Risk from a stronger yen due to excess U.S. dollar-denominated revenue
First written in FY2016. 16 of 29 entries say "Mitigated", first in FY2018-Q2. Latest entry: FY2027-H1.
The whole theme swung hardest in 2025: 72 of 160 companies on the "Worse" side.
- FY2027-H1MitigatedAnnual report
「Foreign exchange losses 62,392 12,079」
Foreign exchange losses declined from ¥62.392 million in the same period of the previous year to ¥12.079 million in the current interim period, reducing the adverse impact of yen appreciation on earnings. - 2026-08-05MitigatedRevisions to earnings forecasts
「為替レートも 150 円を予想しておりましたが、実績 159.37 円で推移したため利益増大要因となりました。」
予想より円安の為替レートが利益増大要因となったため、当該期間に米ドル建て収入超過に伴う円高リスクの悪影響は示されていない。 - FY2026MitigatedAnnual report
「Foreign exchange gains 987 30,692」
Foreign exchange gains increased from ¥987 thousand in the same period of the previous year to ¥30.692 million in the current period, and the adverse impact on profit and loss of the yen appreciation risk associated with excess US dollar-denominated revenue has not emerged in the current period. - FY2026-H1MaterialisedAnnual report
「Foreign exchange losses 16,076 62,392」
Foreign exchange losses increased from ¥16.076 million in the same period of the previous year to ¥62.392 million in the first half of the current fiscal year, and the yen appreciation risk associated with excess US dollar-denominated revenue has emerged in profit and loss. - FY2025RestatedAnnual report
「As necessary, the group takes hedging measures, such as forward foreign exchange contracts, to reduce the risk from these exchange rate movements to a certain extent, but such risks cannot necessarily be avoided completely.」
The company recognizes foreign exchange risk arising from the difference between US dollar-denominated receipts and expenses and continues its policy of reducing the risk to a certain extent through measures such as forward foreign exchange contracts. - FY2024MitigatedAnnual report
「Foreign exchange gains 104,426」
The company recorded a foreign exchange gain of ¥104.426 million in the current consolidated fiscal year, and the adverse impact on profit and loss of the yen appreciation risk associated with excess US dollar-denominated revenue has not emerged. The hedging policy, including the use of forward foreign exchange contracts, also remains in place. - FY2024-Q3MitigatedAnnual report
「Operating revenue was ¥4,241 million, down ¥1,296 million, or 23.4%, from the previous third-quarter cumulative period, as the number of voyages declined due to operating restrictions on the vessels, despite an increase in short-term charters of certain company-controlled vessels. Meanwhile, operating expenses declined overall, led by fuel costs. Operating profit was ¥1,002 million, down ¥763 million, or 43.2%, as the decline in the number of voyages outweighed the positive impact of the yen's depreciation.」
Yen depreciation is acting to supplement earnings in the ocean shipping business. Meanwhile, the decline in the number of voyages had a significant impact, and operating revenue and operating profit decreased year on year. - FY2024-Q1MitigatedAnnual report
「Operating revenue was ¥1,598 million, down ¥292 million, or 15.5%, from the previous first-quarter cumulative period, as market conditions remained sluggish despite the positive impact of the yen's depreciation.」
With respect to foreign exchange risk associated with excess US dollar-denominated revenue, yen depreciation is acting to supplement earnings. The quarterly consolidated statement of income also records a foreign exchange gain of ¥54.568 million. - FY2023AdvancedAnnual report
「As necessary, the group takes hedging measures, such as forward foreign exchange contracts, to reduce the risk from these exchange rate movements to a certain extent, but such risks cannot necessarily be avoided completely.」
In response to foreign exchange risk arising from the difference between US dollar-denominated receipts and expenses, the company has specifically disclosed hedging measures, such as forward foreign exchange contracts, in addition to its existing use of US dollar-denominated expenses. - FY2023-Q3MitigatedAnnual report
「Operating revenue was ¥5,538 million, up ¥1,380 million, or 33.2%, from the previous third-quarter cumulative period, as market conditions and exchange rates fluctuated sharply but, viewed over the period as a whole, contributed to higher revenue for the group.」
