Domestic economic downside risk from downturns in Asian emerging markets and resource-exporting countries
First written in FY2017-Q1. 15 of 34 entries say "Restated". Latest entry: 2026-10-14.
Choushimaru moved to the "Worse" side of this theme in 2020, 2 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 24 of 35 companies on the "Worse" side.
36 other companies' latest entry also says "Worsened".
- 2026-10-14WorsenedEarnings
「The outlook remains uncertain, owing to persistently high resource prices and concerns about supply-side effects resulting from heightened tensions in the Middle East, continued higher interest rates and yen depreciation, and weaker consumer sentiment caused by prolonged inflation.」
The company describes uncertainty in the external environment stemming from the situation in the Middle East, resource prices, interest rates, yen depreciation and high prices. - FY2027-H1RestatedAnnual report
「Meanwhile, uncertainty about the outlook remains, including persistently high resource prices and concerns about their impact on supply amid heightened tensions in the Middle East, continued higher interest rates and yen depreciation, and weakening consumer sentiment due to prolonged inflation.」
We reconfirmed the situation in the Middle East, resource prices and supply conditions, higher interest rates, yen depreciation and weaker consumer sentiment due to inflation as sources of uncertainty in the external environment. - FY2026RestatedAnnual report
「At the same time, uncertainty about the outlook continued amid instability in international affairs, the emergence of geopolitical risks and consumers' increasingly frugal spending as prices remained high.」
The company continues to cite uncertainty in the external environment arising from international affairs, geopolitical risks, high prices and consumers' increasingly frugal spending. - FY2026-H1WorsenedAnnual report
「At the same time, concerns about an economic downturn caused by the impact of U.S. tariff policies and other factors, as well as the risk of weaker consumer sentiment due to rising prices, have increased, and uncertainty about the outlook continues.」
In addition to the previous uncertainty surrounding international affairs, foreign exchange and overseas economies, the company newly specifies concerns about an economic downturn caused by U.S. tariff policies and the risk of weaker consumer sentiment due to rising prices. - FY2025RestatedAnnual report
「At the same time, uncertainty about the outlook continued amid concerns about economic stagnation in the United States and China, instability in international affairs and rising geopolitical risks.」
The company continues to cite uncertainty about the outlook arising from the U.S. and Chinese economies, international affairs and geopolitical risks. - FY2025-H1RestatedAnnual report
「At the same time, uncertainty about the outlook continued amid instability in international affairs, rising geopolitical risks and fluctuations in foreign exchange markets.」
The company continues to cite uncertainty about the outlook arising from international affairs, geopolitical risks and foreign exchange fluctuations as external-environment risks. - FY2024WorsenedAnnual report
「As tensions continued in Ukraine, the Middle East and elsewhere, the yen depreciated as the Japan-U.S. interest-rate differential widened, while energy, raw material and resource costs soared and prices rose against this backdrop. At the same time, labor shortages accompanying the economic recovery became evident, and uncertainty about the outlook continued in Japan and overseas.」
Regarding external-environment risks, the company identifies the situation in Ukraine, the situation in the Middle East, yen depreciation, energy, raw material and resource costs, and labor shortages as specific destabilizing factors. - FY2024-Q3Expanding the focus of external risks to the Middle East and the Chinese economyAnnual report
「At the same time, inflation driven by soaring raw material and resource costs and persistently high energy prices, as well as labor shortages accompanying the sharp economic recovery, became evident. Uncertainty surrounding the situations in Ukraine and the Middle East, along with concerns about the outlook for the Chinese economy, also continued to create instability in Japan and overseas.」
Regarding external-environment risks, the company explicitly identifies uncertainty surrounding the Middle East and concerns about the outlook for the Chinese economy, in addition to the previously cited situation in Ukraine and rising costs, and organizes these as destabilizing factors in Japan and overseas. - FY2024-Q2ReframedAnnual report
「The impact of soaring raw material and resource costs resulting from the yen's depreciation, persistently high energy prices and chronic labor shortages became apparent, and uncertain conditions continued.」
The focus of the description has shifted from the previously cited uncertainty in the external environment, centered on infectious diseases, overseas conditions and monetary tightening, to current destabilizing factors, particularly yen depreciation, raw material and resource costs, energy prices and labor shortages. - FY2023-Q3WorsenedAnnual report
「Meanwhile, uncertainty about the outlook continued owing to the prolonged situation between Russia and Ukraine, heightened downside risks to the economy resulting from global monetary tightening, and rising raw material and energy prices.」
In addition to the previously cited situation in Ukraine, soaring prices, and yen depreciation, the disclosure specifically identifies heightened downside risks to the economy resulting from global monetary tightening. - FY2023-Q2RestatedAnnual report
