Uncertainty Over the Outlook Due to Yen Appreciation, Falling Share Prices and Slower Growth in Emerging Economies
First written in FY2017-Q1. 12 of 32 entries say "Reframed", first in FY2017-Q3. Latest entry: FY2026.
Quantum Solutions moved to the "Worse" side of this theme in 2016, 3 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 125 of 168 companies on the "Worse" side.
23 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Within the business environment surrounding the Group, the social implementation of AI technology, volatility in the digital-asset market, changes in demand for consumer services and changes in the global capital-market environment are materially affecting the Group's business development and management decisions.」
The focus of external-environment risks has shifted from the previous concerns over exchange rates, geopolitics and economic uncertainty to the social implementation of AI technology, the digital-asset market, demand for consumer services and changes in the global capital-market environment. - FY2026-H1ReframedAnnual report
「Concerns remain about the impact on the economy of overseas developments, including the outlook for Trump's tariffs, monetary tightening in Europe and the U.S., China's stagnant economy and the prolonged situations involving Russia and Ukraine and the Middle East, as well as continuing price increases and volatile exchange rates. Uncertainty about the outlook therefore persists.」
The specific examples of external-environment risks have been organized as Trump's tariffs, monetary tightening in Europe and the U.S., China's economic stagnation, the prolonged situations involving Russia and Ukraine and the Middle East, rising prices and exchange-rate volatility. - FY2025ReframedAnnual report
「Japan's economy continues to recover gradually, supported in part by the effects of various policies, including investment in growth sectors and the development of an environment conducive to structural wage increases. However, uncertainty about the outlook persists due to the downside in China's property market, developments in U.S. tariff policy, the prolonged conflict in Ukraine, instability in the Middle East and the continuing trend of rising domestic prices.」
External-environment risks have expanded beyond the previously cited exchange-rate and inflation issues to include China's property market, U.S. tariff policy, the conflict in Ukraine and conditions in the Middle East. - FY2025-H1ReframedAnnual report
「During the interim consolidated fiscal period, inflation driven by unstable exchange-rate movements resulting from the future outlook for the Japan-U.S. interest-rate differential was pronounced, and difficult conditions are expected to continue.」
The description of external-environment risks has been reorganized from the previous focus on the weaker yen, soaring import prices and the lifting of the zero-interest-rate policy to unstable exchange rates and inflation driven by the future outlook for the Japan-U.S. interest-rate differential. - FY2024ReframedAnnual report
「As the impact of the prolonged COVID-19 pandemic subsided, signs of a gradual recovery emerged, including the Nikkei Stock Average exceeding its pre-Heisei-bubble high. However, the economic environment remained uncertain, with concerns about downside risks such as higher prices resulting from soaring import prices caused by the weaker yen and volatility in financial markets, including the lifting of the zero-interest-rate policy.」
While acknowledging the subsiding impact of COVID-19 and the economic recovery, the focus of external-environment risks has shifted to higher import prices caused by the weaker yen, rising prices and volatility in financial markets, including the lifting of the zero-interest-rate policy. - FY2024-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy showed a gradual recovery as demand expanded in the post-COVID environment, but inflation driven by unstable exchange-rate movements and other factors was pronounced, and difficult conditions are expected to continue.」
While acknowledging the recovery in demand in the post-COVID environment, the disclosure reaffirms pronounced inflation caused by unstable exchange-rate movements and the continued difficult economic environment. - FY2024-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy showed a gradual recovery as demand expanded in the post-COVID environment, but inflation driven by unstable exchange-rate movements and other factors was pronounced, and difficult conditions are expected to continue.」
While acknowledging the recovery in demand in the post-COVID environment, the disclosure states that inflation driven by unstable exchange-rate movements and other factors is pronounced and that difficult conditions are expected to continue. - FY2023ReframedAnnual report
「The reclassification of COVID-19 under the Infectious Diseases Control Law as a Class 5 disease was officially decided, and the spread of infections is finally beginning to subside. Meanwhile, surging global raw-material costs resulting from the Ukraine crisis and supply chain disruptions involving components and other items have materially affected EV manufacturing and management schedules.」
While the spread of COVID-19 is considered to be subsiding, the impact of the Ukraine crisis, soaring raw-material costs and supply chain disruptions on EV manufacturing and management schedules has come to the fore. - FY2023-Q3WorsenedAnnual report
