Downside Risk from Economic Slowdowns in Emerging Asian Countries and Financial Market Volatility
First written in FY2016-Q2. 17 of 32 entries say "Restated". Latest entry: FY2026-H1.
ValueCommerce 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: 127 of 168 companies on the "Worse" side.
24 other companies' latest entry also says "Reframed".
- FY2026-H1ReframedAnnual report
「Although private consumption showed signs of recovery, some weakness remained. The outlook also remains uncertain due to factors including increasing instability in the international situation, particularly in the Middle East, soaring raw material and energy prices, US policy developments including trade policy, and volatility in financial and capital markets.」
While indicating a gradual recovery in the employment and income environment, the disclosure identifies as sources of uncertainty the continued surge in raw material and energy prices and US policy trends, as well as destabilisation of the international situation, including conditions in the Middle East, volatility in financial and capital markets, and weak personal consumption. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, the Japanese economy was expected to continue a gradual recovery, supported by improvements in employment and income conditions and increased inbound demand. Meanwhile, the outlook remains uncertain due to higher raw material and energy prices resulting from an unstable international situation and the impact of developments in US policies, including trade policy.」
While improvements in the employment and income environment and inbound demand are cited as factors supporting an economic recovery, international affairs, raw material and energy prices, and U.S. policy trends are identified as new uncertainties in addition to the previously cited factors of rising prices and overseas economic conditions. - FY2024-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan's economy was expected to recover gradually, supported by improvements in corporate earnings and the employment and income environment, as well as the effects of various policies. Inbound demand was also strong and was expected to continue expanding over the medium to long term. However, personal consumption remained sluggish in its recovery.」
The company cites improvements in corporate earnings and the employment and income environment, along with strong inbound demand, as factors supporting the recovery, while noting concerns about the stalled recovery in personal consumption. The focus has shifted from the previous emphasis on rising prices and other factors. - FY2024-Q1ReframedAnnual report
「During the first quarter of the current consolidated fiscal year, a gradual recovery was expected in Japan’s economy amid improvements in corporate earnings and the employment and income environment, supported by the effects of various government policies. However, conditions remained concerning, as the recovery in private consumption stalled amid rising prices caused by soaring raw material and energy costs.」
The focus of the disclosures has shifted from conventional macro risks centered on overseas economic conditions and financial market volatility to concerns about the domestic economic environment, particularly soaring raw material and energy prices, rising prices, and stagnating personal consumption. - FY2023-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy showed a gradual recovery as social and economic activity normalized following the easing of restrictions on movement imposed as a measure against COVID-19. Meanwhile, a downturn in overseas economies posed a risk of downward pressure on Japan's economy.」
The company continues to describe, in the same context as the previous quarter, the economic recovery resulting from the normalization of socioeconomic activity and the risk of downward pressure on the domestic economy from a slowdown in overseas economies. - FY2023-Q2ReframedAnnual report
「During the first half of the current consolidated fiscal year, Japan’s economy experienced a gradual recovery as socioeconomic activity normalized following the easing of restrictions on movement imposed to combat COVID-19. However, a downside risk to Japan’s economy was the potential deterioration in overseas economies.」
While the disclosure refers to an economic recovery driven by the easing of activity restrictions and the normalisation of socioeconomic activity, the focus of downside risks has shifted from the previous emphasis on rising prices and volatility in the financial and capital markets to a downturn in overseas economies. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current fiscal year, Japan's economy was expected to recover as social and economic activity normalized following the easing of restrictions on movement imposed as a measure against COVID-19. Meanwhile, rising prices and volatility in financial and capital markets posed risks of downward pressure on the economy.」
While indicating expectations for an economic recovery resulting from eased restrictions on activities and the normalization of socioeconomic activity, the Company continues to identify rising prices and volatility in financial and capital markets as downside risks to the economy. - FY2022RestatedAnnual report