Although exchange rates fluctuated sharply, they contributed to higher revenue in the ocean shipping business over the period as a whole, and no adverse impact from yen appreciation had emerged in the cumulative period. - FY2023-Q1MitigatedAnnual report
「Operating revenue was ¥1,891 million, up ¥480 million, or 34.1%, from the previous first-quarter cumulative period, as freight rates increased substantially due to the impact of the high market levels and the yen's depreciation.」
Unlike the risk from yen appreciation, yen depreciation contributed to higher freight revenue, and operating revenue in the ocean shipping business increased 34.1% year on year. - FY2022MitigatedAnnual report
「Foreign exchange gains — 50,737」
The company recorded a foreign exchange gain of ¥50.737 million in the current consolidated fiscal year, improving foreign exchange-related profit and loss from a foreign exchange loss in the previous fiscal year. - FY2022-Q3MitigatedAnnual report
「Foreign exchange gains — 25,893」
The company recorded a foreign exchange gain of ¥25.893 million in the third-quarter cumulative period, and the absence of any adverse impact from yen appreciation, compared with a foreign exchange loss in the same period of the previous fiscal year, has continued. - FY2021MitigatedAnnual report
「The difference between US dollar-denominated receipts and payments is affected by exchange rate movements, and the company is working to minimize the impact of exchange rate fluctuations, including by increasing its US dollar-denominated expenses.」
While recognizing the foreign exchange impact of excess US dollar-denominated revenue, the company has disclosed measures to contain the impact of exchange rate fluctuations by increasing US dollar-denominated expenses. - FY2021-Q1MitigatedAnnual report
「Foreign exchange gains — 5,357」
The company recorded a foreign exchange gain of ¥5.357 million in the first-quarter cumulative period, compared with a foreign exchange loss in the same period of the previous year, and no adverse impact from yen appreciation had emerged in the current quarter. - FY2020MaterialisedAnnual report
「Operating revenue was affected by factors reducing revenue, including weak freight market conditions and a foreign exchange market trending toward yen appreciation, although the number of voyages increased compared with the previous consolidated fiscal year.」
The foreign exchange market's trend toward yen appreciation emerged as an actual factor behind the decline in revenue in the ocean shipping business, and the company also recorded a foreign exchange loss of ¥15.830 million in the current consolidated fiscal year. - FY2020-Q1MaterialisedAnnual report
「Foreign exchange gains 6,514 — Foreign exchange losses — 7,834」
The company recorded a foreign exchange loss of ¥7.834 million in the current quarter, compared with a foreign exchange gain of ¥6.514 million in the same period of the previous year, and the adverse impact of the yen appreciation risk associated with excess US dollar-denominated revenue has emerged. - FY2019MaterialisedAnnual report
「Most revenue, including freight and charter hire, is customarily denominated in U.S. dollars, and revenue exceeds expenses even after deducting U.S. dollar-denominated costs. Accordingly, movements toward a stronger yen, or periods in which the yen remains strong, have an adverse impact.」
In addition to continuing to disclose the risk of yen appreciation, the company recorded a foreign exchange loss of ¥11.154 million in the current consolidated fiscal year. - FY2019-Q2RestatedAnnual report
「Foreign exchange gains — 13,239」
A foreign exchange gain, compared with a foreign exchange loss in the same period of the previous year, was recorded at ¥13.239 million for the second-quarter cumulative period, and the absence of any adverse impact from yen appreciation has continued. - FY2019-Q1MitigatedAnnual report
「Foreign exchange gains — 6,514」
The company recorded a foreign exchange gain of ¥6.514 million in the first-quarter cumulative period, compared with a foreign exchange loss in the same period of the previous year, and no adverse impact from yen appreciation had emerged in the current quarter. - FY2018MitigatedAnnual report
