Exchange Rate and Stock Price Volatility Associated with the UK's Withdrawal from the EU and Concerns over Weaker Economic Conditions
First written in FY2017-Q1. 1 of 18 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2025: 15 of 18 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2026Yen depreciation, higher long-term interest rates, and weakness at the end of the fiscal year after stock prices reached new highsAnnual report
「During this period, the yen remained on a moderate depreciating trend because of the resilience of the U.S. economy, among other factors. Domestic long-term interest rates rose to the 2% range against the backdrop of the outlook for prices. The Nikkei Stock Average temporarily exceeded ¥59,000 and reached an intraday record high as corporate earnings improved, but turned weak toward the end of the fiscal year following a deterioration in the situation in the Middle East.」
The yen depreciated moderately, domestic long-term interest rates rose to the 2% range, and the Nikkei Stock Average turned weak toward the end of the fiscal year after reaching a record high above ¥59,000. - FY2026-H1Exchange rates remained broadly flat, while stock prices reached a record highAnnual report
「During this period, exchange rates remained broadly flat, while the Nikkei Stock Average followed an upward trend against the backdrop of expectations for U.S. rate cuts and improved corporate earnings, exceeding ¥45,000 near the end of the period and reaching a record high.」
Exchange rates remained broadly flat rather than undergoing a sharp change, while the Nikkei Stock Average exceeded ¥45,000 and reached a record high. - FY2025Higher policy rates, yen depreciation, rising long-term interest rates and concerns about falling stock prices coexistedAnnual report
「During this period, the yen remained on a depreciating trend because of the interest-rate differential between Japan and the United States, among other factors, temporarily falling to the ¥161 range. It subsequently fluctuated, at times turning toward appreciation because of foreign-exchange intervention and an additional rate hike. Domestic long-term interest rates remained on an upward trend and rose to the 1.5% range at the end of the fiscal year as expectations for an additional rate hike increased. The Nikkei Stock Average temporarily exceeded ¥42,000 and reached a record high, but turned weak toward the end of the fiscal year as concerns grew about an economic downturn caused by U.S. tariff policies and downside risks to corporate earnings.」
The document described a period of yen appreciation after yen depreciation, rising domestic long-term interest rates, and weakness at the end of the fiscal year after the Nikkei Stock Average reached a record high. - FY2025-H1The yen turned from depreciation to appreciation, while stock-price volatility increasedAnnual report
「During this period, the yen remained on a depreciating trend through the middle of the period, temporarily falling to the ¥160 range. It subsequently turned toward appreciation as the interest-rate differential between Japan and the United States narrowed following a review of the Bank of Japan's monetary policy, and approached the ¥130 range at the end of the period. The Nikkei Stock Average remained firm in the first half of the period, but fluctuated widely from summer onward and moved unevenly.」
The yen depreciated temporarily to the ¥160 range before turning toward appreciation against the backdrop of the monetary-policy review and a narrowing Japan-U.S. interest-rate differential. The Nikkei Stock Average fluctuated widely from summer onward. - FY2024Yen depreciation, rising stock prices and higher long-term interest rates, followed by yen depreciation and rising stock prices at the end of the fiscal yearAnnual report
「In financial markets, the yen remained on a depreciating trend because of the interest-rate differential between Japan and the United States, among other factors, and fell to the ¥151 range at the end of the fiscal year. The Nikkei Stock Average exceeded ¥40,000 near the end of the fiscal year and reached a record high against the backdrop of strong corporate earnings. Domestic long-term interest rates temporarily rose to nearly 1% in early autumn as the Bank of Japan reviewed the operation of its monetary policy, but subsequently declined, while the impact of the lifting of negative interest rates remained limited.」
The yen remained on a depreciating trend throughout the fiscal year, reaching the ¥151 range at year-end, while stock prices reached a record high above ¥40,000. Long-term interest rates temporarily rose to nearly 1% before declining. - FY2023Changed from yen depreciation to an appreciation trendAnnual report
「The yen depreciated rapidly against the U.S. dollar as U.S. policy rates rose, falling to the ¥150 range in early autumn, but turned toward appreciation as the pace of U.S. rate hikes slowed. The Nikkei Stock Average remained firm despite fluctuations.」
The yen depreciated rapidly to the ¥150 range in early autumn, then turned toward appreciation as the pace of U.S. rate hikes slowed. Stock prices were described as firm despite fluctuations. - FY2023-Q2Rapid yen depreciation and stock prices remaining broadly flatAnnual report
「During this period, the Nikkei Stock Average remained broadly flat despite fluctuations. In contrast, the yen depreciated rapidly because of differences between monetary policies in Japan and the United States.」
Stock prices remained broadly flat with fluctuations, while the yen depreciated rapidly against the backdrop of differences between monetary policies in Japan and the United States. - FY2022Yen depreciation and wider stock-price swingsAnnual report
「Exchange rates remained stable at around ¥110, but the yen depreciated in the second half of the fiscal year because of rising U.S. long-term interest rates and crude oil prices. The Nikkei Stock Average remained firm against the backdrop of strong corporate earnings, but fluctuated widely in the second half of the fiscal year, at one point falling to the ¥24,000 range amid concerns about the spread of variant strains and the situation in Ukraine.」
