Impact of Yen Appreciation and Foreign Exchange Losses on Ordinary Profit
First written in FY2017-Q1. 15 of 38 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-10-28.
The whole theme swung hardest in 2025: 70 of 159 companies on the "Worse" side.
- FY2026MitigatedAnnual report
「Foreign exchange losses 2,861,272 1,330,123」
Foreign exchange losses decreased from ¥2,861 million in the previous year to ¥1,330 million. However, the foreign exchange market remained highly volatile, and the impact of exchange-rate movements continued. - FY2026-H1MitigatedAnnual report
「Ordinary income was ¥357 million, as non-operating expenses included foreign exchange losses of ¥1,434 million and derivative valuation losses of ¥628 million, down 82.8% from the previous interim consolidated accounting period.」
Foreign exchange losses decreased from ¥2,195 million in the previous interim period to ¥1,434 million. The impact of foreign exchange losses remained, but the amount of the loss narrowed. - FY2025MitigatedAnnual report
「Foreign exchange losses 3,170,480 2,861,272」
Although the yen's depreciation continued, foreign exchange losses decreased from ¥3,170 million in the previous year to ¥2,861 million. The impact of exchange-rate movements remained, but the full-year loss narrowed. - FY2025-H1WorsenedAnnual report
「Ordinary income was ¥2,077 million, as non-operating expenses included foreign exchange losses of ¥2,195 million, down 13.7% from the previous interim consolidated accounting period.」
Foreign exchange losses increased from ¥1,642 million in the previous interim period to ¥2,195 million and were cited as a factor in the decline in ordinary income. - FY2024WorsenedAnnual report
「Non-operating items included interest expense of ¥4,443 million and foreign exchange losses of ¥3,170 million, resulting in ordinary income of ¥5,836 million, down 9.4% year on year.」
Despite the yen's depreciation, full-year foreign exchange losses totaled ¥3,170 million, up from ¥1,782 million in the previous year and weighing on ordinary income. - FY2024-Q3WorsenedAnnual report
「Despite an increase in interest expense and the recording of foreign exchange losses, ordinary income was ¥4,151 million, helped by higher operating income, up 100.2% from the same quarter of the previous year,」
Foreign exchange losses in the cumulative third quarter of the current consolidated fiscal year totaled ¥2,837 million, up from ¥1,642 million in the cumulative previous quarter. Foreign exchange losses continued to be recorded, but decreased from ¥2,877 million in the same period of the previous year. - FY2024-Q2WorsenedAnnual report
「Despite recording interest expense of ¥2,141 million and foreign exchange losses of ¥1,642 million, ordinary income was ¥2,406 million, helped by higher operating income, up 449.8% from the same quarter of the previous year.」
Foreign exchange losses of ¥1,642 million were recorded. While the yen's depreciation contributed to revenue in the ocean-going shipping business, it emerged as a factor weighing on ordinary income in non-operating gains and losses. - FY2024-Q1WorsenedAnnual report
「Foreign exchange losses 63,152 365,206」
Foreign exchange losses increased from ¥63.152 million in the same quarter of the previous year to ¥365.206 million. While yen depreciation contributed to the performance of the ocean-going shipping business, an increase in foreign exchange losses was evident in non-operating items. - FY2023WorsenedAnnual report
「During the consolidated fiscal year, the yen exchange rate started in the ¥122 range against the backdrop of the lifting of the US zero-interest-rate policy. Thereafter, while inflation accelerated in the US and substantial interest-rate hikes progressed rapidly, the interest-rate differential between Japan and the US widened as Japan continued its monetary easing policy, and the exchange rate temporarily reached the ¥151 range in October.」
The yen temporarily depreciated to the ¥151 range, resulting in full-year foreign exchange losses of ¥1,782 million. The company swung from foreign exchange gains in the previous year to foreign exchange losses, making the impact of exchange-rate movements on profit apparent. - FY2023-Q3WorsenedAnnual report
「Ordinary income was ¥2,073 million, due to the recording of foreign exchange losses of ¥2,877 million and derivative valuation losses of ¥1,464 million, down 9.3% from the same quarter of the previous year.」
Foreign exchange losses increased from ¥138 million in the same quarter of the previous year to ¥2,877 million, while derivative valuation losses increased from ¥326 million to ¥1,464 million. The impact of foreign exchange and derivative losses in weighing on ordinary income became greater. - FY2023-Q2WorsenedAnnual report
「Ordinary income was ¥437 million, due to the recording of foreign exchange losses of ¥1,298 million and derivative valuation losses of ¥1,153 million, down 58.6% from the same quarter of the previous year.」
Foreign exchange losses increased from ¥156 million in the same quarter of the previous year to ¥1,298 million, and derivative valuation losses of ¥1,153 million were also recorded. Despite the impact of the yen's depreciation, foreign exchange and derivative losses weighed on ordinary income. - FY2023-Q1MitigatedAnnual report
「Foreign exchange losses 80,235 63,152」
