Downside risks to the global economy and uncertainty in the economic environment
First written in FY2017-Q1. 19 of 36 entries say "Restated". Latest entry: 2026-08-10.
NittoBest moved to the "Worse" side of this theme in 2025, 5 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 18 of 29 companies on the "Worse" side.
11 other companies' latest entry also says "Worsened".
- 2026-08-10WorsenedEarnings
「At the same time, uncertainty is expected to persist due to factors including higher prices for crude oil and naphtha-derived products resulting from heightened tensions in the Middle East, the ongoing depreciation of the yen, and the continued trend toward higher interest rates.」
The Company cited higher prices for crude oil and naphtha-derived products resulting from the situation in the Middle East, yen depreciation, and the trend toward higher interest rates as factors contributing to an uncertain outlook. - FY2026WorsenedAnnual report
「At the same time, uncertainty is expected to persist due to factors including U.S. tariff policies, supply chain disruptions arising from heightened geopolitical tensions worldwide, and the ongoing depreciation of the yen.」
In addition to the previously noted U.S. tariff policies and the situation in the Middle East, the company explicitly cites supply-chain disruptions resulting from heightened geopolitical tensions and further yen depreciation, making the sources of uncertainty in the external environment more specific. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan’s economy showed signs of moderate recovery as employment and income conditions improved. However, the outlook remains uncertain due to U.S. tariff policies and the increasingly tense situation in the Middle East.」
In addition to the previously noted instability in overseas conditions and foreign exchange markets, the company explicitly cites U.S. tariff policies and the increasingly tense situation in the Middle East as new sources of uncertainty. - FY2025-H1Explicitly cites instability in overseas conditions and foreign exchange markets and soaring raw material pricesAnnual report
「During the interim consolidated accounting period, Japan’s economy showed signs of moderate recovery as employment and income conditions improved and economic activity normalized. However, the outlook remains uncertain amid unstable overseas conditions and foreign exchange markets, soaring raw material prices and persistently high energy prices.」
While noting the recovery resulting from the normalization of economic activity, the company cites instability in overseas conditions and foreign exchange markets and soaring raw material prices as additional sources of uncertainty, beyond the previously noted yen depreciation and persistently high prices. - FY2024-Q3Uncertainty continues as the effects of yen depreciation persist and prices remain elevatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy showed moderate recovery in economic activity as restrictions were eased following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Act. However, the outlook remains uncertain due to the continuing effects of substantial yen depreciation and persistently high raw material and energy prices.」
While noting the recovery in economic activity following the reclassification of COVID-19 as a Class 5 disease, the company describes continued uncertainty about the outlook, stating that the effects of substantial yen depreciation persist and raw material and energy prices remain elevated. - FY2024-Q2Uncertainty continues amid substantial yen depreciation and higher raw material and energy pricesAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy showed moderate recovery in economic activity as restrictions were eased following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Act. However, the outlook remains uncertain due in part to the effects of substantial yen depreciation and higher raw material and energy prices.」
While noting the economic recovery following the reclassification of COVID-19 as a Class 5 disease, the company states that uncertainty about the outlook continues due to substantial yen depreciation and higher raw material and energy prices. - FY2024-Q1Uncertainty continues due to external factors even after the pandemic has easedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy showed moderate recovery in economic activity as restrictions were eased following the reclassification of COVID-19 as a Class 5 disease under the Infectious Diseases Control Act. However, the outlook remains uncertain due in part to the prolonged situation in Ukraine, the effects of yen depreciation and higher raw material and energy prices.」
While noting the economic recovery following the reclassification of COVID-19 as a Class 5 disease and the easing of restrictions, the company states that uncertainty about the outlook continues due to the situation in Ukraine, yen depreciation and higher raw material and energy prices. - FY2023-Q3Recovery continued even during the eighth wave, but uncertainty persists over external costs and logisticsAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy continued to recover despite another sharp increase in new cases following the arrival of the eighth wave, owing to the absence of restrictions on activity and economic policies such as the nationwide travel support program. At the same time, the outlook remains uncertain amid the prolonged situation in Ukraine and the continuing effects of yen depreciation, as well as higher raw material and energy prices, including fuel and electricity prices, and supply-chain instability caused by global logistics disruptions.」
Despite the continued recovery supported by the absence of restrictions on activity and economic policies amid the renewed increase in cases during the eighth wave, uncertainty continues due to the situation in Ukraine, yen depreciation, higher raw material and energy prices and logistics disruptions. - FY2023-Q2Recovery continued even during the seventh wave, but uncertainty persists over yen depreciation, energy costs and logisticsAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy continued to recover despite a sharp increase in COVID-19 cases during the seventh wave, as there were no restrictions on activity. However, the outlook remains uncertain amid the effects of rapid yen depreciation, the prolonged situation in Ukraine, higher energy prices, including fuel and electricity prices, and supply-chain instability caused by global logistics disruptions.」
