Fluctuations in Interest Rate Levels and Foreign Exchange Rates
First written in FY2016. 18 of 32 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-08-05.
Kajima moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2023: 13 of 27 companies on the "Worse" side.
4 other companies' latest entry also says "Worsened".
- 2026-08-05WorsenedEarnings
「In the global economy during the first quarter of the current fiscal year (1 April 2026–30 June 2026), moderate growth continued as AI-related investment and other factors drove the economy, despite rising inflationary pressures associated with unstable international conditions and moves to raise policy interest rates.」
The disclosure cited rising inflationary pressure associated with unstable international conditions and moves to raise policy interest rates, highlighting uncertainty in the financial and macroeconomic environment. - FY2026WorsenedAnnual report
「Over the medium to long term, demand in digital fields centered on AI and investment in related infrastructure are expected to expand in the global economy. Meanwhile, uncertainty about the outlook continues, with concerns that intensifying international tensions and an unstable trade environment could cause inflation to reaccelerate.」
While expanded AI and digital investment is identified as a growth driver, concerns were noted that intensifying international tensions and an unstable trade environment could cause inflation to reaccelerate, and uncertainty in the financial and macroeconomic environment continues. - FY2026-H1Prospects for market revitalization from improved financial conditions and U.S. rate cutsAnnual report
「During the interim consolidated fiscal period, concerns existed over the effects of U.S. trade policy, but the global economy maintained resilient growth as inflation did not accelerate and financial conditions improved, among other factors.」
While concerns over U.S. trade policy were noted, inflation did not accelerate, financial conditions improved, and the global economy maintained resilient growth. The description of financial and macroeconomic risks was supplemented by a change toward improvement. - FY2025-H1Rate cuts in Europe and the United States coexist with a rate hike in JapanAnnual report
「During the interim consolidated fiscal period, financial policy changed in the global economy. In Europe and the United States in particular, policy rate cuts were seen as inflation subsided, while economic conditions remained resilient overall. In Japan, despite continued moderate price increases and policy rate hikes, the economy maintained a recovery trend, supported by improvements in employment and income conditions and inbound demand.」
While Europe and the United States saw policy rate cuts as inflation subsided, Japan was in a situation involving policy rate hikes. The global economy is described as resilient and the Japanese economy as being on a recovery trend. - FY2024RestatedAnnual report
「During the consolidated fiscal year, inflation rates trended lower in many countries and regions, and policy rates shifted from a rate-hiking phase toward a hold. Although growth stagnated in some countries and regions due to the effects of higher prices and interest rates, the global economy remained resilient overall.」
While slowing inflation and a shift toward a policy-rate holding phase were noted, monitoring of growth stagnation caused by prices and interest rates and of uncertainty about the outlook has continued. - FY2024-Q3RestatedAnnual report
「During the third quarter of the consolidated fiscal year, inflation rates in various countries and regions trended lower, and policy rates were moving from a rate-hiking phase toward a hold. Growth nevertheless slowed or stagnated due to the effects of still-high prices and interest rates, among other factors. It remains necessary to continue monitoring domestic and overseas inflation and interest-rate trends, as well as rising geopolitical risks.」
While slowing inflation and a shift toward a policy-rate holding phase were noted, monitoring of slower growth due to high prices and interest rates and of geopolitical risks has continued. - FY2024-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, some countries and regions experienced slower or stagnant growth due to the effects of continued inflation and high interest rates, but the global economy remained resilient overall.」
While slower or stagnant growth was seen in some regions due to continued inflation and high interest rates, the global economy as a whole is described as resilient. There was no material change in the risk assessment from the previous quarter. - FY2024-Q1Prolonged inflation and rate hikes coexist with resilience in the global economyAnnual report
「During the first quarter of the consolidated fiscal year, inflation and policy rate hikes continued for an extended period, particularly in Europe and the United States, slowing the pace of economic growth, but the global economy remained resilient overall.」
It is explained that growth slowed due to prolonged inflation and policy rate hikes, particularly in Europe and the United States, while the global economy as a whole remained resilient. - FY2023-Q3WorsenedAnnual report
「During the third quarter of the consolidated fiscal year, growth slowed or stagnated in the global economy amid continued inflation and rising interest rates in many countries and regions. In Japan, personal consumption and other areas at times remained sluggish due to the effects of the COVID-19 pandemic, but the economy moved toward a moderate recovery as society and economic activity progressed in an environment without restrictions on activity. Although inflation rates in Europe and the United States began to decline, it remains necessary to continue monitoring the effects on the economy of developments in the situation in Ukraine and fluctuations in prices, interest rates, and foreign exchange rates.」
In addition to continued inflation and rising interest rates and slower global economic growth, monitoring of the situation in Ukraine, prices, interest rates, and foreign exchange fluctuations was noted. Financial, geopolitical, and macroeconomic risks continue to be recognized and have been further specified. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the consolidated fiscal year, the global economy experienced slower growth amid the prolonged situation in Ukraine and continued inflation and rising interest rates, particularly in Europe and the United States.」
