05 July 2016 at 23:25 GMT
The Straits Times
Japan Inc is counting the cost of Brexit. The yen's surge after Britain's decision to exit the EU has turned the outlook for a gain in annual profit to the first decline in four years. Take Toyota Motor. Since the Brexit vote, the mean forecast for net income at the world's biggest carmaker has slid to $16.5 billion. The referendum outcome triggered the yen's biggest one-day advance in almost 18 years, taking its gains against the dollar this year to 17%. Profit estimates for Nissan and Canon were also cut by analysts after the Brexit vote. Growth concerns in Europe after the referendum and the currency's gains are casting a shadow on exports and threatening to derail Shinzo Abe's efforts to free Asia's second-biggest economy from deflation.
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