Downside risks to economic activity from the Ukraine crisis, surging resource prices, and yen depreciation
First written in FY2022. 4 of 7 entries say "Restated". Latest entry: 2026-04-27.
NS Solutions moved to the "Worse" side of this theme in 2024, 2 years after the typical company in this theme (2022).
The whole theme swung hardest in 2020: 25 of 36 companies on the "Worse" side.
52 other companies' latest entry also says "Restated".
- 2026-04-27RestatedEarnings
「Domestic IT investment demand is expected to remain firm, but uncertainty is increasing across the domestic and global economies due to instability in the global situation, particularly in the Middle East, and overseas political and economic conditions, including U.S. tariff developments.」
This presents both firm IT investment demand and the uncertainty arising from the situation in the Middle East, U.S. tariff developments and other factors. - FY2026-H1WorsenedAnnual report
「Although Japan's economy during the current interim consolidated accounting period continued on a gradual recovery trend, conditions remained uncertain regarding the impact on corporate earnings of prolonged geopolitical risks, including the ongoing tensions surrounding Russia and Ukraine and the situation in the Middle East, the impact of US tariff policy and continuing price increases in Japan.」
Regarding downside risks to the economy, it explicitly added the impact of US tariff policy to the previously identified geopolitical risks and higher prices. Uncertainty surrounding corporate earnings remains. - FY2024RestatedAnnual report
「Close attention was also required to the effects of higher prices, the situation in the Middle East and financial market volatility associated with the Bank of Japan's lifting of negative interest rates.」
It continues to identify higher prices, the situation in the Middle East and financial market volatility as downside risks to the economy. - FY2024-Q3WorsenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy was gradually recovering, although some weakness was evident. However, conditions remained uncertain, with the risk that the effects of global monetary tightening and concerns about the outlook for the Chinese economy, among other factors, would cause a downturn in overseas economies and put downward pressure on Japan's economy. Close attention was also required to the effects of higher prices, the situation in the Middle East and volatility in financial markets.」
Regarding downside risks to the economy, it explicitly added the situation in the Middle East to the previously identified concerns about monetary tightening, overseas economies, the Chinese economy, higher prices and financial market volatility. It also stated that some weakness was evident in the domestic economy. - FY2024-Q1RestatedAnnual report
「During the cumulative first quarter of the current fiscal year, Japan's economy was gradually recovering, but the risk remained that a downturn in overseas economies caused by global monetary tightening and other factors would put downward pressure on Japan's economy, and conditions remained uncertain. Close attention was also required to the effects of higher prices, supply-side constraints and volatility in financial markets.」
It continues to disclose global monetary tightening, a downturn in overseas economies, higher prices, supply constraints and financial market volatility as downside factors for the economy. - FY2023-Q2RestatedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy was gradually recovering, but the risk remained that a downturn in overseas economies caused by global monetary tightening and other factors would put downward pressure on Japan's economy, and conditions remained uncertain.」
It continues to disclose downside risks to the economy, citing global monetary tightening and a downturn in overseas economies as factors. It does not state that these factors have actually affected business performance. - FY2022First statedAnnual report
「We recognise the need to closely monitor downside risks to the economy, including the prolonged impact of the COVID-19 pandemic, surging energy prices and higher raw material prices arising from geopolitical risks such as the Ukraine crisis, and the impact of yen depreciation resulting from the interest rate differential between Japan and overseas markets.」
It newly identifies the Ukraine crisis, higher energy and raw material prices, and yen depreciation as downside factors for the economy. This disclosure does not indicate that these factors have actually affected business performance.