In addition to the prolonged situation in Ukraine, the continuation and progression of inflation and rising interest rates, particularly in Europe and the United States, and the slowing pace of global economic growth were noted. Compared with the previous assessment of uncertainty and a slower recovery, specific factors behind the economic slowdown have continued and intensified. - FY2023-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, social and economic activity moved toward normalization as the number of COVID-19 infections declined. However, measures to prevent the spread of infections in some countries and regions and the effects of the situation in Ukraine spread worldwide through supply chains, slowing the pace of economic recovery. In addition to pandemic developments, inflation and interest-rate trends are increasing uncertainty about the outlook.」
In the global economy, the spillover of the situation in Ukraine to supply chains, the slowing pace of economic recovery, and inflation and interest-rate trends were newly identified in specific terms, broadening the sources of uncertainty in addition to the existing pandemic and geopolitical risks. - FY2022-Q3WorsenedAnnual report
「During the third quarter of the consolidated fiscal year, the global economy generally showed signs of recovery despite the continuing effects of the COVID-19 pandemic. However, the pandemic remained a risk factor, as the spread of infections in some countries and regions, including Southeast Asia, restricted social and economic activity, and conditions remained such that vigilance was required regarding a resurgence and prolonged duration of the pandemic.」
While the global economy showed signs of recovery, the spread of infections in Southeast Asia and elsewhere restricted social and economic activity, prompting vigilance regarding a resurgence and prolonged duration of the pandemic. - FY2022-Q1RestatedAnnual report
「During the first quarter of the consolidated fiscal year, the global COVID-19 pandemic had not subsided, and some countries and regions moved to tighten restrictions on social and economic activity again. Meanwhile, some countries and regions achieved steady economic recovery due to progress in vaccinations and the effects of economic policies.」
While the global pandemic and restrictions on activity in some regions continued, recovery supported by vaccinations and economic policies was also noted in some regions. Uncertainty and signs of recovery coexisted in the global economy. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the consolidated fiscal year, the global economy deteriorated as the COVID-19 pandemic spread, and its effects persisted. Although some signs of recovery were seen due to a temporary decline in infections and the effects of economic measures in various countries and regions, stagnation intensified as infections resurged, mainly in Europe and the United States, from October 2020 onward.」
Regarding the global economy, in addition to the prolonged deterioration caused by the spread of the pandemic, a resurgence of infections, mainly in Europe and the United States, from October 2020 onward and intensifying stagnation were noted. - FY2021-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, the global economy rapidly deteriorated as a result of the spread of the COVID-19 pandemic, but countries and regions were implementing policies aimed at raising the level of economic activity while preventing the further spread of the pandemic.」
While the rapid deterioration of the global economy caused by the COVID-19 pandemic continued, countries and regions were implementing policies aimed at increasing economic activity. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, the COVID-19 pandemic spread worldwide, severely restricting corporate activity and personal consumption, and the global economy rapidly deteriorated.」
Regarding the global economy, restrictions on corporate activity and personal consumption and a rapid deterioration caused by the COVID-19 pandemic are described, replacing the previous uncertainty and concerns over a slowdown. - FY2020WorsenedAnnual report
「During the consolidated fiscal year, the global economy experienced an economic slowdown due to prolonged trade issues, among other factors, and the effects of the COVID-19 pandemic rapidly expanded toward the end of the fiscal year.」
Regarding the global economy, it is stated that, in addition to the economic slowdown caused by trade issues, the effects of the COVID-19 pandemic rapidly expanded toward the end of the fiscal year, marking a shift from previous uncertainty to an actual slowdown and the emergence of pandemic-related effects. - FY2020-Q3WorsenedAnnual report
「During the third quarter of the consolidated fiscal year, the global economy slowed moderately due to concerns over prolonged trade issues and various geopolitical risks, and uncertain conditions about the outlook continued.」
It was explained that the global economy slowed moderately against a backdrop of prolonged trade issues and various geopolitical risks, and that uncertain conditions about the outlook continued. Compared with the previous quarter's "signs of a slowdown," the slowdown is described more explicitly. - FY2020-Q2WorsenedAnnual report
「During the second quarter of the consolidated fiscal year, the global economy showed signs of slowing due to concerns over the effects of prolonged trade issues and various geopolitical risks, although it maintained an overall growth trend.」
Although the global economy maintained a growth trend, signs of a slowdown were noted against a backdrop of prolonged trade issues and various geopolitical risks, and concerns about risks to the outlook have intensified. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, the global economy continued to recover moderately overall, but growth slowed, particularly in some countries and regions, due to concerns over prolonged trade issues and rising geopolitical risks, increasing uncertainty about the outlook.」