「Operating revenue was ¥3,937 million, up ¥437 million, or 12.5%, from the previous consolidated fiscal year, with multiple factors supporting higher revenue, including an increase in the number of voyages and short-term charters, improvement in market conditions despite their remaining sluggish, and the foreign exchange market remaining on a trend toward yen depreciation.」
The trend toward yen depreciation, rather than yen appreciation, contributed to higher revenue in the ocean shipping business, reducing the adverse impact from foreign exchange movements. - FY2018-Q3MitigatedAnnual report
「Operating revenue was ¥2,960 million, up ¥825 million, or 38.7%, from the previous third-quarter cumulative period, with multiple factors supporting higher revenue, including an increase in the number of voyages and short-term charters, improvement in market conditions despite their remaining sluggish, and the foreign exchange market remaining on a trend toward yen depreciation.」
The foreign exchange market remained on a trend toward yen depreciation, rather than yen appreciation, contributing to higher revenue in the ocean shipping business. - FY2018-Q2MitigatedAnnual report
「Operating revenue increased substantially to ¥1,830 million, up ¥612 million, or 50.4%, from the previous second-quarter cumulative period, as the number of voyages and short-term charters increased, market conditions improved despite remaining sluggish, and the foreign exchange market remained on a trend toward yen depreciation.」
The trend toward yen depreciation, rather than yen appreciation, contributed to higher revenue in the ocean shipping business. Foreign exchange losses also decreased from ¥53.788 million in the same period of the previous year to ¥5.835 million, reducing the adverse impact from foreign exchange movements. - FY2018-Q1Foreign exchange losses decreased year on yearAnnual report
「Foreign exchange losses 54,786 4,693」
Foreign exchange losses decreased from ¥54.786 million in the same period of the previous year to ¥4.693 million in the current quarter. - FY2017RestatedAnnual report
「In the ocean shipping segment, as in the previous consolidated fiscal year, the company recorded an extraordinary loss associated with the impairment of one ocean-going vessel.」
The difficult operating environment, including the yen's appreciation, continues, and the yen's appreciation continues to be cited as a performance factor in the ocean shipping segment. - FY2017-Q3RestatedAnnual report
「In addition, the foreign exchange market remained on a trend toward yen appreciation, resulting in a substantial decline in revenue to ¥2,134 million, down ¥1,478 million, or 40.9%, from the previous third-quarter cumulative period.」
The trend toward yen appreciation continues to be cited as a factor behind the decline in revenue in the ocean shipping segment. - FY2017-Q2RestatedAnnual report
「The increase in ballast voyages accompanying the decline in cargoes for emerging markets, depressed freight rates due to the overall stagnation of the shipping market, the continuing appreciation of the yen and other operational risks resulted in a substantial deterioration in operating results compared with the previous second-quarter cumulative period.」
The appreciation of the yen continues to be cited alongside weak freight rates and other factors as a cause of deteriorating performance, and a foreign exchange loss of ¥53.788 million was recorded in the quarterly consolidated statement of income. - FY2017-Q1MaterialisedAnnual report
「Operating performance deteriorated substantially compared with the first quarter of the previous consolidated fiscal year due to an unexpected decline in the shipping market and deterioration in freight rates, further yen appreciation and other operational risks.」
The appreciation of the yen was actually cited as a factor worsening results, and a foreign exchange loss of ¥54.786 million was also recognized during the current quarter. - FY2016First statedAnnual report
「Most revenue, including freight and charter hire, is customarily denominated in U.S. dollars, and revenue exceeds expenses even after deducting U.S. dollar-denominated costs. Accordingly, movements toward a stronger yen, or periods in which the yen remains strong, have an adverse impact.」
The company indicated a risk of adverse effects on results during periods of yen appreciation because U.S. dollar-denominated revenue exceeds expenses.