Foreign exchange losses of major makers decline 67% in April-June
TOKYO (Kyodo) -- Foreign exchange losses of major Japanese manufacturers listed on the First and Second sections of the Tokyo Stock Exchange in the April to June period dropped 67.8 percent from a year earlier to 67.10 billion yen as they become more resistant to the yen's rise, a credit research agency said Thursday.
The total losses declined as most manufacturers have changed their assumed exchange rates for the dollar from around 90 yen at the beginning of fiscal 2010, which ended March this year, to between 80 and 81 yen at the start of the current fiscal year, which started in April, to cope with the yen's historic rise, Tokyo Shoko Research said.
The dollar fetched 93.27 yen at the end of March 2010 and 82.84 yen at the end of March 2011. It fell to a record low of 75.95 yen on Aug. 19 this year.
Among 433 companies surveyed, 244 reported foreign exchange losses in the period, 41 less than a year earlier. Nissan Motor Co. saw the biggest loss of 6.08 billion yen, followed by Nintendo Co. with 5.07 billion yen, while Mazda Motor Corp. came third with 4.64 billion yen, it said.
In the last three years, Japan's currency has jumped in value from ¥119:$1 to ¥86:$1, and foreign exchange losses have soared.
