Yen appreciation weighs on revenue
First written in FY2017-Q1. 10 of 21 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2025: 71 of 159 companies on the "Worse" side.
- FY2027-H1The weaker yen is cited as both a cost-increasing factor and a factor boosting earnings.Annual report
「In addition to higher fuel surcharges for ocean freight and domestic trucking costs in Japan, the weaker yen also boosted earnings, and operating revenue exceeded the year-earlier period.」
The weaker yen is described not only as adversely affecting import costs and other expenses, but also during the interim period as a factor boosting earnings, highlighting its two-sided impact. - FY2025WorsenedAnnual report
「During the consolidated fiscal year, the exchange rate temporarily exceeded ¥160 to the dollar, and as the depreciated-yen environment became established, costs for importers also increased, resulting in continued challenging conditions.」
Regarding the depreciated yen, it explicitly stated for the full fiscal year that the exchange rate exceeded ¥160 to the dollar, the depreciated-yen environment had become established, and importers’ costs had increased. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, the exchange rate temporarily exceeded ¥160 to the dollar, creating conditions of yen depreciation in which costs for importers increased and unfavorable conditions persisted.」
Regarding the depreciated yen, it explicitly stated the increase in costs for importers and the continued unfavorable conditions, alongside the exchange rate exceeding ¥160 to the dollar. - FY2025-Q1WorsenedAnnual report
「The Group handles a large proportion of imports from China and Southeast Asia to Japan, but import costs have also increased amid the depreciated yen, and unfavorable conditions for importers have persisted.」
Regarding the depreciated yen, it explicitly stated not only its impact on the yen conversion of import cargo values and cargo volumes, but also the increase in import costs and the continued unfavorable conditions for importers. - FY2024-Q2RestatedAnnual report
「However, amid greater yen depreciation than in the same period of the previous year, import cargo volumes remained weak due in part to product inventory adjustments and the waning of COVID-related demand.」
It continues to state that import cargo volumes remained weak amid the depreciated yen, compounded by inventory adjustments and the waning of COVID-related demand. - FY2024-Q1Import cargo volumes weakened amid the depreciation of the yenAnnual report
「However, amid greater yen depreciation than in the same period of the previous year, import cargo volumes remained weak due in part to inventory adjustments and the waning of COVID-related demand.」
In addition to the previously stated aspect of yen depreciation, namely higher shippers’ logistics costs and an opportunity to expand revenue, it describes the weak movement of import cargo amid the depreciated yen environment. - FY2023RestatedAnnual report
「However, freight rates remain above pre-COVID levels, and with the yen continuing to depreciate, logistics costs have become a burden for many shippers. The Group, which provides proposal-based sales for international logistics, viewed this situation as a major opportunity to expand revenue.」
It continues to state that, while the depreciation of the yen is pushing up shippers’ logistics costs, the situation presents an opportunity to expand revenue through proposal-based sales for international logistics. - FY2023-Q3RestatedAnnual report
「In addition, amid the sharp depreciation of the yen, logistics costs have risen further for many shippers. The Group, which provides proposal-based sales for international logistics, viewed this situation as a major opportunity to expand revenue.」
It continues to state that, while the sharp depreciation of the yen is pushing up shippers’ logistics costs, the situation presents an opportunity for the Group to expand revenue. - FY2023-Q2RestatedAnnual report
「In addition, ocean freight rates remain high, and together with the further rapid depreciation of the yen, they are causing logistics costs for many shippers to rise further.」
It continues to state that, while the sharp depreciation of the yen is pushing up shippers’ logistics costs, the situation is providing a tailwind for revenue growth at the Group. - FY2023-Q1ReframedAnnual report
「In addition, with ocean freight rates remaining high and a sharp yen depreciation occurring at the same time, the Group, which engages in proposal-based sales for international logistics, viewed the resulting environment of further increases in logistics costs for many shippers as an additional opportunity to expand revenue.」
Unlike the previous downward pressure on the yen-denominated amount from yen appreciation and renminbi depreciation, the company describes the rapid yen depreciation as a situation in which higher logistics costs for shippers provide a tailwind for the Group's revenue growth. - FY2021RestatedAnnual report
「The company hedges the risks relating to foreign-currency-denominated receivables and payables through measures including forward exchange contracts, but these measures do not avoid all risks and may affect financial results and financial position.」
