Downside risk to the economy from inflation accompanying yen depreciation and surging resource prices
First written in FY2024-Q3. 2 of 5 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2020: 25 of 36 companies on the "Worse" side.
18 other companies' latest entry also says "Other".
- FY2026Expanded to include economic environment risks, including geopolitical risks and US trade policyAnnual report
「During the current consolidated fiscal year, Japan's economy continued on a moderate recovery path, supported by improvements in employment and income conditions underpinned by solid corporate earnings, despite being partly affected by geopolitical risks and US trade policy.」
In addition to yen depreciation, surging resource prices, and high prices, the disclosure identifies geopolitical risks and the effects of US trade policy as sources of uncertainty in the economic environment. - FY2025Expanded risk disclosures regarding rising prices, real wages and overseas conditionsAnnual report
「During the current consolidated fiscal year, Japan's economy was supported by solid capital investment and public investment, but continued to face challenges including weak personal consumption against a backdrop of high prices and sluggish growth in real wages, as well as uncertainty overseas, resulting in a strong sense of stagnation overall.」
In addition to the previously cited yen depreciation and surging resource prices, high prices, weak personal consumption caused by sluggish growth in real wages, and uncertainty overseas were identified as challenges in the economic environment. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The disclosure states that there have been no material changes to the existing risks, including downside risks to the economy arising from yen depreciation and surging resource prices. - FY2024RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy continued to recover moderately as social and economic activity normalised following the COVID-19 pandemic and employment and income conditions improved. However, uncertainty remained high due to heightened geopolitical risks, surging resource and energy prices, and exchange-rate fluctuations.」
The disclosure states that uncertainty related to geopolitical risks, surging resource and energy prices, and exchange-rate fluctuations continues. - FY2024-Q3First statedAnnual report
「During the cumulative third quarter under review, although concerns remain about downside risks to the economy, including inflation driven by the rapid depreciation of the yen and surging global resource prices, a gradual recovery is expected to continue ahead, supported by improvements in the employment and income environment and the effects of various policies.」
For the first time, inflation driven by the rapid depreciation of the yen and surging global resource prices was explicitly identified as a downside risk to the economy.