「Globally, prolonged conditions in Ukraine and the rapid depreciation of the yen have driven up procurement prices, logistics costs and other costs, materially affecting corporate activity, and uncertainty about the outlook has continued.」
In addition to the previously cited situation in Ukraine and inflation concerns, higher procurement prices and logistics costs caused by the rapid depreciation of the yen are explicitly identified as affecting corporate activity, indicating that external-environment risks have become more serious. - FY2023-Q2WorsenedAnnual report
「Inflation is pronounced, and the economy remains sluggish. Difficult conditions are expected to continue.」
Compared with the previous quarter's references to higher raw-material prices and inflation concerns, the external environment is now described more starkly as one of pronounced inflation and continued economic stagnation. - FY2023-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, Japan's economy continued to face uncertainty about the outlook due to Russia's invasion of Ukraine, concerns about inflation accompanying higher prices for raw materials and other factors, although a gradual recovery in the COVID-19 situation is expected.」
Uncertainty about the outlook due to Russia's invasion of Ukraine, higher raw-material prices and inflation concerns continues to be cited. At the same time, expectations are expressed for a gradual recovery in the COVID-19 situation. - FY2022WorsenedAnnual report
「Although the spread of COVID-19 appears to be gradually subsiding, there is still no clear end in sight. In addition, uncertainty continues due to soaring resource prices, Russia's invasion of Ukraine and other factors.」
In addition to the previous uncertainty caused by COVID-19, soaring resource prices and Russia's invasion of Ukraine have emerged as new external-environment factors. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy remained sluggish due to the spread of COVID-19, and difficult conditions are expected to continue.」
The economic downturn caused by the spread of COVID-19 and the expected continuation of difficult conditions are explicitly stated, indicating that external-environment risks are continuing and becoming more serious. - FY2021RestatedAnnual report
「The business environment during the consolidated fiscal year was materially affected by the COVID-19 pandemic.」
It is reaffirmed that uncertainty in the external environment, including COVID-19, had a material impact on the business environment for the full fiscal year. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to deteriorate rapidly due to the spread of COVID-19, and extremely difficult conditions are expected to continue.」
The uncertainty in the external environment is described more seriously as a rapid deterioration in Japan's economy caused by the spread of COVID-19 and the expected continuation of extremely difficult conditions. - FY2021-Q1WorsenedAnnual report
「Although the impact of COVID-19 appears to have subsided somewhat, with share prices recovering and the state of emergency lifted, a second wave of infections remains possible. There is no doubt that disruption continues not only in Japan but worldwide, and uncertainty persists.」
In addition to the previously cited uncertainty in overseas economies and financial markets, the possibility of a second wave of COVID-19 infections and the continued disruption in Japan and overseas are identified more specifically as factors contributing to uncertainty about the outlook. - FY2020ReframedAnnual report
「The Group reviewed its business portfolio and worked to strengthen and improve each business so as not to become overly dependent on the performance of the fintech business, which it had prioritized in the previous consolidated fiscal year. However, all three businesses, fintech, system solutions and eyelash care, underperformed due to intensifying competition among cryptocurrency exchange operators, discord with a prospective business partner, escalating demonstrations in Hong Kong and the impact of COVID-19, among other factors.」
Specific examples of external and business-environment risks have been added, including competition among cryptocurrency exchange operators, discord with a prospective business partner, demonstrations in Hong Kong and COVID-19, with the impact on all businesses described. - FY2020-Q3RestatedAnnual report
「Concerns remain about the impact of rising uncertainty over overseas conditions and economies and volatility in the financial and capital markets, and risks that could weigh on Japan's economy remain.」
Risks of downward pressure on the economy from uncertainty over overseas conditions and economies and volatility in the financial and capital markets continue to be cited using the same wording as in the previous quarter. - FY2020-Q2ReframedAnnual report
「During the cumulative second quarter of the fiscal year, Japan's economy continued to face uncertainty about the outlook. While the employment and income environment continued to improve, domestic consumption sentiment could decline due to the consumption tax increase, while the global economy was affected by risks including U.S.-China trade friction and the UK's withdrawal from the EU.」
The description of external-environment risks has changed to include the possibility of weaker domestic consumption sentiment due to the consumption tax increase, and to cite U.S.-China trade friction and the UK's withdrawal from the EU as factors affecting the global economy. - FY2020-Q1ReframedAnnual report
