Risk of Downside in Corporate Performance Due to Economic Stagnation and Yen Appreciation
First written in FY2017-Q1. 15 of 35 entries say "Restated". Latest entry: 2026-07-30.
Systena 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 2022: 125 of 168 companies on the "Worse" side.
66 other companies' latest entry also says "Restated".
- FY2026-H1WorsenedAnnual report
「Meanwhile, in addition to the continued historically weak yen, concerns increased that fluctuations in crude oil and resource prices against a backdrop of heightened geopolitical risks, including escalating tensions in the Middle East, would squeeze corporate earnings and households' real purchasing power through import prices. The outlook also remains uncertain due to monetary policy trends in major countries, including the United States, against a backdrop of persistent inflation, and moves to reorganize global supply chains.」
While the formal risk section states that there have been no material changes, the analysis of the business environment specifically identifies the historically weak yen, the situation in the Middle East, crude oil and resource prices, monetary policy in major countries, and supply-chain reorganization as factors contributing to uncertainty. - FY2025RestatedAnnual report
「Meanwhile, energy costs and raw material prices have remained elevated due to global conditions, while foreign-exchange fluctuations caused by interest-rate hikes in Europe and the United States and developments under the new U.S. administration have also left the economic outlook uncertain.」
The disclosure continues to identify elevated energy and raw material prices, foreign-exchange fluctuations caused by interest-rate hikes, and developments under the new U.S. administration as factors contributing to economic uncertainty. - FY2025-H1RestatedAnnual report
「However, the outlook remains uncertain due to the continued impact of surging energy costs and raw material prices resulting from global conditions and foreign-exchange fluctuations.」
The disclosure continues to cite uncertainty over the outlook arising from global conditions, foreign-exchange fluctuations, and surging energy costs and raw material prices. - FY2024-Q3RestatedAnnual report
「During the third quarter of the consolidated fiscal year under review, Japan's economy showed a gradual recovery, led by private consumption, as economic and social activity continued to normalize following the COVID-19 pandemic. However, the downturn in overseas economies, against a backdrop of global monetary tightening to contain inflation caused by higher resource and raw material prices and an uncertain international situation, continues to pose a downside risk to Japan's economy.」
The disclosure describes the normalization of economic and social activity and a gradual recovery trend, while continuing to identify global monetary tightening, the uncertain international situation and weakness in overseas economies as risks. - FY2024-Q2RestatedAnnual report
「However, central banks in various countries have continued monetary tightening to address global inflation caused by higher resource and raw material prices, creating a risk that a downturn in overseas economies will weigh on Japan's economy.」
The disclosure continues to cite the normalization of economic and social activity and a gradual recovery trend, while also citing the risk that monetary tightening will cause overseas economies to weaken. - FY2024-Q1WorsenedAnnual report
「During the first quarter of the consolidated fiscal year under review, Japan's economy showed a gradual recovery, led by private consumption, as economic and social activity continued to normalize following the COVID-19 pandemic. However, central banks in various countries have continued monetary tightening to address global inflation caused by higher resource and raw material prices, increasing the downside risk to overseas economies.」
The disclosure describes the normalization of economic and social activity, while stating that monetary tightening by central banks in various countries has increased downside risks to overseas economies. - FY2023WorsenedAnnual report
「The company initially planned to pursue an aggressive management strategy based on expectations of inflation driven by strong demand after the COVID-19 pandemic subsided. However, as geopolitical risks increased and the end of the pandemic was delayed, inflation accompanied by an economic downturn became more pronounced, and stagflation is finally becoming a reality, adversely affecting the global economy.」
The disclosure states that, in addition to the previous concerns about inflation and an economic downturn, inflation accompanied by an economic downturn, or stagflation, is becoming a reality. - FY2023-Q3WorsenedAnnual report
「However, global inflationary pressures resulting from higher resource and raw material prices remain persistent, and concerns about a global recession have increased as central banks in various countries have rapidly raised interest rates.」
The disclosure cites concerns about a global recession resulting from rapid interest-rate hikes by central banks in various countries, in addition to higher resource and raw material prices and inflationary pressures, indicating that uncertainty surrounding the economic environment has intensified. - FY2023-Q2WorsenedAnnual report
「However, global inflationary pressures resulting from higher resource and raw material prices remain persistent, and central banks in various countries are proceeding with substantial interest-rate hikes despite the risk of undermining economic growth, further increasing uncertainty surrounding the global economy.」