「During the consolidated fiscal year under review, Japan’s economy began to show signs of a gradual recovery as restrictions on movement to prevent the spread of COVID-19 were eased. However, the outlook remains uncertain due to factors including the impact of rising prices.」
The document continues to recognize macroeconomic environment risks by citing both the economic recovery trend resulting from the easing of restrictions on movement and uncertainty over the outlook caused by rising prices and other factors. - FY2022-Q3ReframedAnnual report
「During the cumulative third-quarter consolidated period, Japan's economy faced risks of a downturn from rising prices amid continued global monetary tightening and other factors, as well as volatility in financial and capital markets. At the same time, as the transition to a new phase of living with COVID-19 progressed, the economy was expected to recover, supported by the effects of various policies, including the easing of activity restrictions.」
The focus has shifted from the previous emphasis on the COVID-19 pandemic, the situation in Ukraine and restrictions on economic activity in China to global monetary tightening, rising prices and volatility in financial and capital markets as downside factors for the economy. Expectations for an economic recovery accompanying the transition to living with COVID-19 and the easing of restrictions on activities are also presented. - FY2022-Q2WorsenedAnnual report
「However, the impact of the COVID-19 pandemic continues to require close monitoring, and concern remains over downside risks arising from the prolonged situation in Ukraine, restrictions on economic activity in China, volatility in the financial and capital markets, and other factors.」
In addition to the COVID-19 pandemic, the prolonged situation in Ukraine, restrictions on economic activity in China and volatility in the financial and capital markets are explicitly identified as downside factors, broadening the discussion of external environment risks. - FY2022-Q1WorsenedAnnual report
「However, the impact of COVID-19 infection continues to require close monitoring, and the economic outlook remains uncertain due to the situation in Ukraine and other factors.」
In addition to the previously identified risk from COVID-19, the situation in Ukraine and other factors have been explicitly identified as factors clouding the economic outlook. The business and other risks section states that there are no new risks or material changes. - FY2021-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, Japan’s economy remained in a difficult situation due to repeated restrictions on activity resulting from the COVID-19 pandemic. Going forward, a gradual recovery in economic activity is expected as vaccination has progressed, although the outlook remains uncertain.」
While activity restrictions and uncertainty about the outlook caused by COVID-19 continued, the disclosure also noted expectations for an economic recovery accompanying the promotion of vaccination. - FY2021-Q2WorsenedAnnual report
「For services adversely affected by the prolonged COVID-19 pandemic, based on the assumption that market conditions would recover from 2022 onward as the pandemic subsided with the spread of vaccinations and a higher proportion of the population acquiring antibodies, and as economic activity returned to pre-pandemic levels」
Assuming that the infectious disease will be prolonged, the company has assumed that market conditions will recover from 2022 onward. The assumed recovery period has been pushed back from the gradual recovery expected during 2021 stated previously. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current fiscal year, the Japanese economy remained in a severe situation as the impact of the spread of COVID-19 continued and a state of emergency was reissued. Although a gradual recovery in economic conditions is expected going forward, the outlook remains uncertain as the end of the pandemic is not yet foreseeable.」
As the impact of COVID-19 continued, a state of emergency was declared again, and economic conditions remained severe, with continued uncertainty over the outlook. - FY2020RestatedAnnual report
「However, the outlook remains uncertain due to the resurgence of the COVID-19 pandemic.」
The company states that uncertainty surrounding economic and business conditions continues due to the resurgence of COVID-19 infections. - FY2020-Q3WorsenedAnnual report
「Regarding the outlook for market recovery in services affected negatively, the assumption that conditions would recover to pre-infectious-disease levels by the end of 2020 was changed, taking into account the expected effects of government measures to stimulate demand and the assumed timing of vaccine rollout, to an assumption of a gradual recovery during 2021,」
For services affected by COVID-19, the company changed its assumption of recovery by the end of 2020 to a gradual recovery during 2021, indicating that the timing of market recovery has been pushed back. - FY2020-Q2WorsenedAnnual report
「For services affected negatively, we have made accounting estimates for impairment of fixed assets and other assets and the recoverability of deferred tax assets, based on the assumption that signs of demand recovery began to emerge after the state of emergency was lifted in May 2020 and that demand will gradually recover to pre-pandemic levels in the next fiscal year. This assumption involves uncertainty, and with concerns about a resurgence of COVID-19 infections, future developments may affect the financial position and operating results of the Group.」
