Uncertainty Caused by Inflation, Monetary Tightening, Yen Depreciation and Soaring Energy Prices
First written in FY2023-Q1. 4 of 14 entries say "Restated". Latest entry: 2026-08-14.
The whole theme swung hardest in 2020: 40 of 57 companies on the "Worse" side.
60 other companies' latest entry also says "Restated".
- FY2026MaterialisedAnnual report
「Energy prices surged following a large-scale military conflict between the United States and Iran in February 2026 (the Iran War), and remain high, also due to the yen's depreciation, feeding through to higher domestic prices. In addition, it is necessary to closely monitor the persistently uncertain outlook, including policy developments under the US administration, geopolitical factors and a downturn in the Chinese economy.」
States that, in addition to the existing concerns regarding yen depreciation, energy prices and geopolitical risks, energy prices surged due to the large-scale military conflict between the United States and Iran. It continues to express broad caution regarding policy developments under the US administration, a downturn in the Chinese economy and geopolitical factors. - FY2026-H1Adds tariff policy and policy developments as new sources of uncertaintyAnnual report
「Although agreements between the US administration and countries including Japan regarding tariff policy are beginning to progress, uncertainty remains over the impact of tariffs on the macroeconomy. The yen remains at depreciated levels because it is expected to take some time for the interest-rate differential with Japan to narrow as high interest-rate levels persist in Europe and the United States. Energy prices show signs of falling but remain high, continuing to feed through to higher domestic prices. In addition, it is necessary to closely monitor the persistently uncertain outlook, including policy developments under the US administration, the situation in the Middle East and a downturn in the Chinese economy.」
While noting monetary policy normalization and signs of falling energy prices, adds the US administration's tariff policy and policy developments as new sources of uncertainty and continues to express caution regarding yen depreciation, higher prices, the situation in the Middle East and the Chinese economy. - FY2025-H1Reflects monetary policy normalization and signs of falling energy pricesAnnual report
「In overseas economies, economic expansion continues in the United States and signs of a recovery are also evident in Europe, while policy rates have been cut in anticipation of a soft landing. However, the yen's depreciation continues because it is expected to take some time for the interest-rate differential with Japan to narrow as high interest-rate levels persist in Europe and the United States. Energy prices show signs of falling but remain high, continuing to feed through to higher domestic prices. In addition, it is necessary to closely monitor the persistently uncertain outlook, including the situation in the Middle East and a downturn in the Chinese economy.」
Continues to express caution regarding yen depreciation, soaring energy prices, the situation in the Middle East and a downturn in the Chinese economy. It explains that, although policy rates are being cut in Europe and the United States, the yen's depreciation continues against a backdrop of high interest-rate levels and interest-rate differentials, while energy prices show signs of falling but remain high. - FY2024RestatedAnnual report
「In overseas economies, monetary tightening in other countries has eased, but inflation in the US continues to exceed expectations, and a view has emerged that it will take some time for the interest-rate differential between Japan and advanced economies to narrow. As a result, the yen's depreciation and elevated energy prices continue to feed through to higher domestic prices. It is necessary to closely monitor the persistently uncertain outlook, including the situations in Ukraine and the Middle East and a downturn in the Chinese economy.」
While noting that monetary tightening has eased, continues to identify yen depreciation, elevated energy prices, the situations in Ukraine and the Middle East, and a downturn in the Chinese economy as sources of uncertainty. - FY2024-Q3Partial easing of risk factors and addition of new factorsAnnual report
「In overseas economies, monetary tightening in other countries is beginning to ease and attention is turning to a narrowing interest-rate differential between Japan and advanced economies, but the yen's depreciation and elevated energy prices continue to feed through to higher domestic prices. It is necessary to closely monitor the persistently uncertain outlook, including differences between Japan's monetary policy and that of other countries, the situations in Ukraine and the Middle East, and a downturn in the Chinese economy.」
While noting that monetary tightening has eased and interest-rate differentials are narrowing, states that the pass-through to higher prices caused by yen depreciation and elevated energy prices continues, and adds the situation in the Middle East to the situation in Ukraine and the Chinese economy as sources of uncertainty. - FY2024-Q2WorsenedAnnual report
「The Consumer Price Index has continuously exceeded 2.0%, and developments related to inflation have been observed, including the Bank of Japan's widening of the permitted fluctuation range for 10-year Japanese government bond yields. In overseas economies, surging inflation in other countries and monetary tightening to contain it, the widening interest-rate differential between Japan and advanced economies and exchange-rate fluctuations, and soaring energy prices have occurred and spread to higher domestic prices. It is necessary to closely monitor the persistently uncertain outlook, including inflation in other countries and the side effects of measures to address it, the situation in Ukraine and concerns about a downturn in the Chinese economy.」
In addition to the existing uncertainty stemming from inflation, monetary tightening, widening interest-rate differentials, exchange-rate fluctuations and soaring energy prices, identifies concerns about a downturn in the Chinese economy as a new source of uncertainty. It also continues to mention the pass-through of inflation to domestic prices. - FY2024-Q1MaterialisedAnnual report
「In overseas economies, surging inflation in other countries and monetary tightening to contain it, the widening interest-rate differential between Japan and advanced economies and exchange-rate fluctuations, and soaring energy prices resulting from the situation in Ukraine have occurred and spread to higher domestic prices. It is necessary to closely monitor the persistently uncertain outlook, including inflation in other countries and the side effects of measures to address it, as well as the situation in Ukraine.」
States that inflation, monetary tightening, widening interest-rate differentials, exchange-rate fluctuations and soaring energy prices occurred and spread to higher domestic prices. Caution regarding the external environment remains in place. - FY2023-Q3RestatedAnnual report
「Although signs of a recovery are also evident in overseas economies, it is necessary to closely monitor the persistently uncertain outlook, including surging inflation in other countries and monetary tightening to contain it, the widening interest-rate differential with advanced economies and exchange-rate fluctuations, and soaring energy prices resulting from the situation in Ukraine.」
Continues to monitor inflation, monetary tightening, widening interest-rate differentials, exchange-rate fluctuations and soaring energy prices as factors contributing to the uncertain outlook. - FY2023-Q2RestatedAnnual report
「Although signs of a recovery are also evident in overseas economies, it is necessary to closely monitor the persistently uncertain outlook, including surging inflation in other countries and monetary tightening to contain it, the widening interest-rate differential with advanced economies and the yen's depreciation, and soaring energy prices resulting from the situation in Ukraine.」
Continues to monitor inflation, monetary tightening, widening interest-rate differentials, yen depreciation and soaring energy prices as factors contributing to the uncertain outlook. - FY2023-Q1First statedAnnual report
「Although signs of a recovery are also evident in overseas economies, it is necessary to closely monitor the impact of new uncertainties, including surging inflation in other countries and monetary tightening to contain it, the widening interest-rate differential between Japan and the United States and the yen's depreciation, and soaring energy prices resulting from the situation in Ukraine.」
Identifies inflation, monetary tightening, yen depreciation and soaring energy prices as the current external environment and indicates that their impact should be closely monitored.