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Yen Impact on Corporates 2013 05

Yen Impact on Corporates 2013 05

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Published by kcousins
Is the Yen weakness reflected in corporate earnings? A snap shot of Toyota's F2013 results and 2014 forecasts show that it is not.
Is the Yen weakness reflected in corporate earnings? A snap shot of Toyota's F2013 results and 2014 forecasts show that it is not.

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Categories:Types, Research
Published by: kcousins on May 13, 2013
Copyright:Attribution Non-commercial

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07/18/2014

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Yen impact on corporate Japan Macro Economic Research May 2013
Please refer to the disclaimer at the end
In the recent articles
“Japan fol
low up
 –
Institutional Exposures
and
“Japan –
the end of thebeginning
I have discussed Japanese households
financial asset positioning (only some12.5% in assets that would provide protection in a weaker Yen/higher inflation scenario) andJapanese Institutional hedging (foreign security holdings are typically 80% hedged back into theYen). What about the corporate sector? How much of the benefits of the weaker Yen arealready in the numbers? Toyota reported results for the year to March 2013 on 8
th
May, soproviding us with a topical opportunity to examine this. Their consolidated financial summary isbelow: An 18% increase in Revenue was leveraged into a 271% increase in operating profit. Theaverage Yen for the financial year ended March 31 2013 is shown as 83 to the USD, comparedto an average of 79 in 2012. The spot rate as I write is over 101, some 22% weaker. The impactof a weaker Yen has not significantly been reflected yet in Toyota
’s profits.
Toyota also providesa forecast for the year ahead:

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