Although the economy continued to recover despite a sharp increase in cases during the seventh wave because there were no restrictions on activity, uncertainty about the outlook continues due to rapid yen depreciation, the situation in Ukraine, higher energy prices and logistics disruptions. - FY2023-Q1Uncertainty continues in the external environment even after the effects of the pandemic have easedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy showed signs of normalization in social and economic activity as the effects of COVID-19 eased. However, the outlook remains uncertain due in part to higher energy prices, including fuel and electricity prices, resulting from the situation in Ukraine, supply-chain instability caused by global logistics disruptions and the effects of yen depreciation.」
While noting that the effects of COVID-19 have eased and social and economic activity is moving toward normalization, the company states that uncertainty about the outlook continues due to new external factors, including the situation in Ukraine, higher energy prices, logistics disruptions and yen depreciation. - FY2022No full recovery due to the sixth wave and new variants; uncertainty continuesAnnual report
「Although the state of emergency was lifted at the end of September, raising expectations for an economic recovery, the economy has not achieved a full recovery since the onset of the sixth wave. The number of new cases has stopped declining due to the Omicron variant and the emergence of new variants, and conditions remain unpredictable.」
Contrary to expectations for a recovery after the state of emergency was lifted, the sixth wave, the Omicron variant and new variants prevented a full recovery, and uncertainty continues. - FY2022-Q3Signs of recovery have not led to a full recovery, and difficult conditions continue amid the threat of new variantsAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the lifting of states of emergency and other measures nationwide, following a decline in new COVID-19 cases from September, brought signs of recovery in economic activity, but did not result in a full recovery. In addition, the timing of the pandemic’s containment remains unclear amid the threat of the spread of new variants, and conditions remain unpredictable.」
Although the lifting of the state of emergency and other measures brought signs of recovery, the economy did not achieve a full recovery, and the threat of new variants and uncertainty about the timing of containment continue. - FY2022-Q2Difficult conditions continue due to renewed spread despite progress in vaccinationsAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy saw stagnation in economic activity as areas subject to states of emergency and priority preventive measures were expanded due to the rapid increase in new cases, despite progress in COVID-19 vaccinations. The timing of the pandemic’s containment remains unclear, and difficult conditions continue.」
Although progress in vaccinations is cited, economic activity has stagnated due to the rapid increase in new cases and the expansion of areas subject to various measures, and difficult conditions continue because the timing of the pandemic’s containment remains unclear. - FY2022-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy saw stagnation in economic activity due to the issuance of states of emergency and priority preventive measures, among other factors, as infections spread, including highly transmissible new variants, despite progress in COVID-19 vaccinations. The timing of the pandemic’s containment remains unclear, and difficult conditions continue.」
Although progress in vaccinations is cited, the spread of infections, including new variants, stagnation in economic activity resulting from various measures, uncertainty about the timing of containment and difficult conditions continue. - FY2021Difficult conditions continue due to the renewed spreadAnnual report
「During the current consolidated fiscal year, Japan’s economy temporarily began to recover owing in part to the effects of the government’s various economic measures addressing the stagnation caused by the spread of COVID-19. However, difficult conditions continue, as the timing of the pandemic’s containment remains unclear, with the state of emergency being declared again amid the recent renewed increase in new cases.」
Although the economy temporarily recovered as a result of the government’s economic measures, difficult conditions continue because the timing of the pandemic’s containment remains unclear following the renewed increase in new cases and the reissuance of the state of emergency. - FY2021-Q3Uncertainty continues despite a move toward recoveryAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy was beginning to recover from the stagnation caused by the spread of COVID-19, owing in part to the effects of the government’s various economic measures. However, economic conditions resulting from the pandemic remain uncertain, as the number of new cases has begun to rise again.」
While stating that the economy is beginning to recover, the company notes that uncertainty surrounding economic conditions caused by the pandemic continues as new cases rise again. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained in difficult conditions due to a decline in inbound demand resulting from the global spread of COVID-19 and stagnation in economic activity caused by the state of emergency. In addition, economic conditions resulting from the pandemic remain uncertain.」
The difficult economic conditions and uncertainty resulting from the spread of COVID-19, the decline in inbound demand and stagnation in economic activity caused by the state of emergency continue to be described. - FY2021-Q1RestatedAnnual report
「The Japanese economy during the cumulative first quarter has been severely affected by the decline in inbound demand, requests to refrain from going out under the state of emergency and school closures amid the global spread of the novel coronavirus.」
The company continued to describe the severe impact of the spread of the novel coronavirus on the domestic economy. It stated that there were no material changes in the risk profile from the previous fiscal year. - FY2020WorsenedAnnual report