The yen turned toward depreciation in the second half of the fiscal year, while stock prices, after a period of firm performance, became more volatile amid concerns about infectious-disease variants and the situation in Ukraine. - FY2022-Q2Stable exchange rates and firm stock pricesAnnual report
「During this period, exchange rates remained stable at around ¥110, while the Nikkei Stock Average showed firm performance, temporarily recovering to the ¥30,000 range.」
The document changed from previous descriptions of yen appreciation, yen depreciation and stock-price fluctuations to stating that exchange rates were stable near ¥110 during the current interim period and that the Nikkei Stock Average temporarily recovered to the ¥30,000 range. - FY2021Changed from yen appreciation to rapid yen depreciation and rising stock pricesAnnual report
「In financial markets, the yen remained on a moderate appreciation trend, but depreciated rapidly after the start of the new year as U.S. long-term interest rates rose. Stock prices followed an upward trend, supported by aggressive monetary and fiscal policies mainly in developed countries, and remained firm, at times recovering to the ¥30,000 range.」
The yen changed from an appreciation trend to rapid depreciation after the start of the new year, while stock prices temporarily recovered to the ¥30,000 range. - FY2020Stock prices plunged as the COVID-19 pandemic spreadAnnual report
「Stock prices followed an upward trend and recovered to the ¥24,000 range at year-end, but after the start of the new year, risk aversion intensified as COVID-19 spread, and prices fell as low as the ¥16,000 range, resulting in substantial volatility.」
Stock prices recovered to the ¥24,000 range at year-end, then fell temporarily to the ¥16,000 range as risk aversion intensified amid the spread of COVID-19. - FY2020-Q2Yen appreciation and weak stock prices continued, followed by a recovery in stock prices in the second halfAnnual report
「During this period, the yen generally appreciated as concerns about escalating tensions between the United States and China intensified. The Nikkei Stock Average remained weak, but recovered to the ¥22,000 range in the latter half of the period on expectations of a U.S.-China agreement.」
Yen appreciation and weak stock prices continued against the backdrop of escalating U.S.-China tensions, but the Nikkei Stock Average recovered to the ¥22,000 range in the latter half of the period on expectations of a U.S.-China agreement. - FY2019Changed from yen depreciation and rising stock prices to yen appreciation and falling stock pricesAnnual report
「In financial markets, the yen remained on a depreciating trend against the backdrop of U.S. economic and interest-rate developments, but turned toward appreciation after the start of the new year as expectations for U.S. interest-rate hikes receded. Stock prices remained firm, at times reaching the ¥24,000 range, but subsequently fell to below ¥20,000 amid concerns about the outlook for overseas economies, particularly the United States, resulting in substantial volatility.」
The market changed from yen depreciation and rising stock prices in the first half of the fiscal year to highly volatile conditions after the start of the new year, including yen appreciation and stock prices falling below ¥20,000. - FY2018Changed to yen appreciation and weak stock prices in the second half of the fiscal yearAnnual report
「Exchange rates remained around ¥110 during the year, but the yen appreciated after the start of the new year amid uncertainty about the outlook for monetary policy in Japan and the United States. Stock prices remained strong, at times exceeding ¥24,000, but turned weak from February onward against the backdrop of a global stock-market correction and yen appreciation.」
The document did not directly mention the UK's withdrawal from the EU. It described the change from strong stock prices in the first half of the fiscal year to yen appreciation and weak stock prices after the start of the new year. - FY2018-Q2Stable exchange rates and rising stock pricesAnnual report
「During this period, exchange rates were generally stable, while the Nikkei Stock Average moved on an upward trend, recovering to the ¥20,000 range.」
The document changed from describing unstable exchange rates and stock prices in the previous fiscal year to stating that exchange rates were stable during the current interim period and that the Nikkei Stock Average recovered to the ¥20,000 range. - FY2017Exchange rates and stock prices reversed course during the fiscal yearAnnual report
「During the first half of the fiscal year, the yen appreciated and the Nikkei Stock Average remained weak, partly because of the UK's withdrawal from the EU. In the second half, the yen weakened and stock prices rose after the U.S. presidential election, but the yen appreciated again toward the end of the fiscal year and stock prices struggled to rise further amid concerns about U.S. protectionist policies.」
The UK's withdrawal from the EU, the U.S. presidential election and concerns about protectionist policies were cited, with exchange rates and stock prices fluctuating several times during the fiscal year. - FY2017-Q2RestatedAnnual report
「During this period, financial conditions saw the yen appreciate against the backdrop of the UK's withdrawal from the EU and developments in U.S. monetary policy, while stock prices remained weak amid concerns about deteriorating earnings at exporting companies.」
In addition to the UK's withdrawal from the EU, developments in U.S. monetary policy were cited as factors behind yen appreciation, weak stock prices and renewed concerns about corporate earnings. - FY2017-Q1First statedAnnual report
「Uncertainty about the outlook also increased, as unstable exchange rates and stock-price movements related to the UK's withdrawal from the EU raised concerns about downside risks to corporate sentiment and consumer confidence.」
The document described instability in exchange rates and stock prices related to the UK's withdrawal from the EU, as well as concerns about downside risks to corporate and consumer sentiment.