Uncertainty stemming from energy and raw material prices, yen depreciation and monetary tightening
First written in FY2024-Q3. 3 of 8 entries say "Worsened", first in FY2024. Latest entry: FY2026.
The whole theme swung hardest in 2020: 40 of 57 companies on the "Worse" side.
60 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The impact of higher costs resulting from rising interest rates and currency fluctuations in Japan and overseas, higher purchase prices for merchandise, and soaring energy prices on corporate performance is also serious. As a result, the process of selecting companies capable of absorbing these costs and securing earnings is expected to intensify further.」
Higher costs driven by interest rates, foreign exchange, purchase prices and energy prices continue to represent a serious operating environment. - FY2026-H1WorsenedAnnual report
「Consumers became even more focused on protecting their household finances as abnormal weather, including record heat and low rainfall, drove up prices of fresh foods such as vegetables and rice, while higher energy prices and labor costs pushed up prices of national-brand products.」
In addition to higher energy prices and labor expenses, the document specifically cites surging fresh-food prices caused by abnormal weather and links these factors to consumers’ heightened focus on protecting their livelihoods. - FY2025RestatedAnnual report
「In addition, the impact on corporate earnings of rising costs caused by higher overseas interest rates and the resulting yen depreciation, higher purchase prices and surging energy prices is serious. As a result, companies that can absorb these costs and secure earnings are expected to be selected to an increasing extent.」
The impact of cost increases from interest rates, yen depreciation, purchase prices and energy prices continues to be described as a serious business environment. - FY2025-H1RestatedAnnual report
「As inflation caused by higher energy costs and labor expenses became pronounced, consumers’ frugality toward everyday necessities became more apparent.」
In addition to higher energy costs, the document explicitly identifies higher labor expenses and reiterates the view that cost increases and inflation will continue. - FY2024WorsenedAnnual report
「In addition, the impact on corporate earnings of rising costs caused by higher overseas interest rates and the resulting yen depreciation, higher purchase prices and surging energy prices is serious. As a result, companies that can absorb these costs and secure earnings are expected to be selected to an increasing extent.」
The impact of cost increases from yen depreciation, purchase prices and energy prices is described as “serious,” making the risk assessment more specific than the previous references to uncertainty. - FY2024-Q3First statedAnnual report
「On the other hand, inflation driven by surging energy costs and raw material prices became pronounced. In addition, uncertainty about the outlook persisted amid concerns about the impact on the economy of yen depreciation and global monetary tightening.」
The document describes cost increases as a pronounced development, while identifying the economic impact of yen depreciation and monetary tightening as factors of concern.