Yen Appreciation, Uncertainty over Overseas Economies and Financial Market Turmoil
First written in FY2017-Q1. 9 of 22 entries say "Restated". Latest entry: FY2023.
Sanko Metal Industrial moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 143 of 176 companies on the "Worse" side.
10 other companies' latest entry also says "Dropped".
- FY2023DroppedAnnual report
「It turned to a decline of 8% in fiscal 2022.」
The filing contains no direct mention of the individual macroeconomic risks previously described, including yen appreciation, the Chinese and overseas economies, financial and capital markets, and trade issues. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter period, there were no material changes in the occurrence of major risks that management recognizes could materially affect the company's financial position, operating results or cash flows, among the matters concerning the business and financial condition described in this quarterly securities report, or in the business and other risks described in the securities report for the previous fiscal year.」
It states that there have been no major risks or significant changes in the external environment, including the overseas economy and financial and capital markets. - FY2023-Q1WorsenedAnnual report
「Meanwhile, unprecedented increases in resource and material prices resulting from decarbonization and the prolonged situation in Ukraine are affecting steel products, including structural steel and reinforcing bars, as well as materials such as plywood and petroleum-related components, and prices of other materials continue to rise.」
Regarding the external environment, it newly identifies higher resource and materials costs against the backdrop of the prolonged situation in Ukraine and the shift toward decarbonisation, and indicates the areas affected, including steel products, plywood and petroleum-related materials. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter, there were no new occurrences of the major risks that management recognizes as potentially having a material impact on the company’s financial position, operating results or cash flows, among the matters concerning the business and accounting conditions described in this quarterly report, nor were there any material changes to the risks described in the “Business and Other Risks” section of the annual securities report for the previous fiscal year.」
It states that there have been no major risks or significant changes in the external environment, including the overseas economy and financial and capital markets. - FY2021WorsenedAnnual report
「Increased downside risks to domestic and overseas economies, including the impact of COVID-19」
For the business environment in fiscal 2021, the filing explicitly identifies increased downside risks to the domestic and overseas economies from the COVID-19 pandemic and other factors. - FY2021-Q3RestatedAnnual report
「During the cumulative third-quarter period, Japan's economy remained in a difficult situation due to the impact of COVID-19, but signs of recovery emerged, including a return to growth in exports to Asia and the United States.」
While conditions remained difficult due to COVID-19, the filing continued to describe signs of recovery, including increased exports to Asia and the United States. - FY2021-Q2SoftenedAnnual report
「During the cumulative second-quarter period, Japan's economy remained in a difficult situation due to the impact of COVID-19, but signs of recovery emerged, including an improvement in personal consumption and a return to growth in exports to Asia and the United States.」
While stating that conditions remained difficult due to COVID-19, the filing adds that signs of recovery had emerged in personal consumption and exports. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period, Japan's economy rapidly deteriorated due to the impact of COVID-19 and is in an extremely difficult situation.」
In addition to the existing uncertainty in overseas economies and financial and capital markets, the filing explicitly states that COVID-19 has caused a rapid deterioration in the domestic economy and created an extremely difficult situation. - FY2020WorsenedAnnual report
「During the fiscal year, Japan's economy remained on a moderate recovery trend, supported by a recovery in personal consumption, increased capital investment, and steady improvement in employment conditions. However, exports weakened amid a slowdown in the global economy due in part to US-China trade friction. In addition, the outbreak of COVID-19 from early 2020 has rapidly worsened conditions, including a further stagnation in the export environment, a decline in personal consumption, and deterioration in employment conditions.」
In addition to the existing trade issues and uncertainty in overseas economies, the filing explicitly mentions the impact of COVID-19 on exports, consumption, and employment, expanding the range of external-environment risks. - FY2020-Q3ReframedAnnual report
「Although some weakness is expected to remain for the time being, a continued moderate recovery is expected as employment and income conditions improve and various policies take effect. However, attention must be paid to developments surrounding trade issues, the outlook for China's economy, developments in overseas economies including the UK's issue of leaving the EU, and volatility in financial and capital markets, as well as consumer sentiment following the consumption tax rate increase.」
In addition to overseas economies, financial and capital markets, trade issues, and China’s economy, the filing explicitly mentions the UK's issue of leaving the EU and consumer sentiment following the consumption tax rate increase. The expressions concerning rising tensions over trade issues and rising crude oil prices used in the previous quarter are not used. - FY2020-Q2WorsenedAnnual report
「Although some weakness is expected to remain for the time being, a continued moderate recovery is expected as employment and income conditions improve and various policies take effect. However, attention must be paid to the impact of rising tensions over trade issues on the global economy, as well as to the outlook for China's economy, uncertainty surrounding developments and policies in overseas economies, and rising crude oil prices and volatility in financial and capital markets.」
In addition to the existing trade issues, uncertainty in overseas economies, and volatility in China's economy and financial and capital markets, rising crude oil prices are explicitly identified as an external-environment risk. - FY2020-Q1RestatedAnnual report
