Uncertainty over the outlook due to the slowdown in the Chinese economy and yen appreciation
First written in FY2016-Q3. 9 of 17 entries say "Reframed", first in FY2017-Q2. Latest entry: FY2025-H1.
Pharma Foods International moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
23 other companies' latest entry also says "Reframed".
- FY2025-H1ReframedAnnual report
「During the current interim consolidated fiscal period, the Japanese economy continued on a gradual recovery path as economic and social activity normalized and inbound demand and wage increases progressed. However, uncertainty remained due to exchange-rate volatility associated with interest-rate cuts in Europe and the United States, inflation caused by the weaker yen, and heightened geopolitical risk resulting from the worsening situation in the Middle East.」
The external-environment risks explicitly identified include exchange-rate volatility associated with interest-rate cuts in Europe and the United States, inflation caused by the weaker yen, the worsening situation in the Middle East, and geopolitical risk. - FY2024ReframedAnnual report
「During the current consolidated fiscal year, the Japanese economy remained challenging. Although the impact of COVID-19 diminished and economic activity moved toward normalization, inflation continued due to soaring energy and raw-material prices and the prolonged weakness of the yen, while consumers became increasingly inclined to save.」
In addition to the previously cited uncertainty surrounding overseas economies and monetary policy, the external environment is characterized by soaring energy and raw-material prices, inflation caused by the weaker yen, and consumers' growing preference for thrift. - FY2024-Q2ReframedAnnual report
「The outlook for economic conditions remains uncertain due to soaring resource and raw-material prices associated with the prolonged situation in Ukraine and escalating tensions in the Middle East, concerns over the outlook for China's economy, and the continued weakness of the yen stemming from monetary tightening in Europe and the United States.」
The external-environment risks explicitly identified include, in addition to the previously cited situation in Ukraine, higher raw-material prices and the weaker yen, escalating tensions in the Middle East, concerns over the outlook for China's economy, and monetary tightening in Europe and the United States. - FY2024-Q1WorsenedAnnual report
「However, in addition to the impact of monetary policies worldwide, including U.S. interest-rate hikes, the outlook for the economy has become increasingly uncertain due to soaring raw-material and energy prices associated with the prolonged situation in Ukraine and other factors.」
Monetary policy, the situation in Ukraine, and soaring raw-material and energy prices are cited as factors contributing to uncertainty in the economic outlook, which is described as becoming “increasingly uncertain.” - FY2023-Q1RestatedAnnual report
「During the first three months of the current consolidated fiscal year, signs of a gradual recovery in economic activity emerged as vaccinations progressed to prevent the spread of COVID-19, but uncertainty continued due to the widening interest-rate differential between Japan and the United States, soaring crude-oil and raw-material prices against the backdrop of Russia's invasion of Ukraine, and the weaker yen.」
The interest-rate differential, the invasion of Ukraine, higher crude-oil and raw-material prices, and the weaker yen continue to be cited as factors contributing to uncertainty in the external environment. - FY2022-Q3ReframedAnnual report
「Although progress in vaccinations toward the latter half of the period has gradually brought signs of a recovery in economic activity, uncertainty has continued due to the widening interest-rate differential between Japan and the United States, soaring crude-oil and raw-material prices against the backdrop of Russia's invasion of Ukraine, and the weaker yen.」
In addition to the previously cited uncertainty surrounding infectious diseases and overseas economies, the invasion of Ukraine, soaring crude-oil and raw-material prices, the weaker yen and the widening interest-rate differential are explicitly identified as factors contributing to uncertainty in the outlook. - FY2022-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The company states that no new risks arose and that there were no material changes to existing risks. - FY2020-Q3RestatedAnnual report
「During the cumulative third-quarter consolidated period, there were no material changes in matters described in this quarterly report concerning the status of the business, financial information and other matters that could materially affect investors' decisions, or in the business and other risks described in the annual securities report for the previous fiscal year.」
No material changes are reported regarding business and other risks. - FY2020-Q2ReframedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy remained uncertain as the spread of COVID-19 infections continued domestically, together with international trade issues and uncertainty in overseas economies.」
In addition to overseas economies and trade issues, the spread of COVID-19 infections is explicitly identified as a factor contributing to uncertainty in the outlook. - FY2020-Q1MaterialisedAnnual report
「Meanwhile, overseas sales declined in China due to the impact of trade friction between China and the United States, leaving total sales in the functional ingredients business at approximately the same level as in the previous year.」
The previously disclosed uncertainty surrounding overseas economies and policies is now reflected in actual business performance, with U.S.-China trade friction resulting in lower sales in China. - FY2019ReframedAnnual report
「If transactions are disrupted due to overseas economic, legal or policy developments, this could affect the operating performance of the Group.」
The description has broadened from specific factors such as the Chinese economy and political conditions to the risk of transaction disruptions caused by economic, legal and policy developments across overseas countries. - FY2019-Q3RestatedAnnual report
「During the cumulative third-quarter consolidated period, there were no material changes in matters described in this quarterly report concerning the status of the business, financial information and other matters that could materially affect investors' decisions, or in the business and other risks described in the annual securities report for the previous fiscal year.」
No material changes are reported regarding business and other risks. - FY2018-Q1ReframedAnnual report
「During the first three months of the current consolidated fiscal year, the Japanese economy continued on a gradual recovery path against the backdrop of continued government monetary easing, but remained uncertain due to uncertainty in overseas economies, growing uncertainty surrounding political conditions and other factors.」
The description of factors contributing to uncertainty in the external environment has broadened from specific factors such as the Chinese economy and U.S. policy to uncertainty in overseas economies and growing uncertainty surrounding political conditions. - FY2017-Q3ReframedAnnual report
「During the first nine months of the current consolidated fiscal year, the Japanese economy showed improvement in corporate performance and employment conditions against the backdrop of continued government monetary easing, but remained uncertain due to the impact of policy shifts in the United States and other factors.」
The factors contributing to uncertainty in the outlook have shifted from the Chinese economy and political concerns in the United States and the EU cited in the previous quarter to the impact of policy shifts in the United States. - FY2017-Q2ReframedAnnual report
「During the first six months of the current consolidated fiscal year, the Japanese economy improved in terms of export-company performance and employment conditions against the backdrop of continued government economic policies and monetary easing, but remained uncertain due to the decline in China's economy and political concerns in the United States and the EU.」
The decline in China's economy continues to be cited, while political concerns in the United States and the EU have replaced the previous reference to the stronger yen as factors contributing to uncertainty in the external environment. - FY2017-Q1RestatedAnnual report
「The economy remained uncertain amid the decline in China's economy and the impact of the stronger yen, among other factors.」
The uncertainty in the external environment caused by the decline in China's economy and the stronger yen continues to be reported. - FY2016-Q3First statedAnnual report
「The economy remained uncertain amid the decline in China's economy and the impact of the stronger yen, among other factors.」
The decline in China's economy and the impact of the stronger yen are cited as risks in the external environment.