Export Order Risk from Yen Appreciation and Slowing Overseas Economies
First written in FY2016. 15 of 36 entries say "Worsened", first in FY2017-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- FY2026Regional variations across Asia, with strong exports coexisting with weak profitsAnnual report
「Overseas, transactions with China, Vietnam and India in Asia remained solid. In China in particular, demand continued, mainly in semiconductor-related sectors. Transactions with Vietnam and India also increased, driven by market expansion. On the other hand, transactions with South Korea and Thailand stagnated amid deteriorating business sentiment and other factors. Concerns also continued over higher raw-material prices and logistics costs resulting from the worsening situation in the Middle East. Overall, sales were strong during the period, but profit remained weak.」
Strong transactions with China, Vietnam and India coexisted with sluggish transactions with South Korea and Thailand, resulting in higher overseas-segment revenue but lower profit. - FY2026-H1Strong exports coexisting with weak profitsAnnual report
「Overseas, Asia as a whole remained stable. In particular, resilient demand in the semiconductor and high-tech sectors supported our business activities. In China, our main trading partner, uncertainty over the economic outlook remains, but the semiconductor industry remained solid and sales were strong, while profit remained weak.」
Overseas sales were strong, supported by demand in Asia and the semiconductor and high-tech sectors, while uncertainty over the Chinese economy remained and profit was weak. - FY2025RestatedAnnual report
「Overseas, the exchange rate against the US dollar remained stable, and exports from Japan increased moderately. Although signs of stagnation were seen in China and South Korea, the principal markets, sales to priority markets including Vietnam remained strong, and overall exports remained strong.」
The disclosure continues to describe a situation in which stagnation in China and South Korea coexists with strong performance in priority markets such as Vietnam and strong overall exports supported by stable exchange rates. - FY2025-H1Weakness in China and South Korea coexisting with strength across AsiaAnnual report
「Overseas, although signs of economic deterioration were present in China and South Korea, major trading partners, some industries were performing well and supported and lifted the economy. Together with exchange-rate conditions, this resulted in solid performance across Asia. As a result, segment sales were ¥815 million, up 10.1% year on year, and segment profit was ¥63 million, up 32.3%.」
Although signs of economic deterioration in China and South Korea continued, strong industries, exchange-rate conditions and the overall strength of Asia resulted in higher overseas segment sales and profit. - FY2024WorsenedAnnual report
「Overseas, although the sharp depreciation of the yen against the US dollar created favorable conditions for exports, sales stagnated due to worsening economic sentiment in China and South Korea, the principal trading partners, and overall exports remained sluggish.」
Although sharp yen depreciation created a favorable export environment, worsening economic sentiment in China and South Korea made overall exports sluggish. Overseas segment sales declined 2.8% year on year, and profit declined 15.9%. - FY2024-Q3WorsenedAnnual report
「Overseas, although the yen remained at a depreciation level favorable to exports from Japan, the significant downturn in the Chinese economy, a principal market, resulted in sluggish performance. As a result, segment sales were ¥1.233 billion, down 1.7% year on year, and segment profit was ¥97 million, down 17.4%.」
Although the yen's depreciation level was favorable for exports, overseas operations were sluggish due to the downturn in the Chinese economy, and overseas segment sales and profit fell below the previous year. - FY2024-Q2WorsenedAnnual report
「Overseas, uncertainty over the outlook increased, particularly in China and South Korea, the principal markets, sales stagnated across Asian countries, and overall exports remained sluggish. As a result, segment sales were ¥740 million, down 9.3% year on year, and segment profit was ¥48 million, down 33.8%.」
Uncertainty increased in the principal export markets, particularly China and South Korea, and overall exports turned sluggish. Overseas segment sales and profit both fell below the previous year, showing the concrete impact of slowing overseas economies despite the yen remaining at a depreciation level. - FY2024-Q1WorsenedAnnual report
「Overseas, although the yen remained at a depreciation level against the US dollar, signs of economic weakness began to emerge in China and South Korea, the principal markets, and exports from Japan entered a period of slowing growth.」
Although the yen remained at a depreciation level, signs of economic weakness emerged in China and South Korea, the principal export markets, and overall exports shifted from the strength seen in the previous fiscal year to a slowing trend. - FY2023RestatedAnnual report
「Overseas, signs of recovery emerged in economies that had stagnated during the pandemic, led by China, and exports from Japan remained strong. Although the exchange rate shifted toward yen appreciation compared with its peak, the impact was limited, and overall exports also remained strong.」
