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Yen falls to historic low, may bring $5.8 billion gains to Japanese automakers

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ME News message, June 25 (UTC+8): Despite Japan’s attempts to curb the yen’s fall to 40-year lows, the weak currency could bring substantial windfall profits to the country’s automakers this year. Based on each company’s forecasts, assuming the yen stays near current levels, the overall upside for Japanese automakers’ earnings is about 934 billion yen (about $5.8 billion). Toyota Motor Corporation, in its earnings guidance released in early May, assumed an exchange rate of 1 US dollar to 150 yen, while the current level is around 161 yen. Toyota estimates that for every 1 yen the yen depreciates, its operating profit increases by 50 billion yen—meaning the company will benefit significantly from the yen’s continued weakness. Other automakers have also adopted relatively conservative exchange-rate assumptions: Honda at 1 US dollar to 145 yen, Nissan at 1 US dollar to 150 yen, and Subaru and Mazda at 1 US dollar to 155 yen. Meanwhile, declines in raw material and energy costs may exceed expectations. After the US-Iran reached a peace agreement, crude oil prices, calculated in yen, have fallen by more than 30% from their late-April peak. Senior analyst Tatsuo Yoshida said that for automakers such as Toyota and Honda, which have already incorporated the Middle East situation into their full-year forecasts, recent developments could become a “major positive factor,” and lower gasoline prices may also improve consumer confidence and support car sales. (Jin Shi) (Source: ODAILY)
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