Tiffany & Co. - 1993

Due to the fluctuations of yen/dollar exchange rate, the new distribution agreement with Mitsukoshi gave rise to high exchange-rate exposure for Tiffany to bear. The exposure goes in the following two ways: <Tab/>Economic Exposures. From 1983 to 1993, the yen/dollar exchange rate was along a down turn path (see Exhibit 1). In the past, Tiffany wholesaled its products to Mitsukoshi. Since the wholesale transactions were denominated entirely in dollars, yen/…

…amp;gt;1.388889<Tab/>0.015<Tab/>0.083333312 4.166665111<Tab/>1.388889<Tab/>0.015<Tab/>0.062499977 2.777776111<Tab/>1.388889<Tab/>0.015<Tab/>0.041666642 1.388887111<Tab/>1.388889<Tab/>0.015<Tab/>0.020833307 Total<Tab/>　<Tab/>　<Tab/>3.562499773