「Although some weakness is expected to remain for the time being, a continued moderate recovery is expected as employment and income conditions improve and various policies take effect. However, closer attention must be paid to the impact of developments in trade issues on the global economy, as well as to the outlook for China's economy, uncertainty surrounding developments and policies in overseas economies, and volatility in financial and capital markets.」
Trade issues, the outlook for China's economy, uncertainty surrounding developments and policies in overseas economies, and volatility in financial and capital markets continue to be described as external-environment risks. - FY2019ReframedAnnual report
「Although some weakness is expected to remain for the time being, a continued moderate recovery is expected as employment and income conditions improve and various policies take effect. However, attention must be paid to the impact of developments in trade issues on the global economy, the outlook for China's economy, uncertainty surrounding developments and policies in overseas economies, and volatility in financial and capital markets.」
In addition to the existing uncertainty in overseas economies and volatility in financial and capital markets, the filing specifically identifies trade issues, the outlook for China's economy, and uncertainty surrounding policies in overseas economies. - FY2019-Q3RestatedAnnual report
「The outlook remains uncertain. A continued moderate recovery is expected as employment and income conditions improve and various policies take effect, but concerns remain about the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and volatility in financial and capital markets. Close attention must also be paid to the economic impact of the natural disasters occurring in succession.」
The external-environment risks described are trade issues, uncertainty in overseas economies, volatility in financial and capital markets, and the economic impact of natural disasters, as in the previous quarter. - FY2019-Q2WorsenedAnnual report
「The outlook remains uncertain. A continued moderate recovery is expected as employment and income conditions improve and various policies take effect, but concerns remain about the impact of developments in trade issues on the global economy, uncertainty in overseas economies, and volatility in financial and capital markets. Close attention must also be paid to the economic impact of the natural disasters occurring in succession.」
In addition to the existing uncertainty in overseas economies and volatility in financial and capital markets, the filing explicitly mentions the impact of trade issues on the global economy and the economic impact of successive natural disasters, broadening the range of external-environment risks. - FY2019-Q1RestatedAnnual report
「The outlook remains uncertain. A continued moderate recovery is expected as employment and income conditions improve and various policies take effect, but the impact of uncertainty in overseas economies and volatility in financial and capital markets is a concern.」
Uncertainty arising from overseas economies and volatility in financial and capital markets is described, as in the periods through the previous quarter. - FY2018RestatedAnnual report
「The outlook remains uncertain. A continued moderate recovery is expected as employment and income conditions improve and various policies take effect, but the impact of uncertainty in overseas economies and volatility in financial and capital markets is a concern.」
Uncertainty arising from overseas economies and volatility in financial and capital markets is described, as in the previous quarter. - FY2018-Q3RestatedAnnual report
「The outlook remains uncertain. A continued moderate recovery is expected as employment and income conditions improve and various policies take effect, but the impact of uncertainty in overseas economies and volatility in financial and capital markets is a concern.」
As in the previous quarter, uncertainty arising from overseas economies and volatility in financial and capital markets continues to be described. - FY2018-Q2ReframedAnnual report
「The outlook remains uncertain. A continued moderate recovery is expected as employment and income conditions improve and various policies take effect, but the impact of uncertainty in overseas economies and volatility in financial and capital markets is a concern.」
The specific factors described in FY2017-Q1 and Q2, including yen appreciation, slower growth in China and emerging Asian economies, and the UK's issue of leaving the EU, have been replaced with generalized references to uncertainty in overseas economies and volatility in financial and capital markets. - FY2017DroppedAnnual report
「During the current consolidated fiscal year, Japan's economy continued on a moderate recovery trend overall, with corporate earnings improving, although recovery in consumption lagged behind improvements in employment and income conditions in some respects.」
The risk section of this filing does not separately mention yen appreciation, slower growth in China and emerging Asian economies, the UK's issue of leaving the EU, or financial market turmoil, all of which had been mentioned through the previous quarter. - FY2017-Q2RestatedAnnual report
「Downside risks to the economy from the slowdown in China and emerging Asian economies remained, and the outlook was uncertain.」
Downside risks from the slowdown in China and emerging Asian economies and uncertainty over the outlook continue to be described. The UK’s issue of leaving the EU and financial market turmoil, which were mentioned in the previous quarter, are not discussed separately. - FY2017-Q1First statedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan's economy showed some weakness, including a pause in the improvement of corporate earnings due to the yen's appreciation. However, a trend toward moderate recovery continued, supported by improvements in the employment environment against the backdrop of fiscal and monetary policies by the government and the Bank of Japan. Meanwhile, the outlook remained uncertain, with financial markets in turmoil amid persistently high uncertainty in overseas economies due to the slowdown in China and emerging Asian economies and the UK's issue of leaving the EU.」
In addition to the traditional risk of intensified competition in the construction market, the economic environment is described as involving yen appreciation, slower growth in China and emerging Asian economies, the UK's issue of leaving the EU, and financial market turmoil.