Foreign exchange losses decreased from ¥80.235 million in the same quarter of the previous year to ¥63.152 million. Foreign exchange gains and losses remained losses, but the amount of the loss narrowed. - FY2022ReframedAnnual report
「During the consolidated fiscal year, the yen exchange rate started in the ¥110 range and remained stable through late September. From October onward, the yen was sold amid growing expectations of US interest-rate hikes, reaching the ¥115 range in November for the first time in four years. In March, at the start of the new year, the lifting of the US zero-interest-rate policy drove further yen depreciation, with the exchange rate reaching the ¥122 range.」
The focus shifted from the previous description centered on yen appreciation and foreign exchange losses to the yen's depreciation in the second half of the fiscal year. Meanwhile, derivative valuation losses of ¥479 million were recorded as non-operating expenses, and the effects of foreign exchange and financial-market volatility were reflected in profit. - FY2022-Q3WorsenedAnnual report
「Foreign exchange losses — 138,491」
The company swung from foreign exchange gains of ¥132.215 million in the same period of the previous year to foreign exchange losses of ¥138.491 million in the cumulative period of the current quarter. The deterioration in foreign exchange gains and losses is affecting ordinary income. - FY2022-Q2WorsenedAnnual report
「Foreign exchange losses — 156,186」
The company swung from foreign exchange gains of ¥133.028 million in the same period of the previous year to foreign exchange losses of ¥156.186 million in the cumulative period of the current quarter. The deterioration in foreign exchange gains and losses is affecting ordinary income. - FY2022-Q1WorsenedAnnual report
「Foreign exchange losses — 80,235」
The company swung from foreign exchange gains of ¥27.283 million in the same quarter of the previous year to foreign exchange losses of ¥80.235 million in the current quarter. The deterioration in foreign exchange gains and losses, together with interest expense and derivative valuation losses, affected ordinary income. - FY2021-Q3RestatedAnnual report
「Foreign exchange gains 149,513 132,215」
Foreign exchange gains continued, but decreased from ¥149.513 million in the same quarter of the previous year to ¥132.215 million. As in the previous quarter, the company recorded foreign exchange gains rather than losses. - FY2021-Q2MitigatedAnnual report
「Foreign exchange gains 83,284 133,028」
Foreign exchange gains increased from ¥83.284 million in the same quarter of the previous year to ¥133.028 million in the current quarter. Foreign exchange gains continued, resulting in an improvement year on year. - FY2021-Q1MitigatedAnnual report
「Foreign exchange gains — 27,283」
The company shifted from a ¥69.113 million foreign exchange loss in the same period of the previous year to a ¥27.283 million foreign exchange gain this quarter. - FY2020ReframedAnnual report
「The exchange rate for the consolidated fiscal year started in the ¥111 range, and the yen appreciated toward the summer as U.S.-China trade friction intensified and U.S. monetary policy shifted toward easing. From autumn onward, the exchange rate remained relatively firm even after the Federal Reserve Board (FRB) shifted to rate cuts. Although the yen temporarily appreciated as the spread of COVID-19 intensified, it returned to the ¥108 range at the end of the fiscal year and moved within a narrow range.」
The description changed from the previous focus on rapid yen appreciation and foreign exchange losses to an explanation of yen appreciation over the fiscal year, temporary yen appreciation due to COVID-19, and a return to the ¥108 range at the end of the fiscal year. - FY2020-Q3RestatedAnnual report
「Foreign exchange gains 488,870 149,513」
The company also recorded a ¥149.513 million foreign exchange gain in the cumulative third quarter period, although this was down from ¥488.870 million in the same period of the previous year. Foreign exchange gains continued, but their contribution to higher earnings was smaller than in the same period of the previous year. - FY2020-Q2MitigatedAnnual report
「Ordinary income was ¥1,592 million, down 24.8% year on year, partly because foreign exchange gains decreased from the same quarter of the previous year.」
Foreign exchange gains and losses improved because the company returned to recording a foreign exchange gain after recording a foreign exchange loss in the previous quarter. However, foreign exchange gains declined from ¥583.460 million in the same period of the previous year to ¥83.284 million, and were identified as a factor behind the decline in ordinary income. - FY2020-Q1WorsenedAnnual report
「Ordinary income was ¥983 million, down 31.6% year on year, partly because the company shifted from recording a foreign exchange gain in the same quarter of the previous year to recording a foreign exchange loss,」
The company shifted from a ¥371.863 million foreign exchange gain in the same quarter of the previous year to a ¥69.113 million foreign exchange loss this quarter. The deterioration in foreign exchange gains and losses was identified as a factor behind the 31.6% year-on-year decline in ordinary income. - FY2019ReframedAnnual report
