Shares in Shiseido fell 6.4 percent at last week’s close after the Japanese cosmetics giant lowered its earnings outlook for the year ahead, according to a report published by Barron’s Asia.

Shiseido adjusted its sales forecast to 10.5 percent growth, bringing the total to ¥940 billion, while operating profit is expected to rise 23.7 percent to ¥45.5 billion, below the ¥50 billion to ¥60 billion target previously announced.

Analysts are attributing the lower forecast to both Japan’s strong yen and negative interest rates, which have increased pension costs, as well as M&A activity.