Which is why Tesco is agreeing with City analysts that in the current year, group profits will barely increase at all, even with further growth in Asia and Eastern Europe, and an expected reduction in losses at the group's controversial US business, Fresh and Easy.

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The company has projected a 16% in rise in net profits for the current fiscal year.

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But the group said if current exchange rates continue, operating profits this year could be reduced by 10%.

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The firm said it expected its profits to rise to 50bn yen in the current financial year, with the yen forecast to remain weak.

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Shares in Trinity Mirror have soared by 19% after the newspaper group reported a rise in six-month profits and said it expected to exceed "current expectations" for the year as a whole.

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It managed to hold profits steady in the year to the end of March, but the current half-year profit will fall by about a fifth.

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Profits this year planned to be used to expand the next year can be significantly reduced by current period taxes.

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