Although the exchange rate shifted toward yen appreciation, the impact was limited, and the disclosure continues to recognize overall exports as strong, supported by the recovery in overseas economies. - FY2023-Q3Exports remain strong after the pause in yen depreciationAnnual report
「Overseas, although the excessive yen depreciation had paused, the yen remained at a depreciation level. The Asian region, a group of major trading partners, remained strong, and overall exports remained strong.」
The description has changed from the sharp yen depreciation seen through the previous quarter to a statement that excessive yen depreciation had paused, but overall exports have remained strong, supported by the yen remaining at a depreciation level and strong performance in Asia. - FY2023-Q2RestatedAnnual report
「Overseas, the yen depreciated sharply against the US dollar, benefiting exports from Japan, which remained strong. Exports to China, a principal market, remained particularly strong, and performance was strong overall.」
The disclosure continues to describe overall exports as strong, supported by sharp yen depreciation and strong exports to China. - FY2023-Q1MitigatedAnnual report
「Overseas, yen depreciation against the US dollar accelerated, and exports from Japan remained strong. Although there was some impact from the semiconductor shortage and overseas lockdowns, overall exports remained solid.」
Exports were described as strong and solid against a backdrop of accelerating yen depreciation, and the improvement from the risk of weak exports due to yen appreciation and slowing overseas economies has continued. Meanwhile, the effects of the semiconductor shortage and overseas lockdowns remain. - FY2022MitigatedAnnual report
「Overseas, the trend toward yen depreciation against the US dollar intensified, and exports from Japan remained strong. China, a principal market, was particularly active, led by semiconductors, lifting the overall figures and keeping overall exports strong.」
Against a backdrop of yen depreciation and strong semiconductor-related activity in China, overall exports remained strong, while both overseas sales and segment profit increased 29.4% year on year. - FY2022-Q3MitigatedAnnual report
「Overseas, the trend toward yen depreciation against the US dollar continued, and exports from Japan remained solid. The principal Asian region also remained strong, led by semiconductor-related companies, and continued to grow by more than double digits year on year, resulting in solid performance.」
The continued trend toward yen depreciation and strong performance centered on semiconductor-related companies in Asia have led to a further improvement in overall exports and the overseas business environment from the strong trend in the previous quarter. - FY2022-Q2Strong exports coexisting with concerns over a downturn in overseas economiesAnnual report
「Overseas, the impact of COVID-19 on markets varied by country, but exchange rates against the US dollar remained stable, and the company actively adopted web-based business negotiations in an environment where overseas business travel was not possible. Overall, business performed well.」
Although the overseas segment is described as strong due to stable exchange rates and the use of web-based business discussions, concerns have emerged about downside risks to overseas economic conditions overall, with recovery and concerns coexisting. - FY2022-Q1MitigatedAnnual report
「Overseas, differences between countries have become more pronounced due to the impact of the novel coronavirus, but strong activity in China, a principal market, is driving the overall result higher. The exchange rate against the US dollar also remained stable at a yen-depreciation level, and overall exports remained solid.」
The disclosure states that overall exports remained solid, supported by stronger activity in China and stable exchange rates at a yen-depreciation level. The overseas business environment has shifted toward improvement from the previous filing's description that it was sluggish overall. - FY2021Exports solid on stable exchange rates and Asian recovery, but overall conditions remain sluggishAnnual report
「Overseas, the exchange rate against the US dollar remained stable at a yen-depreciation level from the beginning of the year, and exports from Japan remained solid. Although the global economy had remained in difficult conditions due to the impact of the novel coronavirus, signs of recovery became pronounced in the principal Asian region, led by semiconductor companies, but performance remained sluggish overall.」
The disclosure describes exports as solid due to stable exchange rates at a yen-depreciation level and recovery in Asia, while the overseas segment as a whole remained sluggish. - FY2021-Q3Recovery in China coexisting with weakness in South Korea and elsewhereAnnual report
「Overseas, difficult conditions continued worldwide due to the spread of the novel coronavirus infection, but recovery in China, one of the principal markets, became pronounced and activity remained on an upward trend. However, recovery in other principal markets, including South Korea, remained slow, and overall exports continued to be sluggish.」
Although recovery in China became pronounced, recovery in principal markets such as South Korea remained slow, and overall exports continued to be sluggish. - FY2021-Q2RestatedAnnual report
