Risks Related to Overseas Operations, International Affairs and Export Controls
First written in FY2024. 4 of 7 entries say "Materialised", first in FY2025-H1. Latest entry: FY2026-H1.
Rigaku Holdings moved to the "Worse" side of this theme in 2025, 4 years after the typical company in this theme (2021).
The whole theme swung hardest in 2025: 47 of 94 companies on the "Worse" side.
27 other companies' latest entry also says "Materialised".
- FY2026-H1MaterialisedAnnual report
「The multi-purpose analytical instruments business recorded revenue of ¥15,081 million, down 17.1% year on year, against a weakening market environment caused by the continued impact of policies under the Trump administration in the United States and fluctuations in energy prices resulting from the situation in the Middle East.」
The disclosure identifies the impact of U.S. policies and energy price fluctuations resulting from the situation in the Middle East as factors behind lower revenue in the multi-purpose analytical instruments business, indicating that the business impact of international affairs and trade policy risks is continuing. - FY2025RestatedAnnual report
「We recognize that strengthened Chinese export controls on dual-use items to Japan and continuing U.S. export controls on China concerning AI and semiconductors may have a material impact on our business.」
The Group continues to identify U.S. tariff reviews, Chinese export controls on dual-use items and U.S. export controls on China as factors that may affect the business, and describes mitigation through price pass-through and coordination with local subsidiaries and distributors. - 2026-03-04MaterialisedGeneral Meetings of Shareholders
「Between the United States and China, geopolitical uncertainty remained high and affected the global economy and corporate activities, owing to the continuation and expansion of export controls and tariff measures concerning critical minerals, semiconductor-related products and other items.」
The disclosure reported that the continuation and expansion of export controls and tariff measures affected the global economy and corporate activities, presenting the occurrence of international affairs and export-control risks as an actual business condition. - FY2025-H1MaterialisedAnnual report
「In particular, reductions in government spending by the new U.S. administration inaugurated in January 2025 and major reviews of tariffs on imports from countries including Japan are affecting the Group’s business. At present, tariff policies in the United States and other countries remain highly uncertain.」
The disclosure identifies expansion of export controls and tariff reviews by the new U.S. administration as specific international affairs risks and states that tariff policies are already affecting the Group’s business. The likelihood of the risk materializing is rated high, the timing as within 1–3 years and the impact as medium. Mitigation measures include passing costs through to export selling prices and coordinating with local subsidiaries and distributors. - FY2024First statedAnnual report
「Overseas business activities inherently involve geopolitical risks, foreign exchange fluctuations, trends in import and export control regulations, government subsidy policies in each country, the status of obtaining licenses and approvals, the enactment or amendment of laws and regulations, changes in tax systems, dependence on distributors, and governance and monitoring risks in overseas operations, including supply chains and distributors.」
The Group recognizes multiple risks associated with global operations, including geopolitical tensions, export controls, national laws and regulations, foreign exchange, distributors and governance of overseas operations.