What this is
Yen: ½ × 's FY ¥1.63–2.44bn = ¥0.82–1.22bn (ASSUMPTION C: even split by half). Sensitivities: USD-only 0.32 × $1.92bn × 1.17 = ¥0.719bn per ¥1 ( USD-only fit); USD+EUR ¥0.67/0.12bn. 6.259/0.719 = 8.7; 6.259/(0.67 + 0.12 × 1.174) = 7.7.
The values
- Pickup yen tailwind H1: ¥0.81–1.22bn
- Implied 30Jun26 USDJPY from 156.80: 165 to 166
- Q1 year to March 2027 implied $ only move to 31Mar26: 4.5
Some detail is too fine to show here; it is kept in the trainer’s notes.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- EstimateTo date yen tailwind and stress (prediction inputs), year to February 2027, TPC year to February 2027 (Mar 2026–Feb 2027) YTD to Oct 2026; 2026 Jan–Oct
- ReportedTranslation dating test dec31 against feb against mar (F-2) — supersedes, year to March 2018–year to March 2026
- EstimateForeign net assets currency split and carrying sensitivity rev2 — supersedes and the carrying line of, 31-Dec-2024 to 31-Dec-2025
Show the working
- Yen: ½ × 's FY ¥1.63–2.44bn = ¥0.82–1.22bn (ASSUMPTION C: even split by half)
- OCI: Q2 = 6,259 − 3,214 = 3,045
- Sensitivities: USD-only 0.32 × $1.92bn × 1.17 = ¥0.719bn per ¥1 ( USD-only fit)
- USD+EUR ¥0.67/0.12bn
- 6.259/0.719 = 8.7
- 6.259/(0.67 + 0.12 × 1.174) = 7.7