Risk of an economic downturn due to the rapid depreciation of the yen
First written in FY2023-Q1. 1 of 3 entries say "Restated". Latest entry: FY2023-Q3.
Toenec moved to the "Worse" side of this theme in 2023, 1 year before the typical company in this theme (2024).
The whole theme swung hardest in 2026: 9 of 13 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- FY2023-Q3ReframedAnnual report
「Looking ahead, amid Russia's invasion of Ukraine and continued global monetary tightening, downside risks to the economy arising from soaring raw-material prices, supply-side constraints, and sharp exchange-rate fluctuations have become evident, and the company must continue to closely monitor their impact on the order environment.」
The wording changed from the former "sharp depreciation of the yen" to "sharp exchange-rate fluctuations," identifying exchange-rate volatility in general, rather than its direction, as a factor contributing to economic downside. - FY2023-Q2RestatedAnnual report
「Looking ahead, amid the prolonged situation in Ukraine and continued global monetary tightening, downside risks to the economy arising from soaring raw-material prices, supply-side constraints, and the yen's rapid depreciation have become evident, and the company must continue to closely monitor their impact on the order environment.」
The Company continues to identify a sharp depreciation of the yen as a factor contributing to economic downside and affecting the order environment. - FY2023-Q1First statedAnnual report
「In addition to soaring raw material prices and supply chain disruptions, downside risks to the economy from factors including a sharp depreciation of the yen have materialised, and the impact on the order environment needs to be monitored continuously.」
The sharp depreciation of the yen was made an independent theme for the first time as a factor contributing to economic downside and affecting the order environment. The main text states that this downside risk has "materialised."