Foreign Exchange Risk
First written in FY2016. 13 of 26 entries say "Materialised", first in FY2023-Q1. Latest entry: 2026-07-31.
The whole theme swung hardest in 2025: 71 of 159 companies on the "Worse" side.
- 2026-07-31MaterialisedEarnings
「At the same time, uncertainty in the external environment, including foreign-exchange rates and resource prices, has kept the outlook uncertain. Against this backdrop, the yen was significantly weaker during the cumulative first quarter than in the same period of the previous year. As a result, the expense recognized from translating the provision for foreign-currency-denominated periodic maintenance costs into yen increased, and operating expenses, comprising operating costs and selling, general and administrative expenses, totaled ¥12,154 million, up 16.5% year on year.」
The significant depreciation of the yen increased the expense recognized from the provision for foreign-currency-denominated periodic maintenance costs, leading to higher operating expenses and a wider operating loss. - FY2026MaterialisedAnnual report
「The primary factor behind the difference between operating income and ordinary income was a foreign-exchange loss of ¥526 million included in non-operating expenses. The foreign-exchange loss mainly resulted from the yen’s depreciation from the exchange rate at the time of acquisition of the aircraft to the exchange rate applied to the foreign-currency lease liabilities for aircraft acquired through finance leases.」
The weaker yen resulted in a ¥526 million foreign exchange loss on foreign-currency-denominated aircraft lease liabilities, and the impact of foreign exchange risk was reflected in full-year results. - FY2026-H1MaterialisedAnnual report
「As the exchange rate at the end of the current interim accounting period was weaker against the yen than at the end of the previous interim accounting period, the provision for foreign-currency-denominated heavy maintenance costs increased when translated into yen. As a result, operating expenses, comprising the total of operating costs, selling expenses and general and administrative expenses, amounted to ¥21,558 million, up 4.8% year on year. The main reason for the difference between operating loss and ordinary loss was the ¥213 million foreign exchange loss recorded under non-operating expenses.」
The weaker yen increased the provision for foreign-currency-denominated heavy maintenance costs, and a ¥213 million foreign exchange loss was also recorded, reflecting the impact of currency movements in interim results. - FY2025MaterialisedAnnual report
「Compared with the previous fiscal year, foreign-currency-denominated equipment and other costs and various expenses, including personnel expenses, increased because the yen was weaker during the fiscal period. … The primary factor behind the difference between operating income and ordinary income was a foreign exchange gain of ¥711 million recorded as non-operating income.」
Although the weaker yen increased foreign-currency-denominated equipment costs and other expenses, ¥711 million in foreign exchange gains on forward exchange contracts entered into for hedging purposes was also recorded, and the impact of currency movements was reflected in full-year results. - FY2024-Q3MaterialisedAnnual report
「The significant depreciation of the yen had a substantial impact on our business performance. As scheduled maintenance costs are denominated in foreign currencies, the foreign exchange impact on provision expenses amounted to ¥541 million when the provisions were translated into yen. Consequently, operating loss for the cumulative nine-month period was ¥254 million, compared with an operating loss of ¥1,424 million in the same period of the previous year.」
The impact of the weaker yen on provision expenses for foreign-currency-denominated scheduled maintenance costs amounted to ¥541 million, and foreign exchange fluctuation risk has materialized as a specific cost impact. - FY2024-Q2MaterialisedAnnual report
「Foreign-currency-denominated expenses and other costs increased because the yen was weaker than in the same period of the previous year.」
The weaker yen increased foreign-currency-denominated expenses and other costs, and the impact of foreign exchange fluctuation risk is reflected in business performance. - FY2024-Q1MaterialisedAnnual report
「Meanwhile, the yen was weaker than in the same period of the previous year. … Because the yen was weaker, foreign-currency-denominated equipment and maintenance costs and other expenses increased. In addition, because provisions for scheduled maintenance to prepare for future scheduled maintenance costs for aircraft equipment are estimated in U.S. dollars, additional provision expenses also increased as the yen weakened.」
The weaker yen increased foreign-currency-denominated equipment and maintenance costs and additional provision expenses for scheduled maintenance, and the impact of foreign exchange fluctuation risk became apparent in business performance. - FY2023RestatedAnnual report
「The yen was also weaker than in the previous fiscal year.」
The weaker yen increased foreign-currency-denominated equipment and maintenance costs and other expenses, and the impact of foreign exchange fluctuation risk on business performance continued for the full fiscal year. - FY2023-Q3MaterialisedAnnual report
「Foreign-currency-denominated equipment and maintenance costs and other expenses increased because the yen was weaker than in the same period of the previous year, while fuel costs also increased because crude oil prices remained at high levels.」
The weaker yen increased foreign-currency-denominated equipment and maintenance costs and other expenses, and the impact of foreign exchange fluctuation risk continues to be reflected in business performance. - FY2023-Q2MaterialisedAnnual report
「The yen also weakened from the beginning of the fiscal period and was weaker than in the same period of the previous year.」