The impact on business performance from the spread of COVID-19 continues, and the disclosure expressly identifies uncertainty from a resurgence of infections and the potential impact on financial position and operating results. - FY2020-Q1MaterialisedAnnual report
「During the first quarter consolidated cumulative period, the Japanese economy was severely affected by the spread of the novel coronavirus, which became more serious with each passing day and significantly depressed domestic economic conditions.」
The domestic economy has actually been depressed by the spread of COVID-19, giving concrete form to the existing downside macroeconomic risk. The company states that there have been no material changes in the Business and Other Risks section. - FY2019RestatedAnnual report
「If prolonged stagnation in the domestic economy hinders growth in the domestic e-commerce and internet advertising markets, the group’s business performance may be materially affected.」
The company continues to identify the risk that stagnation in the domestic economy will hinder growth in the e-commerce and internet advertising markets. - FY2019-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that no new risks arose and that there were no material changes to existing risks. - FY2019-Q2RestatedAnnual report
「Meanwhile, consumer sentiment remained at a low level, and concerns have been raised about the uncertain outlook for the global economy and the potential impact of the consumption tax increase scheduled for this autumn.」
The company cites sluggish consumer sentiment, uncertainty in the global economy and the impact of the consumption tax increase as concerns. It also states that there are no new risks or material changes in the Business and Other Risks section. - FY2019-Q1RestatedAnnual report
「During the three-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that no new risks arose and that there were no material changes to existing risks. - FY2018RestatedAnnual report
「If prolonged stagnation in the domestic economy hinders growth in the domestic e-commerce and internet advertising markets, the group’s business performance may be materially affected.」
The risk that stagnation in the domestic economy will impede growth in the e-commerce and Internet advertising markets continues to be disclosed. - FY2018-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that no new risks arose and that there were no material changes to existing risks. - FY2018-Q2RestatedAnnual report
「During the six-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that no new risks arose and that there were no material changes to existing risks. - FY2018-Q1RestatedAnnual report
「During the three-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that no new risks arose and that there were no material changes to existing risks. - FY2017RestatedAnnual report
「If prolonged stagnation in the domestic economy hinders growth in the domestic e-commerce and internet advertising markets, the group’s business performance may be materially affected.」
The risk that stagnation in the domestic economy will impede growth in the e-commerce and internet advertising markets continues to be disclosed. - FY2017-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
As in the previous quarter, the company explicitly states that there have been no new risks or material changes to existing risks. - FY2017-Q2RestatedAnnual report
「During the six-month period of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the securities report for the previous fiscal year.」
Explicitly states that no new risks arose and that there were no material changes to existing risks. - FY2016SoftenedAnnual report
「If prolonged stagnation in the domestic economy were to impede growth in the domestic e-commerce and internet advertising markets, it could materially affect the performance of our group.」
The description has shifted from specific references to slowdowns in emerging Asian economies, financial market volatility, yen appreciation and negative interest rates to the broader macroeconomic risk that prolonged domestic stagnation could hinder market growth. - FY2016-Q3RestatedAnnual report
「Although declining concerns about the outlook for the global economy are supporting business sentiment, concerns remain over the impact of yen appreciation and the effects of the Bank of Japan's negative interest rate policy on the financial sector.」
States that there were no material changes to the business and other risks disclosed in the annual securities report for the previous fiscal year, while identifying yen appreciation and the impact of negative interest rate policy on the financial sector as concerns. - FY2016-Q2First statedAnnual report
「Although the economic outlook is showing a gradual recovery trend, supported by expectations of improvements in employment, income and other conditions, there are downside concerns stemming from economic slowdowns in emerging Asian countries, including China, and volatility in the financial and capital markets.」
Describes expectations for an economic recovery alongside downside concerns arising from overseas economic conditions and financial market volatility.