Economic Uncertainty Caused by the Situation in Ukraine and Other Factors
First written in FY2022. 5 of 13 entries say "Reframed", first in FY2025. Latest entry: FY2026.
Nihon Dengi moved to the "Worse" side of this theme in 2025, 1 year after the typical company in this theme (2024).
The whole theme swung hardest in 2025: 22 of 48 companies on the "Worse" side.
8 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「At the same time, fluctuations in energy and materials prices resulting from the current situation in the Middle East, as well as supply chain instability, pose risks that could affect the order environment and profitability.」
The description of sources of uncertainty in the economic environment shifted from the situation in Ukraine, monetary tightening, and U.S. trade policy to the situation in the Middle East, energy and material prices, and supply chain instability. - FY2026-H1ReframedAnnual report
「During the current interim consolidated fiscal period, the Japanese economy showed downside risks due to the impact of U.S. trade policy, but followed a gradual recovery trend as the employment and income environment improved and personal consumption recovered.」
The description shifted from sources of uncertainty centered on the situation in Ukraine, global monetary tightening, the slowdown in overseas economies, and rising prices to one expressly identifying downside risks to the economy from U.S. trade policy. At the same time, it also described a gradual recovery supported by improvements in the employment and income environment and other factors. - FY2025ReframedAnnual report
「During the consolidated fiscal year, the Japanese economy remained subject to uncertainty from rising prices and developments in U.S. policy, among other factors. However, it followed a gradual recovery trend as the employment and income environment improved and various government policies took effect.」
The description shifted from one centered on the situation in Ukraine, global monetary tightening, and the slowdown in overseas economies to one identifying rising prices and developments in U.S. policy as sources of uncertainty. - FY2025-H1SoftenedAnnual report
「During the current interim consolidated accounting period, Japan's economy remained on a moderate recovery trend, supported by improvements in employment and income conditions and the effects of various policies against a backdrop of solid corporate earnings and other factors.」
The situation in Ukraine, global monetary tightening, the slowdown in overseas economies, rising prices, and other factors previously cited as sources of uncertainty were not expressly mentioned in the economic description for the current interim period, which instead described a gradual recovery trend. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy entered a moderate recovery trend as socioeconomic activity normalized following the COVID-19 pandemic, although uncertainty continued due to the slowdown in overseas economies resulting from global monetary tightening and rising prices.」
The Company continues to identify the slowdown in overseas economies associated with global monetary tightening and rising prices as factors contributing to uncertainty in the economic environment. Meanwhile, it states that economic and social activity continued to normalize and the economy entered a gradual recovery trend. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy entered a moderate recovery trend as socioeconomic activity normalized following the COVID-19 pandemic, although uncertainty continued due to the slowdown in overseas economies resulting from global monetary tightening and rising prices.」
The Company continues to identify the slowdown in overseas economies associated with global monetary tightening and rising prices as factors contributing to uncertainty in the economic environment. Meanwhile, it states that economic and social activity continued to normalize and the economy entered a gradual recovery trend. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy recovered moderately, partly due to the transition of COVID-19 to Category 5 under the Infectious Diseases Control Law and the effects of various policies, although the outlook remained uncertain due to the slowdown in overseas economies resulting from global monetary tightening and other factors, and rising prices.」
The Company continues to identify the slowdown in overseas economies associated with global monetary tightening and rising prices as factors contributing to uncertainty in the economic environment. It states that the economy recovered gradually, partly as a result of the reclassification of COVID-19 as a Class 5 disease. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery under the COVID-19 regime, partly due to the effects of various policies, but the outlook remained uncertain due to the slowdown in overseas economies resulting from global monetary tightening and other factors, and the rapid depreciation of the yen.」
The Company continues to identify the slowdown in overseas economies associated with global monetary tightening and rapid yen depreciation as factors contributing to uncertainty in the economic environment. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy continued to show signs of recovery as measures were taken against COVID-19 and various policies took effect, but the outlook remained uncertain due to the slowdown in overseas economies resulting from global monetary tightening, the prolonged situation in Ukraine and the depreciation of the yen.」
In addition to the continuing situation in Ukraine, the slowdown in overseas economies caused by global monetary tightening and the yen's depreciation were expressly identified, broadening the risk factors relating to uncertainty in the economic environment. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery as measures were taken against COVID-19 and various policies took effect, but the outlook remained uncertain due to factors including the prolonged situation in Ukraine and the rapid depreciation of the yen.」
The description of the risk relating to uncertainty in the economic environment was made more specific and expanded, as the uncertainty surrounding the situation in Ukraine was described as “prolonged” and rapid yen depreciation was also expressly identified as a factor. - FY2022First statedAnnual report
「Although the Japanese economy showed signs of recovery as measures to prevent the spread of COVID-19 were implemented and vaccinations were promoted, it remained uncertain in the second half of the fiscal year due to the impact of the situation in Ukraine and other factors.」
Identifies uncertainty arising from the situation in Ukraine and other factors as a new external risk in the economic environment during the second half of the fiscal year.