「Overseas, the exchange rate against the US dollar remained stable, but the slowdown in the global economy caused by the novel coronavirus infection continued unabated. While overseas business trips were restricted, the Company adopted videoconferencing systems and pursued business discussions with customers in its major markets, but difficult conditions continued. Although signs of partial recovery emerged in China, the principal market, overall exports remained sluggish.」
Although exchange rates remained stable, the disclosure continues to describe a situation in which overall exports remained sluggish due to the global economic slowdown, restrictions on overseas business trips and weakness in the principal markets. - FY2021-Q1WorsenedAnnual report
「Overseas, although the exchange rate against the US dollar remained relatively stable, economic activity was restricted by the spread of the novel coronavirus infection in China, South Korea and other major countries in Southeast Asia, resulting in even more difficult conditions. With overseas travel restrictions preventing visits to major customers, the Company actively adopted web-based communications and worked to exchange information, but the slowdown in overall exports intensified and performance remained sluggish.」
Although exchange rates remained relatively stable, the spread of infection and restrictions on economic activity in China, South Korea and elsewhere, together with overseas travel restrictions, further worsened the export environment, and the slowdown in overall exports intensified. - FY2020WorsenedAnnual report
「Overseas, economic sentiment in the principal Southeast Asian market was deteriorating under the impact of trade friction between the United States and China since the previous year. Conditions remained difficult and worsened further as countries imposed restrictions on activity in response to the spread of the novel coronavirus infection that began at the end of last year. However, partly because the exchange rate against the US dollar remained relatively stable, overall exports remained at the same level as the previous year. As a result, segment sales were ¥1.05 billion, down 0.1% year on year, and segment profit was ¥75 million, up 2.0%.」
The disclosure states that, in addition to US-China trade friction, restrictions on activity in various countries affected overseas operations and that difficult conditions continued. However, overall exports remained at the same level as the previous year, and overseas segment profit increased. - FY2020-Q3WorsenedAnnual report
「Overseas, although the exchange rate against the US dollar remained relatively stable, economic sentiment in Southeast Asia, the principal market, continued to deteriorate due to the impact of trade friction between the United States and China, and overall exports remained sluggish.」
Although exchange rates remained relatively stable, economic sentiment in the principal Southeast Asian market continued to deteriorate due to US-China trade friction, and overall exports were sluggish. Overseas segment sales declined 2.6%, and profit declined 10.6%. - FY2020-Q2WorsenedAnnual report
「Overseas, South Korea and China, the two principal markets, remained in difficult conditions due to deteriorating relations with South Korea and trade friction between China and the United States. Although Thailand and other Southeast Asian markets posted slight increases, this was insufficient to offset the declines in the two principal markets, and overall exports remained sluggish.」
The principal export markets remained in difficult conditions due to deteriorating relations with South Korea and trade friction between China and the United States. The slight increase in Southeast Asia was insufficient to offset this, and overall exports continued to be sluggish. - FY2020-Q1WorsenedAnnual report
「Overseas, no signs of recovery were seen in China and South Korea, the main export destinations, due to instability caused by trade friction and fluctuations in the exchange rate against the US dollar, and conditions remained difficult. Meanwhile, Thailand, Vietnam and other Southeast Asian countries remained relatively solid, resulting in a slight year-on-year decline in overall exports.」
No recovery was seen in China and South Korea due to trade friction and exchange-rate fluctuations, and overall exports continued to decline slightly, with the strength of Southeast Asia insufficient to offset the weakness. - FY2019-Q3WorsenedAnnual report
「Overseas, South Korea and China, the principal markets, remained in difficult conditions due to various political and economic issues. Although the Company sought to expand sales in Southeast Asia, this did not offset the weakness in the principal markets, and overall exports remained sluggish. As a result, segment sales were ¥830 million, down 1.9% year on year, and segment profit was ¥63 million, down 15.9%.」
Political and economic issues in South Korea and China continued, and expanded sales in Southeast Asia were insufficient to offset them, resulting in continued weakness in overall exports and declines in overseas segment sales and profit. - FY2019-Q2WorsenedAnnual report
「Overseas, sales in Southeast Asia, including Thailand, remained strong, as they had the previous year. However, affected by the economic downturn in South Korea, a major trading partner, and trade friction between China and the United States, overall exports remained sluggish.」
