciation. - FY2018-Q1MaterialisedAnnual report
「Ordinary income was ¥4,126 million, down 16.1% year on year, partly due to deterioration in non-operating income and expenses, including foreign exchange losses. Net income attributable to owners of the parent was ¥2,661 million, down 16.5% year on year.」
A foreign exchange loss of ¥73 million was recorded, and deterioration in non-operating income and expenses was one factor behind the 16.1% year-on-year decline in ordinary income. - FY2017RestatedAnnual report
「Accordingly, if the yen depreciates more rapidly than forecast, the Group's operating results and financial position may be affected. To mitigate this risk, US dollars received from exports are used to make payments, and part of any shortfall is hedged with forward exchange contracts in accordance with the risk management policy. However, if the yen appreciates more rapidly than forecast, foreign exchange losses may arise and affect the Group's operating results and financial position.」
Foreign exchange risk and the use of US dollars received from exports for payments, together with hedging through forward exchange contracts, continued to be explicitly described. A foreign exchange gain of ¥313 million was recorded during the period. - FY2017-Q3MaterialisedAnnual report
「As a result, consolidated net sales for the third quarter of the current consolidated cumulative period were ¥65,233 million, down 5.9% year on year. Overseas sales increased as sales grew in China, despite the decline in the yen-converted value of overseas sales caused by yen appreciation compared with the same period of the previous year. However, domestic sales declined, mainly for rice cookers, which affected the result.」
The decline in the yen-converted value of overseas sales due to yen appreciation continued. Although overseas sales increased in China, consolidated net sales fell 5.9% year on year. - FY2017-Q2MaterialisedAnnual report
「As a result, consolidated net sales for the second quarter of the current consolidated cumulative period were ¥48,390 million, down 6.8% year on year. In Japan, sales declined, mainly for rice cookers. Overseas, although sales increased in China, the decline in the yen-converted value of overseas sales due to yen appreciation compared with the same period of the previous year had a significant impact.」
The decline in the yen-converted value of overseas sales due to yen appreciation continued to be an actual factor behind the decline in sales, and consolidated net sales fell 6.8% year on year. - FY2017-Q1MaterialisedAnnual report
「As a result, consolidated net sales for the first quarter of the current consolidated cumulative period were ¥27,942 million, down 6.0% year on year. Although sales increased in China, the decline in the yen-converted value of overseas sales due to yen appreciation compared with the same period of the previous year had a significant impact, while domestic sales also fell below the previous year's level, mainly for rice cookers.」
The decline in the yen-converted value of overseas sales due to yen appreciation occurred in practice, and consolidated net sales fell 6.0% year on year. - FY2016MaterialisedAnnual report
「Accordingly, if the yen depreciates more rapidly than forecast, the Group's operating results and financial position may be affected. Ordinary income increased 8.3% from the previous consolidated fiscal year to ¥11,822 million, partly due to deterioration in non-operating income and expenses, including foreign exchange losses arising from yen appreciation.」
Foreign exchange risk was explicitly identified as a risk item, and a foreign exchange loss of ¥569 million resulting from yen appreciation was recorded for the full fiscal year. The yen-converted value of overseas sales also declined, confirming that the risk materialized. - FY2016-Q3First statedAnnual report
「Ordinary income was ¥8,594 million, up 2.4% year on year, partly due to deterioration in non-operating income and expenses, including foreign exchange losses arising from yen appreciation. Net income attributable to owners of the parent was ¥5,417 million, up 4.4% year on year.」
Rapid yen appreciation reduced the yen-converted value of overseas sales, and a foreign exchange loss of ¥1,375 million was recorded. The filing also described the benefits of lower costs for products manufactured overseas.