「However, in the global economy, uncertainty about the outlook continues due to the impact of U.S.-China trade friction, the possibility of military conflict in the Strait of Hormuz and other factors.」
As factors contributing to uncertainty about the outlook, U.S.-China trade friction and the possibility of military conflict in the Strait of Hormuz are specifically cited in place of the previously cited policies in Europe and the U.S., geopolitical conditions and other factors. - FY2019RestatedAnnual report
「The economic outlook remained uncertain due to rising uncertainty in overseas economies and instability in consumer sentiment resulting from higher prices and other factors.」
Uncertainty about the economic outlook arising from uncertainty in overseas economies and instability in consumer sentiment continues to be cited in the annual disclosure. - FY2019-Q3RestatedAnnual report
「Concerns remain about the impact of rising uncertainty over overseas conditions and economies and volatility in the financial and capital markets, and risks that could weigh on Japan's economy remain.」
Risks of downward pressure on the economy from uncertainty over overseas conditions and economies and volatility in the financial and capital markets continue to be cited. - FY2019-Q2RestatedAnnual report
「In the global economy, the U.S. economy continues to recover, and the Asian region is also showing signs of a gradual recovery, but uncertainty about the outlook persists.」
While acknowledging the recovery trend in the U.S. and Asian economies, continued uncertainty about the outlook for the global economy is cited. - FY2019-Q1MaterialisedAnnual report
「Although corporate earnings and capital investment remain firm and private consumption is showing a gradual recovery, uncertainty about the outlook continues due to the emergence of geopolitical risks overseas and other factors.」
Uncertainty about the outlook due to the emergence of geopolitical risks overseas is cited, specifically identifying the occurrence of external risks. - FY2018RestatedAnnual report
「Although the economies of the United States, Europe, and Asia are on a recovery trend, considerable uncertainty remains regarding overseas economic conditions due to unstable US policies, geopolitical risks associated with tensions surrounding North Korea, and other factors.」
Uncertainty in overseas economies, including U.S. policy and the situation in North Korea, continues to be cited. - FY2018-Q3RestatedAnnual report
「The impact of rising uncertainty in overseas economies and volatility in financial and capital markets remains a concern, and risks that could put downward pressure on Japan's economy remain.」
The risk of downward pressure on the economy from uncertainty in overseas economies and volatility in financial and capital markets continues to be cited. - FY2018-Q2ReframedAnnual report
「Although economic recovery has continued in major countries, including the United States, the euro area, and China, and emerging economies have also shown signs of a gradual recovery, turmoil in the global situation stemming from the issue of North Korean missile launches has become more pronounced, and uncertainty about the outlook continues.」
While recognizing the recovery trend in major and emerging economies, the disclosure cites turmoil in the global situation stemming from the issue of North Korean missile launches as a new specific example of uncertainty about the outlook. - FY2018-Q1RestatedAnnual report
「Uncertainty about the outlook continues due to the UK's withdrawal from the EU and the impact of policies pursued by the US president, among other factors.」
Continued uncertainty about the outlook resulting from the UK's withdrawal from the EU and the impact of US presidential policies is cited. - FY2017ReframedAnnual report
「Uncertainty about the outlook is expected to continue, including due to rising uncertainty in the global economy resulting from the US presidential election.」
Specific examples of external-environment risks have shifted from factors such as the UK's withdrawal from the EU to uncertainty in the global economy stemming from the US presidential election. - FY2017-Q3ReframedAnnual report
「The impact of rising uncertainty in overseas economies and volatility in financial and capital markets remains a concern, and risks that could put downward pressure on Japan's economy remain.」
External risks are described in broader terms as uncertainty in overseas economies and volatility in financial and capital markets, replacing specific factors such as the appreciation of the yen, falling stock prices, and the UK's withdrawal from the EU. - FY2017-Q2WorsenedAnnual report
「Global financial uncertainty increased due to the UK's withdrawal from the EU, accompanied by a sharp appreciation of the yen and a substantial decline in stock prices, and uncertainty about the outlook continues.」
In addition to the uncertainty caused by the previous appreciation of the yen and decline in stock prices, the increase in financial uncertainty resulting from the UK's withdrawal from the EU was cited, specifying the external factors contributing to the uncertain outlook. - FY2017-Q1MaterialisedAnnual report
「Against a backdrop of rapid yen appreciation, falling share prices and slowing growth in emerging economies, uncertainty about the outlook continues worldwide.」
The appreciation of the yen, falling share prices and slower growth in emerging economies are cited as continuing external-environment risks as of the current quarter.