「The increased risk of a slowdown in the global economy and the rapid appreciation of the yen due to external factors were also concerns, increasing the need for continued caution.」
Concern over rapid yen appreciation continued to be cited as a foreign exchange risk. Meanwhile, the company recorded a ¥416 million foreign exchange gain during the period, which appeared as a factor limiting the decline in ordinary income rather than increasing it. - FY2019-Q3ReframedAnnual report
「In the Group's ocean shipping segment, although the average exchange rate was stronger against the yen than in the same quarter of the previous year, revenue rose 3.8% year on year to ¥22,034 million, due to increased operation of vessels completed or acquired in the previous consolidated fiscal year and the start of operations for 2 new vessels during the period, 1 tanker and 1 container ship. On the cost side, ocean shipping segment profit declined 21.7% year on year to ¥2,438 million, due to higher docking costs than in the same quarter of the previous year, the impact of foreign exchange, and other factors.」
The average exchange rate was stronger against the yen than in the same period of the previous year, and the impact of foreign exchange and other factors was identified as a reason for the decline in ocean shipping segment profit. Meanwhile, the consolidated income statement recorded a ¥488.870 million foreign exchange gain, also indicating aspects of foreign exchange gains and losses that differed from the improving trend through the previous quarter. - FY2019-Q2MitigatedAnnual report
「Ordinary income was ¥2,117 million, up 9.6% year on year, partly because foreign exchange gains increased from the same quarter of the previous year.」
Although the yen appreciation environment was mentioned, foreign exchange gains increased from ¥5.321 million in the same quarter of the previous year to ¥583.460 million, contributing to higher ordinary income. - FY2019-Q1MitigatedAnnual report
「Ordinary income was ¥1,438 million, up 125.3% year on year, partly because the company shifted from a foreign exchange loss in the same quarter of the previous year to a foreign exchange gain,」
The company shifted from a ¥154.801 million foreign exchange loss in the same quarter of the previous year to a ¥371.863 million foreign exchange gain this quarter. The improvement in foreign exchange gains and losses was explicitly identified as a factor behind higher ordinary income. - FY2018WorsenedAnnual report
「The rapid appreciation of the yen due to unexpected external factors was also a concern, increasing the need for caution.」
Concern over rapid yen appreciation was explicitly stated. Full-year foreign exchange losses were ¥223.758 million, up from ¥56.279 million in the previous year. - FY2018-Q2MitigatedAnnual report
「Foreign exchange gains — 5,321」
Compared with the ¥585 million foreign exchange loss recorded in the same quarter of the previous year, the company recorded a ¥5.321 million foreign exchange gain this quarter, indicating an improvement in foreign exchange gains and losses. - FY2018-Q1MitigatedAnnual report
「Foreign exchange losses 445,343 154,801」
Foreign exchange losses declined from ¥445.343 million in the same quarter of the previous year to ¥154.801 million. In the financial position, a decline in the foreign currency translation adjustment account was identified as a factor reducing net assets. - FY2017ReframedAnnual report
「Although the average exchange rate was approximately ¥8.5 stronger against the yen than a year earlier, revenue was ¥24,048 million, up 7.2% year on year, due to the start of operations for 4 new vessels, including 2 container ships, 1 bulk carrier, and 1 car carrier.」
The statement described shifts from yen appreciation in the first half of the fiscal year, to yen depreciation after the U.S. presidential election, and back toward yen appreciation in March 2017. Although the average exchange rate reflected yen appreciation of approximately ¥8.5 year on year, the increased number of new vessels in operation supported higher revenue. - FY2017-Q3ReframedAnnual report
「Expectations for positive policies under the Trump administration increased, and the dollar appreciated across the board in the foreign exchange market.」
The description of the foreign exchange environment shifted this quarter from the rapid yen appreciation and foreign exchange losses described through the previous quarter to the dollar's broad-based appreciation. The financial position section also explained a decline in the vessels account due to period-end foreign currency translation. - FY2017-Q2WorsenedAnnual report
「Exports and production remained flat due to the rapid appreciation of the yen since the beginning of the year. Under non-operating income and expenses, the company recorded a ¥585 million foreign exchange loss, and ordinary income was ¥1,757 million, down 43.3% year on year.」
The yen's appreciation was described as "rapid," and a ¥585 million foreign exchange loss was actually recorded. Ordinary income declined 43.3% year on year, indicating that the impact of yen appreciation continued and intensified. - FY2017-Q1First statedAnnual report
「Although the yen had generally been appreciating,」
The statement said that foreign exchange losses increased year on year amid yen appreciation, resulting in a 46.2% year-on-year decline in ordinary income for the quarter.