Money-market fund yields are going up as the Federal Reserve raises rates, incentivizing treasurers to move cash out of corporate bank accounts, which have been slow to adjust.

Central banks’ diverging interest rate moves are complicating matters for companies looking to hedge their foreign-exchange risks, creating higher costs for some while benefiting others.

Aflac Inc., a Columbus, Ga.-based insurer, generates about 70% of its income in Japan. With the yen at a two-decade low against the dollar, that could spell trouble, but the company’s hedging program helps protect it, its finance chief said.

Battling high inflation, rising interest rates and economic uncertainty, companies raised less capital in the markets during the first half of the year compared with the first six months of 2021, when inflation wasn’t as high and many businesses tapped cheap funding to replace higher-priced debt.

Companies are reviewing their hedging strategies in light of the strong U.S. dollar, which is denting the value of overseas earnings. The strength of the currency also is making some American products less competitive overseas, forcing businesses to look for ways to cut costs as they struggle to maintain margins.

Companies are buying back debt, pushing out maturities and reviewing cash-management strategies as they sharpen their focus on financing costs as interest rates continue to rise.

Anheuser-Busch InBev SA/NV says some of its beverages are going to get pricier and come in variable sizes as the maker of Corona and Bud Light looks to catch up with inflation in the U.S. and elsewhere.

While the company doesn’t rely on fully automated forecasts for its divisions yet, it is experimenting with advanced forecasting and predictive analytics, according CFO Wolfgang Nickl.

Companies that repurchase their shares are getting more bang for their buck as market declines depress stock prices, helping to boost buyback activity, which is expected to hit a record $1 trillion this year.

Lordstown Motors Corp.’s ability to stay in business for at least another year remains in doubt until it secures more funding and its market value rises, its finance chief said after the electric-truck maker sold its factory to raise cash.