Against a backdrop of prolonged trade issues and rising geopolitical risks, slower growth in some regions and increasing uncertainty about the outlook were noted. - FY2019WorsenedAnnual report
「During the consolidated fiscal year, the global economy maintained an overall growth trend, but economic slowdowns were seen in some countries and regions as the effects of trade issues gradually emerged in the second half of the year, among other factors, and concerns about the outlook intensified.」
In addition to the policy developments and geopolitical risks identified previously, the effects of trade issues emerged, with economic slowdowns in some regions and growing concerns about the outlook noted. - FY2019-Q3WorsenedAnnual report
「During the third quarter of the consolidated fiscal year, the global economy continued to recover moderately overall, but uncertainty about the outlook intensified due to protectionist trade policies and increasing instability in financial markets.」
It is explained that, in addition to protectionist trade policies, increasing instability in financial markets caused uncertainty about the outlook for the global economy to intensify. - FY2019-Q2WorsenedAnnual report
「During the second quarter of the consolidated fiscal year, the global economy continued to grow moderately overall, but uncertainty about the outlook persisted due to the expansion of trade issues and volatility in financial markets.」
While the global economy continued to grow moderately, the expansion of trade issues and volatility in financial markets, in addition to the policy and geopolitical uncertainties that had existed previously, were noted, and uncertainty about the outlook has continued. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, the global economy became more uncertain due to the spread of protectionist trade policies, although it remained generally solid.」
For the global economy, in addition to the policy developments and geopolitical risks identified previously, rising uncertainty about the outlook due to the spread of protectionist trade policies was noted. - FY2018RestatedAnnual report
「Looking ahead, although the outlook for the global economy remains uncertain, we expect moderate growth in Japan to continue, supported by a recovery in domestic demand.」
It is stated that uncertainty about the outlook for the global economy has continued, while the domestic economy is expected to grow moderately as domestic demand recovers. - FY2018-Q3RestatedAnnual report
「During the third quarter of the consolidated fiscal year, the global economy continued to grow moderately overall, although geopolitical risks and uncertainty surrounding policy developments remained, leaving continued uncertainty about the outlook.」
It is stated that uncertainty about the outlook due to geopolitical risks and uncertainty surrounding policy developments has continued. No material changes have been identified in business and other risks. - FY2018-Q2RestatedAnnual report
「During the second quarter of the consolidated fiscal year, the global economy maintained moderate growth overall, but uncertainty about the outlook continued due to uncertainty surrounding policy developments in Europe and the United States and escalating geopolitical risks.」
Uncertainty over the outlook for the global economy due to uncertainty surrounding policy developments in Europe and the United States and escalating geopolitical risks has continued. No material changes have been identified in business and other risks, indicating an ongoing risk assessment rather than a new deterioration. - FY2018-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year, the global economy continued to face uncertainty due to concerns over the uncertainty surrounding U.S. policy developments and escalating geopolitical risks, although it grew moderately overall.」
In addition to uncertainty surrounding U.S. policy developments, concerns over escalating geopolitical risks were noted, and uncertainty in the global economy has continued. Overall, the economy is described as having grown moderately. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the global economy recovered moderately overall, but the outlook for economic conditions remained uncertain due to concerns about a slowdown in emerging-market economies, the United Kingdom’s withdrawal from the EU and the policy direction of the new U.S. administration.」
It is stated that uncertainty in the global economy, against a backdrop of emerging-market economies, the UK's withdrawal from the EU, and policy developments under the new U.S. administration, has continued. No material changes have been identified in business and other risks, indicating that the existing risk assessment remains unchanged. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, uncertainty about the outlook for financial markets and emerging-market economies persisted, and the global economy remained in a weak recovery.」
The disclosure states that uncertainty about the outlook for financial markets and emerging-market economies persisted. No material change was considered to have occurred in business and other risks, indicating an ongoing risk assessment rather than new deterioration. - FY2017-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, the global economy lacked strength in its overall growth as uncertainty about the outlook increased further, including turmoil in financial markets arising from the issue of the United Kingdom’s withdrawal from the EU.」
The disclosure describes turmoil in financial markets triggered by the United Kingdom’s withdrawal from the EU and increased uncertainty about the outlook, indicating a deterioration in the assessment of financial market risks. It states that turmoil in financial markets actually occurred as a risk event. - FY2016First statedAnnual report
「A sharp rise in interest rate levels or significant fluctuations in foreign exchange rates, among other factors, could affect business performance and other results.」
Sharp fluctuations in interest rates and foreign exchange rates were identified as financial market risks that could affect business performance.