The weaker yen increased foreign-currency-denominated equipment and maintenance costs and other expenses, as well as additional provisions for scheduled maintenance. The impact of foreign exchange fluctuation risk is reflected in business performance. - FY2023-Q1MaterialisedAnnual report
「However, rising crude oil prices and a significant depreciation of the yen had a material impact on business performance. We recorded a quarterly net loss of ¥1,415 million for the cumulative first-quarter period, compared with a quarterly net loss of ¥1,581 million in the same period of the previous year, and total net assets had declined to ¥1,198 million as of the end of the first-quarter accounting period.」
The yen was weaker from the beginning of the fiscal period, and the impact of foreign exchange fluctuation risk became apparent in business performance through higher foreign-currency-denominated equipment and maintenance costs and other expenses. - FY2022-Q3RestatedAnnual report
「The yen followed a weakening trend from the beginning of the fiscal period and was weaker than in the same period of the previous year.」
The document continues to describe the weakening yen trend since the beginning of the fiscal period and the weaker yen year on year. - FY2022-Q2WorsenedAnnual report
「The yen followed a moderate weakening trend from the beginning of the fiscal period and was weaker than in the same period of the previous year.」
Because the yen followed a weakening trend from the beginning of the fiscal period and was also weaker year on year, the foreign exchange environment affecting foreign-currency-denominated expenses and other items deteriorated. - FY2022-Q1WorsenedAnnual report
「The yen followed a moderate weakening trend from the beginning of the fiscal period and was weaker than in the same period of the previous year.」
The yen followed a weakening trend from the beginning of the fiscal period and was also weaker year on year. The foreign exchange environment affecting foreign-currency-denominated expenses and other items has deteriorated. - FY2021RestatedAnnual report
「Because we conduct foreign-currency-denominated transactions, primarily in U.S. dollars, for certain expenses including aircraft lease payments, we are exposed to the effects of foreign exchange rate fluctuations. Significant future fluctuations in foreign exchange rates may also have a material impact on business performance.」
The document continues to describe foreign exchange fluctuation risk relating to foreign-currency-denominated expenses and hedging through forward exchange contracts and other instruments. - FY2020-Q3RestatedAnnual report
「The yen followed a moderate strengthening trend from the beginning of the fiscal period and was stronger than in the same period of the previous year.」
The yen followed a strengthening trend from the beginning of the fiscal period and was also stronger year on year. No material change is described in the foreign exchange fluctuation risk itself. - FY2020-Q2RestatedAnnual report
「Although the yen has followed a strengthening trend since the beginning of the fiscal period, it was at approximately the same level as in the same period of the previous year.」
The yen followed a strengthening trend since the beginning of the fiscal period but was at approximately the same level year on year. The document continues to describe foreign exchange fluctuation risk. - FY2019-Q3RestatedAnnual report
「Although the yen has followed a weakening trend since the beginning of the fiscal period, it was stronger than in the same period of the previous year.」
The document continues to describe a foreign exchange environment in which the yen has followed a weakening trend since the beginning of the fiscal period but was stronger year on year. - FY2019-Q2RestatedAnnual report
「Although the yen has followed a weakening trend since the beginning of the fiscal period, it was stronger than in the same period of the previous year.」
The document describes the foreign exchange environment as showing a weakening yen trend since the beginning of the fiscal period but a stronger yen year on year, and continues to describe foreign exchange fluctuation risk. - FY2018-Q2RestatedAnnual report
「Although fluctuations in foreign exchange rates have eased, the yen was weaker than in the same period of the previous year.」
The document states that fluctuations in foreign exchange rates have eased, while the yen was weaker year on year. - FY2017RestatedAnnual report
「We conduct foreign exchange derivatives transactions and other activities to hedge, or offset, the risk of fluctuations in foreign exchange rates. However, we remain exposed to the effects of foreign exchange rate fluctuations on an ongoing basis, and significant future fluctuations in foreign exchange rates may have a material impact on business performance.」
The document continues to describe foreign exchange fluctuation risk relating to foreign-currency-denominated aircraft lease payments, insurance premiums, maintenance costs and other expenses, as well as the hedging policy. - FY2017-Q3RestatedAnnual report
「Although foreign exchange rates have shifted completely from a trend toward a stronger yen and weaker dollar to a trend toward a weaker yen and stronger dollar, the yen was stronger than in the same period of the previous year.」
The document continues to describe the volatility of foreign exchange rates. Although the trend shifted toward a weaker yen and stronger dollar, the yen was stronger year on year. - FY2016First statedAnnual report
「The Company conducts foreign exchange derivative transactions and other activities to hedge, or mitigate, the risk of foreign exchange fluctuations. However, it operates in an environment that is permanently exposed to the effects of foreign exchange movements, and significant future exchange-rate fluctuations could materially affect results.」
The Company disclosed higher foreign-currency aircraft and maintenance costs and foreign exchange gains, with the effects of yen depreciation arising during the period.