The disclosure states that uncertainty surrounding the global economy has increased further due to persistent inflationary pressures from higher resource and raw material prices and substantial interest-rate hikes in various countries. - FY2023-Q1RestatedAnnual report
「During the first quarter of the consolidated fiscal year under review, Japan's economy showed a gradual recovery, led by private consumption, as restrictions related to COVID-19 were eased and economic and social activity continued to normalize. However, inflationary pressures have intensified due to higher resource and raw material prices following Russia's invasion of Ukraine and the rapid depreciation of the yen, and the outlook for the economy remains uncertain.」
The disclosure describes the normalization of economic and social activity following the easing of restrictions, while continuing to cite higher resource and raw material prices related to the invasion of Ukraine, the rapid depreciation of the yen, inflationary pressures and uncertainty over the outlook. - FY2022WorsenedAnnual report
「Toward the end of the period, higher resource and raw-material prices resulting from Russia's invasion of Ukraine and rapid yen depreciation became additional risk factors for the economy as inflationary pressures rose worldwide.」
In addition to the existing uncertainty resulting from COVID-19 and other factors, identifies higher resource and raw-material prices associated with the Ukraine conflict, rapid yen depreciation and inflationary pressures as new economic risks. - FY2022-Q3RestatedAnnual report
「During the nine months ended the third quarter, there was no new business or other risk, nor any material change in the business or other risks described in the annual securities report for the previous fiscal year.」
Reiterates that there have been no new business risks or significant changes to existing risks. - FY2022-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The disclosure expressly states that no new risks had arisen and that there had been no material changes to existing risks. - FY2022-Q1MitigatedAnnual report
「During the first quarter of the current consolidated cumulative period, strong exports supported the economy as overseas economies recovered early, while economic activity remained constrained by measures to prevent the spread of COVID-19 and the recovery in domestic demand, including private consumption, was notably delayed. However, sentiment about economic conditions improved as vaccinations progressed.」
While restrictions on economic activity and the delayed recovery in domestic demand continued, describes an improvement in economic sentiment resulting from the recovery of overseas economies and progress in vaccinations. - FY2021WorsenedAnnual report
「However, as a new state of emergency was declared in January 2021 in response to worsening infection conditions, the economic recovery stalled and the outlook remained uncertain.」
The reissuance of the state of emergency caused the economic recovery to stall, and uncertainty about the outlook has continued. - FY2021-Q3WorsenedAnnual report
「However, as COVID-19 infections began spreading again toward year-end, concern about a slowdown in the recovery intensified.」
States that concern about a slowdown in the economic recovery intensified as infections spread again toward year-end, following the recovery trend after the state of emergency was lifted. - FY2021-Q2MitigatedAnnual report
「During the first half of the current consolidated cumulative period, Japan's economy declined significantly nationwide following the government's declaration of a state of emergency in response to the spread of COVID-19, but entered a recovery trend after the declaration was lifted, supported by large-scale economic support measures from the government and the Bank of Japan, and economic activity was gradually normalizing.」
While the domestic economic downturn caused by the spread of COVID-19 continued, describes the recovery trend after the state of emergency was lifted and the normalization of economic activity. - FY2021-Q1MaterialisedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy declined significantly nationwide following the government's declaration of a state of emergency in response to the spread of COVID-19, but signs of recovery emerged after the declaration was lifted, supported by large-scale economic support measures from the government and the Bank of Japan.」
In addition to the existing uncertainty in the global economy, describes the significant actual decline in the domestic economy resulting from the spread of COVID-19 and the declaration of a state of emergency. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, through the third quarter, exports remained sluggish because of a slowdown in the global economy resulting from US-China trade friction, but domestic demand, including private consumption and capital investment, remained resilient as corporate earnings and employment and income conditions continued to improve. However, in the fourth quarter, economic conditions deteriorated rapidly as the COVID-19 pandemic spread worldwide.」
Describes the rapid deterioration in economic conditions in the fourth quarter as the COVID-19 pandemic spread, in addition to the existing uncertainty resulting from US-China trade friction and other factors. - FY2020-Q3WorsenedAnnual report
「During the first 3 quarters of the current consolidated cumulative period, exports remained sluggish because of a slowdown in the global economy resulting from US-China trade friction, but domestic demand, including private consumption and capital investment, remained resilient as corporate earnings and employment and income conditions continued to improve.」
