Japan's Fast Retailing feels Brexit sting as yen strengthens
Company cuts its full-year net income forecast by 25% due to an estimated 37b yen in foreign exchange loss
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Tokyo
BILLIONAIRE Tadashi Yanai's Fast Retailing Co gave an early glimpse of the pain a rising yen is bringing to Japan's biggest companies since the UK voted to leave the European Union last month.
The company's shares jumped 15 per cent, the most since October 2009, after Asia's largest clothing retailer posted third-quarter sales and operating income that beat analyst estimates. Still, Fast Retailing cut its full-year net income forecast by 25 per cent for the year ending August due to an estimated 37 billion yen (S$475.8 million) in foreign exchange loss, it said on Thursday.
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