⚠ The Yen Did Part of the WorkModerate threat

Marubeni (8002) — threat to the moat

Nearly half of last year's rise in Marubeni's equity was the yen falling, and it can rise again.

Marubeni reports in yen and owns assets in dollars. When the yen falls, the dollar assets are worth more in yen, and the difference goes to equity through foreign currency translation adjustments. That reserve rose from ¥679,209 million to ¥1,025,031 million in the year to March 2026, an increase of ¥345,822 million1, as the dollar went from ¥149.52 to ¥159.88 at year end2.

Equity attributable to owners, ¥ bn3,629.2Mar 20254,363.7Mar 2026+345.8of which currencyMarubeni FY results and Integrated Report 2026
Equity rose ¥734.5 billion, and ¥345.8 billion of it was translation.

The effect runs through profits too: the company estimates about ¥1.9 billion of net profit for each yen of movement against the dollar3. A stronger yen would reverse both.

The effect on profit is visible in the latest quarter. The average rate was ¥159.49 to the dollar in April-June 2026, against ¥144.59 a year earlier4, and a company with dollar-denominated earnings reports more yen for the same dollars. The company's own planning rate for the year is ¥1505.

The measure is the translation reserve. A year in which it falls sharply would show how much of the balance-sheet improvement was the currency.

References
  1. ReportedThat reserve rose from ¥679,209 million to ¥1,025,031 million in the year to March 2026, an increase of ¥345,822 million, as the dollar went from ¥149.52 to ¥159.88 at year end.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedThat reserve rose from ¥679,209 million to ¥1,025,031 million in the year to March 2026, an increase of ¥345,822 million, as the dollar went from ¥149.52 to ¥159.88 at year end.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe effect runs through profits too: the company estimates about ¥1.9 billion of net profit for each yen of movement against the dollar.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedThe average rate was ¥159.49 to the dollar in April-June 2026, against ¥144.59 a year earlier, and a company with dollar-denominated earnings reports more yen for the same dollars.
    Marubeni Corporation, IR presentation for the three months ended June 30, 2026 - adjusted net profit, core operating cash flow, one-time items, capital allocation, major group company results and the share buyback plan. — April-June 2026 · publ. 3 August 2026 · source ↗
  5. ReportedThe company's own planning rate for the year is ¥150.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026