While describing a slowdown in the global economy and sluggish exports resulting from US-China trade friction, explains that domestic demand remains resilient. - FY2020-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
Explicitly states that there have been no new risks or significant changes to existing risks. Uncertainty in the global economy resulting from US-China trade friction continues to be viewed as a burden. - FY2020-Q1RestatedAnnual report
「There were no newly arising business or other risks during the first quarter of the current fiscal year, and no material changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that there have been no new risks or significant changes to existing risks. Meanwhile, uncertainty in the global economy resulting from US-China trade friction continues to be viewed as a burden. - FY2019WorsenedAnnual report
「During the 5-year medium-term period, various issues are emerging, including trade wars, geopolitical risks and the collapse of financial bubbles, which clearly cannot be overcome by maintaining the status quo.」
In addition to the existing uncertainty resulting from US-China trade friction, identifies geopolitical risks and the collapse of financial bubbles as issues during the medium-term plan period. - FY2019-Q3RestatedAnnual report
「During the first 3 quarters of the current consolidated cumulative period, Japan's economy remained on a moderate recovery trend as corporate earnings continued to expand and employment and income conditions improved against the backdrop of a solid global economy. Meanwhile, uncertainty in the global economy resulting from intensified US-China trade friction remains a burden on the outlook.」
While the economic recovery trend continues, continues to identify uncertainty in the global economy resulting from intensified US-China trade friction as a risk to the operating environment. - FY2019-Q2WorsenedAnnual report
「Meanwhile, the global economic outlook has become more uncertain as US-China trade friction has intensified.」
States that uncertainty has increased as US-China trade friction has intensified, in addition to the existing uncertainty about the outlook. - FY2019-Q1WorsenedAnnual report
「Meanwhile, heightened tensions over trade between the United States and China have left the global economic outlook uncertain.」
While the moderate recovery trend continues, describes uncertainty about the global economic outlook resulting from heightened US-China trade tensions. - FY2018WorsenedAnnual report
「Meanwhile, the US Trump administration introduced protectionist policies, including tariff increases, raising concern about trade friction and leaving the global economic outlook uncertain.」
In addition to the description of a moderate recovery trend, describes uncertainty about the outlook for the global economy because of protectionist policies and rising concern about trade friction. - FY2018-Q3MitigatedAnnual report
「During the first 3 quarters of the current consolidated cumulative period, Japan's economy remained on a moderate recovery trend as corporate earnings continued to expand and employment and income conditions improved, supported by solid overseas economies.」
Describes economic conditions as being on a moderate recovery trend, supported by improved corporate earnings and employment and income conditions and solid overseas economies. - FY2018-Q1MitigatedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery trend as overseas economies became increasingly resilient with political stability in the EU, while corporate earnings continued to expand and employment and income conditions improved.」
The description has changed from one premised on uncertainty in the global economy and economic stagnation, as previously stated, to one describing EU political stability and a moderate recovery trend. - FY2017RestatedAnnual report
「During the current consolidated fiscal year (from 1 April 2016 to 31 March 2017; hereinafter, the “current fiscal year”), Japan's economy remained on a moderate recovery trend as corporate earnings continued to expand and employment and income conditions improved, although uncertainty about the outlook persisted because of the slowdown in emerging-market economies, the UK's EU withdrawal issue and rising uncertainty in the global economy resulting from protectionist policy pressure.」
Continues to describe uncertainty in the external environment, including the UK's EU withdrawal issue and uncertainty in the global economy, as assumptions underlying the operating environment. - FY2017-Q3RestatedAnnual report
「During the nine months ended the third quarter, there was no new business or other risk, nor any material change in the business or other risks described in the annual securities report for the previous fiscal year.」
Explicitly states that there have been no new risks or significant changes to existing risks. - FY2017-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
It expressly states that there have been no material changes to the business and other risks. - FY2017-Q1First statedAnnual report
「As weakness became apparent, particularly in private consumption and exports, and economic stagnation intensified, the risk of weaker corporate performance resulting from rapid yen appreciation, against the backdrop of the postponement of US interest-rate hikes and the UK's EU withdrawal issue, emerged.」
Describes rapid yen appreciation and the risk of weaker corporate performance against the backdrop of economic stagnation and the UK's EU withdrawal issue, among other factors.