「The Japanese economy during the fiscal year had been on a gradual recovery trend, supported by improvements in employment and income conditions. However, since February, the domestic economy has been severely affected by declining inbound demand and school closures and requests to refrain from going out amid the global spread of the novel coronavirus.」
The previously general uncertainty arising from fluctuations in the global economy became more specific and severe, with the domestic economy described as being severely affected by the global spread of the novel coronavirus. - FY2020-Q3RestatedAnnual report
「The Japanese economy during the cumulative third quarter was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and labor shortages in Japan.」
The company continued to describe uncertainty arising from fluctuations in the global economy and labor shortages in Japan. It also stated that there were no material changes in business risks. - FY2020-Q2RestatedAnnual report
「The Japanese economy during the cumulative second quarter was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty arising from fluctuations in the global economy. It stated that there were no material changes in business risks. - FY2020-Q1RestatedAnnual report
「The Japanese economy during the cumulative first quarter was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and labor shortages in Japan.」
The company continued to describe uncertainty arising from fluctuations in the global economy and labor shortages in Japan, as in the previous fiscal year and the year-earlier period. - FY2019RestatedAnnual report
「The Japanese economy during the fiscal year was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and labor shortages in Japan.」
The company continued to describe uncertainty arising from fluctuations in the global economy and labor shortages in Japan in its annual report, as in the previous quarters. - FY2019-Q3RestatedAnnual report
「The Japanese economy during the cumulative third quarter was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty arising from fluctuations in the global economy. It stated that there were no material changes in business risks. - FY2019-Q2RestatedAnnual report
「The Japanese economy during the cumulative second quarter was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty arising from fluctuations in the global economy, as in the previous quarters. - FY2019-Q1RestatedAnnual report
「The Japanese economy during the cumulative first quarter was on a gradual recovery trend. However, uncertainty has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty arising from fluctuations in the global economy. It also stated that there were no material changes in business risks. - FY2018RestatedAnnual report
「The Japanese economy during the fiscal year was on a gradual recovery trend, supported by improvements in employment conditions and corporate earnings partly resulting from the government's economic measures. However, uncertainty has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty arising from fluctuations in the global economy, as in the previous quarters. - FY2018-Q3RestatedAnnual report
「The Japanese economy during the cumulative third quarter was on a gradual recovery trend, supported by improvements in employment conditions and corporate earnings partly resulting from the government's economic measures. However, uncertainty about the outlook has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty about the outlook arising from fluctuations in the global economy. It stated that there were no material changes in business risks. - FY2018-Q2RestatedAnnual report
「The Japanese economy during the cumulative second quarter was on a gradual recovery trend as employment conditions and corporate earnings improved, partly due to the effects of the government's economic measures. However, uncertainty about the outlook has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty about the outlook arising from fluctuations in the global economy, as in the previous quarter and fiscal year. - FY2018-Q1RestatedAnnual report
「The Japanese economy during the cumulative first quarter was on a gradual recovery trend as employment conditions and corporate earnings improved, partly due to the effects of the government's economic measures. However, uncertainty about the outlook has persisted due to the effects of fluctuations in the global economy and other factors.」
The company continued to describe uncertainty about the outlook arising from fluctuations in the global economy, as in the previous fiscal year. It also stated that there were no material changes in business risks. - FY2017RestatedAnnual report
「The Japanese economy during the fiscal year was on a gradual recovery trend as employment conditions and corporate earnings improved, partly due to the effects of the government's economic measures. However, uncertainty has persisted due to the effects of fluctuations in the global economy and other factors.」
The company reiterated in its annual report, following its quarterly reports, that fluctuations in the global economy were contributing to uncertainty. No quantified risks or actual incidents were disclosed. - FY2017-Q3RestatedAnnual report
「The Japanese economy during the cumulative third quarter was on a gradual recovery trend as employment conditions and corporate earnings improved, partly due to the effects of the government's economic measures. However, uncertainty has persisted due to downside risks to the global economy and other factors.」
The company continued to describe uncertainty arising from downside risks to the global economy and other factors, as in the previous quarters. It stated that there were no material changes in business risks. - FY2017-Q2RestatedAnnual report
「There have been no material changes in the financial position, operating results or cash flows during the cumulative second quarter, nor any material changes to the risks described in the securities report for the previous fiscal year. Uncertainty has persisted due to downside risks to the global economy and other factors.」
While stating that there were no material changes in business risks, the company continued to describe uncertainty arising from downside risks to the global economy, as it did in the previous quarter. - FY2017-Q1First statedAnnual report
「Uncertainty has persisted due to downside risks to the global economy and other factors.」
This is the first disclosure identifying downside risks to the global economy as an external-environment risk.