The disclosure explicitly cites South Korea's economic downturn and trade friction between China and the United States. Overseas segment sales declined 1.5% year on year, and segment profit declined 13.8%. - FY2019-Q1WorsenedAnnual report
「However, heavily affected by the economic downturn in South Korea, a major trading partner, overall exports declined slightly year on year.」
Although exchange rates remained stable, South Korea's economic downturn had a significant impact on overseas operations, resulting in a slight year-on-year decline in overall exports. The description has shifted from strong overall exports in the previous fiscal year toward deterioration. - FY2018WorsenedAnnual report
「Overseas, although there were unstable factors in the outlook, including periods when the yen began to appreciate due to US interest-rate policy and concerns over trade friction between the United States and China and elsewhere, major trading partners in Asia remained strong over the long term as stable exchange rates persisted, and overall exports remained strong.」
Although overall exports remained strong due to stable exchange rates and favorable conditions in Asia, the disclosure explicitly identifies new sources of instability, including periods of yen appreciation caused by US interest-rate policy and concerns over trade friction between the United States and China and elsewhere. - FY2018-Q3RestatedAnnual report
「Overseas, the Asian region, a group of major trading partners, achieved stable growth supported by the steadily expanding global economy, and exports from Japan remained solid. The exchange rate against the US dollar also remained stable, and performance was solid overall.」
The disclosure continues to describe overall exports as solid, supported by stable growth in Asia and stable exchange rates. - FY2018-Q2RestatedAnnual report
「Overseas, South Korea, a major trading partner, continued to show signs of stagnation except in semiconductors, while other Southeast Asian regions were on a gradual upward trend. Exchange rates also remained stable, and overall exports remained solid.」
Although signs of stagnation remain in South Korea, the disclosure continues to describe overall exports as solid, supported by the upward trend in Southeast Asia and stable exchange rates. - FY2018-Q1MitigatedAnnual report
「Overseas, exchange rates against the US dollar and euro remained stable. Although South Korea, a major trading partner, continued to show signs of stagnation, other Southeast Asian countries were on an upward trend, and overall exports remained strong.」
The description has changed from weak exports due to yen appreciation and slowing overseas economies to strong overall exports, supported by stable exchange rates and an upward trend in Southeast Asia. Signs of stagnation remain in South Korea. - FY2017ReframedAnnual report
「Overseas, Southeast Asian regions such as Thailand and Vietnam remained solid, but signs of slowing emerged among major trading partners such as South Korea and China due to instability, resulting in a slight year-on-year decline in overall exports.」
The description of overseas business risks has been reorganized from a focus on foreign exchange to regional differences, namely the strength of Thailand and Vietnam and the slowdown in South Korea and China. Overall exports are described as having declined slightly year on year. - FY2017-Q3ReframedAnnual report
「Overseas, the yen shifted toward depreciation against the US dollar, reversing concerns about yen appreciation. However, Southeast Asian countries in the major regions each faced various issues, and business overall remained sluggish.」
The description of foreign exchange factors changed from concerns about yen appreciation to a trend toward yen depreciation, while overseas operations remained sluggish due to issues in Southeast Asian countries. Overseas segment sales declined 7.4% year on year, and segment profit declined 12.4%. - FY2017-Q2WorsenedAnnual report
「Overseas, although activity was strong in some parts of Southeast Asia, including Vietnam, the prolonged appreciation of the yen, together with the absence of signs of economic recovery in major trading partners such as South Korea, China and Thailand, meant that overall exports remained sluggish.」
The prolonged trend of yen appreciation and weak economies in major trading partners continued. Overseas segment sales declined 12.9% year on year, and segment profit declined 23.7%. - FY2017-Q1WorsenedAnnual report
「Overseas, the yen's appreciation against other currencies continued unabated, keeping exports from Japan under severe conditions. As uncertainty over the outlook intensified worldwide, sales stagnated in major Asian trading partners, and overall exports remained sluggish.」
The yen's appreciation and uncertainty over overseas economic conditions continued and intensified, resulting in an 8.9% year-on-year decline in overseas segment sales and a 22.9% decline in segment profit. - FY2016First statedAnnual report
「Overseas, through the end of last year, business in major trading partners such as South Korea, Taiwan and China continued at a slightly increasing level despite signs of economic deterioration. However, orders declined rapidly from the beginning of the year as the yen appreciated, and overall exports ultimately remained at the same level as the previous year.」
The disclosure describes the impact during the fiscal year of declining orders due to yen appreciation, indicating that overseas economic and foreign exchange risks have emerged in actual business conditions.