Downside Risks From the Ukraine Situation, Yen Depreciation and Persistently High Raw Material Prices
First written in FY2022. 8 of 14 entries say "Worsened", first in FY2023-Q1. Latest entry: 2026-09-17.
Pharmarise Holdings moved to the "Worse" side of this theme in 2022, 2 years before the typical company in this theme (2024).
The whole theme swung hardest in 2025: 22 of 48 companies on the "Worse" side.
32 other companies' latest entry also says "Restated".
- 2026-09-17RestatedEarnings
「Meanwhile, in addition to the impact of the situation in the Middle East and fluctuations in the financial and capital markets, domestic inflation has continued, and the outlook remains uncertain.」
The situation in the Middle East, financial and capital market volatility and domestic inflation continued to be identified as sources of uncertainty in the economic environment. - FY2026WorsenedAnnual report
「At the same time, in addition to the risk of global economic fluctuations resulting from U.S. trade policy and developments in the Middle East, concerns about rising prices in Japan remain, and the outlook continues to be uncertain.」
The risk of global economic fluctuations resulting from U.S. trade policy and developments in the Middle East was newly cited alongside the existing risks, and continued uncertainty in the economic environment was indicated. - 2026-03-19RestatedEarnings
「It remains necessary to continue monitoring the risk of an economic downturn resulting from the impact of U.S. trade policy, the effect of continued inflation on personal consumption and fluctuations in the financial and capital markets.」
U.S. trade policy, inflation and financial and capital market volatility continued to be identified as risks in the economic environment. - FY2026-H1RestatedAnnual report
「It remains necessary to continue monitoring the risk of an economic downturn resulting from the impact of U.S. trade policy, the effect of continued inflation on personal consumption and fluctuations in the financial and capital markets.」
U.S. trade policy, rising prices and volatility in financial and capital markets continue to be cited as risks in the economic environment. - FY2025WorsenedAnnual report
「The outlook is difficult to assess due to the risk of a global recession resulting from U.S. tariff and other policies, the associated risk of volatility in financial and capital markets, and concerns about rising prices in Japan.」
In addition to the previously cited overseas economic conditions, rising prices and volatility in financial markets, the risk of a global recession resulting from U.S. tariff and other policies is newly identified. - FY2024WorsenedAnnual report
「The deterioration in overseas economies, including the effects of global monetary tightening led by the United States and uncertainty regarding China's economy, poses a risk of weighing on Japan's economy. Close attention is also required to the effects of continued price increases, developments in the Middle East and North Korea, and volatility in financial markets.」
In addition to the previously cited overseas economic conditions, rising prices, developments in the Middle East and volatility in financial markets, developments in North Korea are now cited as a factor requiring attention in the economic environment. - FY2024-Q3WorsenedAnnual report
「During the cumulative third quarter of the current fiscal year, Japan's economy showed signs of improvement in employment and income conditions and was expected to continue its moderate recovery, supported by the effects of various policies. However, the deterioration in overseas economies, including the effects of global monetary tightening and uncertainty regarding China's economy, poses a risk of weighing on Japan's economy. Close attention is also required to the effects of rising prices, developments in the Middle East and volatility in financial markets. In addition, the economic impact of the Noto Peninsula Earthquake of January 2024 remains a matter requiring attention.」
In addition to the previously cited overseas economic conditions, rising prices, developments in the Middle East and volatility in financial markets, the economic impact of the Noto Peninsula Earthquake of 2024 is now cited as a new factor requiring attention. - FY2024-Q2WorsenedAnnual report
「However, the deterioration in overseas economies, including the effects of global monetary tightening and concerns about China's economic outlook, poses a risk of weighing on Japan's economy. The situation also requires close attention to the effects of rising prices, developments in the Middle East and volatility in financial and capital markets.」
In addition to the previously cited deterioration in overseas economies, rising prices and volatility in financial and capital markets, developments in the Middle East are now cited as a new factor requiring attention. - FY2024-Q1ReframedAnnual report
「However, the deterioration in overseas economies, including the effects of global monetary tightening and concerns about China's economic outlook, poses a risk of weighing on Japan's economy. The situation also requires close attention to the effects of rising prices and volatility in financial and capital markets.」
In addition to the existing risks of deterioration in overseas economies, global monetary tightening, rising prices and volatility in financial and capital markets, concerns about China's economic outlook, rather than the spread of infections, are cited. - FY2023RestatedAnnual report
「As global monetary tightening and other factors continue, the deterioration in overseas economies poses a risk of weighing on Japan's economy. The situation also requires close attention to the effects of rising prices and volatility in financial and capital markets.」
Global monetary tightening, deterioration in overseas economies, rising prices and volatility in financial and capital markets continue to be treated as downside risks in the economic environment. - FY2023-Q3WorsenedAnnual report
「Looking ahead, Japan's economy is expected to recover under the “with-COVID” environment, but the deterioration in overseas economies poses a risk of weighing on Japan's economy as global monetary tightening and other factors continue. The situation also requires close attention to the effects of rising prices, supply-side constraints, volatility in financial and capital markets, and the spread of infections in China.」
In addition to the previously cited deterioration in overseas economies, rising prices, supply constraints and volatility in financial and capital markets, the effects of the spread of infections in China are now cited as a new factor requiring attention. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the current fiscal year, Japan's economy was expected to recover moderately under the “with-COVID” environment, but the deterioration in overseas economies posed a risk of weighing on Japan's economy as global monetary tightening and other factors continued. The situation also required close attention to the effects of rising prices, supply-side constraints and volatility in financial and capital markets.」
In addition to the deterioration in overseas economies, rising prices and supply constraints, volatility in financial and capital markets was explicitly identified as a downside factor. - FY2023-Q1WorsenedAnnual report
「The deterioration in overseas economies against a backdrop of global monetary tightening and other factors poses a risk of weighing on Japan's economy. The situation also requires close attention to the effects of rising prices and supply-side constraints.」
In addition to the previously cited situation in Ukraine, the weaker yen and persistently high raw material prices, global monetary tightening, deterioration in overseas economies, rising prices and supply constraints are now cited as new downside factors. - FY2022First statedAnnual report
「The situation requires close attention to downside risks from the resurgence of COVID-19, developments in Ukraine, the weakening yen and persistently high raw material prices.」
In addition to COVID-19, the situation in Ukraine, the weakening yen and persistently high raw material prices were newly identified as factors that could weigh on the economy.