The company continues to disclose foreign exchange risk relating to foreign-currency-denominated receivables and payables and the translation of overseas subsidiaries into yen, as well as the use of forward exchange contracts to address these risks. - FY2019RestatedAnnual report
「Because some freight revenue and freight purchases are denominated in US dollars, fluctuations in foreign exchange rates may affect the performance of the Group.」
The company continues to explicitly identify the foreign exchange impact of foreign-currency-denominated freight revenue and purchases and the translation of overseas subsidiaries into yen as risks to performance and financial position. - FY2019-Q2MitigatedAnnual report
「In addition to increased revenue opportunities related to domestic transportation in China as imports and exports increased, the renminbi's appreciation also increased the yen-denominated amount. As a result, operating revenue was ¥2,225 million, up 10.1% year on year, and segment profit was ¥266 million, up 13.3% year on year, both exceeding the levels in the same period of the previous year.」
In the China business, renminbi appreciation increased the yen-denominated amount, operating revenue and segment profit, and its positive impact differs from the previous adverse effect of foreign exchange movements. - FY2019-Q1MitigatedAnnual report
「Because the financial year-end dates for China and the Hong Kong entities differ by 2 months, revenue opportunities related to shipments to Japan and domestic transportation in China increased in January and February of this year. In addition, the renminbi's appreciation increased the yen-denominated amount, resulting in operating revenue of ¥970 million, up 4.6% year on year and above the level in the same period of the previous year.」
Unlike the previous decline in the yen-denominated amount caused by renminbi depreciation, renminbi appreciation increased the yen-denominated amount in the current quarter. - FY2018RestatedAnnual report
「Accordingly, if major changes occur in the international logistics environment between Japan and China due to political or economic turmoil in China, changes in Chinese government policy, movements in the renminbi exchange rate, anti-Japanese movements or other factors, this may materially affect the performance of the Group.」
The company continues to identify foreign exchange fluctuation risk, including movements in the renminbi exchange rate in the China business, as a factor that may affect performance. - FY2018-Q3RestatedAnnual report
「No new business or other risks arose during the nine months ended [the current third quarter]. There have also been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
The company continues to treat existing business and other risks, including those relating to the yen exchange rate, as having undergone no material changes. - FY2018-Q2RestatedAnnual report
「Although the yen-denominated amount declined due to the renminbi's depreciation, the increase in shipments to Japan contributed to higher revenue from transportation-related services, including customs clearance and delivery in China. As a result, operating revenue was ¥2,021 million, up 8.2% year on year, exceeding the level in the same period of the previous year.」
The company continues to identify the decline in the yen-denominated amount caused by renminbi depreciation as a factor reducing revenue in the China business. - FY2018-Q1ReframedAnnual report
「Revenue from transportation-related services, including customs clearance and delivery in China, increased as shipments to Japan grew. However, partly because the renminbi's depreciation reduced the yen-denominated amount, operating revenue was ¥927 million, up 0.3% year on year, remaining at almost the same level as in the same period of the previous year.」
The foreign exchange factor reducing the yen-denominated amount of revenue is described as renminbi depreciation in the China business, rather than the previous reference to the yen's appreciation trend. - FY2017-Q3RestatedAnnual report
「While the volume of international freight handled increased steadily as a result of ongoing initiatives, the yen's appreciation trend compared with the same period of the previous year became a factor that substantially reduced both operating revenue and gross profit.」
The company continues to describe the yen's appreciation trend as substantially reducing operating revenue and gross profit, following the previous quarter. - FY2017-Q2WorsenedAnnual report
「While the volume of international freight handled showed solid growth as a result of the initiatives described above, the yen's appreciation trend substantially reduced operating revenue and gross profit.」
The company describes an expanded impact, with yen appreciation substantially reducing not only operating revenue but also gross profit, leading to a decline in operating profit. - FY2017-Q1First statedAnnual report
「Although the volume of international cargo transportation handled increased steadily from the same period of the previous year, earnings were pressured as the yen generally remained strong. Nevertheless, we worked to secure stable profits while controlling SG&A expenses and taking other measures.」
The impact of the yen's appreciation trend is described as having actually reduced earnings.