「Meanwhile, uncertainty about the outlook continued owing to the impact of soaring crude oil and grain prices resulting from the prolonged situation in Ukraine, rising interest rates led mainly by the United States, and the rapid depreciation of the yen.」
The disclosure continues to identify the situation in Ukraine, crude oil and grain prices, rising interest rates, and yen depreciation as external-environment risks contributing to uncertainty about the outlook. - FY2023-Q1WorsenedAnnual report
「Japan's economy showed signs of recovery at the beginning of the cumulative first quarter as restrictions on daily life related to COVID-19 were eased. However, from July, infections began to rise sharply again as the Omicron variant spread. In addition, the prolonged war following Russia's invasion of Ukraine, higher interest rates led mainly by the United States, a rapid depreciation of the yen, and soaring raw material and energy prices compounded the situation, intensifying uncertainty about the outlook.」
In addition to the previous pandemic and overseas economic risks, the disclosure cites the renewed spread of the Omicron variant, the prolonged situation in Ukraine, rising interest rates, rapid yen depreciation, and soaring raw material and energy prices, stating that uncertainty about the outlook intensified. - FY2022WorsenedAnnual report
「Meanwhile, the outlook was expected to remain uncertain owing to developments in Ukraine, soaring raw material and crude oil prices, and the depreciation of the yen.」
In addition to the previous uncertainty surrounding the pandemic and overseas economies, the disclosure identifies the situation in Ukraine, soaring raw material and crude oil prices, and the depreciation of the yen as new external-environment factors contributing to uncertainty. - FY2022-Q3WorsenedAnnual report
「From January 2022, the number of infections with the Omicron variant of COVID-19 rose sharply, and priority preventive measures were implemented in many regions, leaving the outlook uncertain.」
The disclosure states that the sharp increase in infections and implementation of priority preventive measures again heightened uncertainty in the domestic economy caused by the pandemic. - FY2022-Q2Concerns about a renewed spread continued even after infections declined and the state of emergency was liftedAnnual report
「From September, the number of infections began to decline as COVID-19 vaccinations progressed, and the economy showed signs of recovery after the state of emergency was fully lifted from October. However, as the number of countries experiencing renewed outbreaks overseas increased, concerns about another domestic spread of infections could not be dispelled, and the outlook remained uncertain.」
While describing the recovery resulting from the decline in infections and the full lifting of the state of emergency, the disclosure continues to note concerns about a renewed domestic spread and uncertainty about the outlook against a backdrop of renewed outbreaks overseas. - FY2022-Q1WorsenedAnnual report
「As COVID-19 spread again from the Tokyo metropolitan area to the rest of the country, daily life was heavily restricted, while the economy stagnated and production activity remained sluggish, resulting in continued severe conditions.」
The disclosure states that the renewed spread of COVID-19 expanded from the Tokyo metropolitan area to the rest of the country, and also describes the replacement by the Delta variant and the expansion of areas subject to activity restrictions into regional areas, with difficult and uncertain conditions continuing in the domestic economy. - FY2021-Q3RestatedAnnual report
「Japan's economy deteriorated rapidly during the cumulative third quarter owing to the global spread of COVID-19. Although signs of recovery emerged after the state of emergency was lifted, a state of emergency was again declared, mainly in urban areas, and the outlook was expected to remain uncertain from the fourth quarter onward.」
Against a backdrop of economic deterioration caused by the spread of COVID-19 and the reissuance of a state of emergency, the disclosure continues to describe the outlook from the fourth quarter onward as uncertain. - FY2021-Q2RestatedAnnual report
「Japan's economy remained in an extremely difficult situation during the cumulative second quarter owing to the rapid deterioration caused by restrictions on economic activity associated with the spread of COVID-19. Although signs of a gradual recovery emerged as economic activity was progressively eased after the state of emergency was lifted, the outlook remained uncertain amid concerns about a renewed spread of COVID-19.」
The disclosure continues to describe uncertainty about the outlook for the domestic economy, including the economic deterioration caused by the pandemic and concerns about a renewed spread of infections, as an external-environment risk. - FY2021-Q1WorsenedAnnual report
「Japan's economy deteriorated rapidly and entered an extremely difficult situation during the cumulative first quarter as economic activity was restricted by the spread of COVID-19. Personal consumption had begun to recover following the lifting of the state of emergency on 25 May, but the situation remained unpredictable as the number of domestic infections began to rise again.」
In addition to the previous uncertainty surrounding overseas economies and trade issues, the disclosure specifically identifies restrictions on economic activity caused by the pandemic, the rapid economic deterioration, and the renewed increase in infections. - FY2020WorsenedAnnual report
「Japan's economy had been on a gradual recovery trend during the fiscal year, supported by improvements in the employment and income environment and the effects of various policies. However, from January 2020, the economy deteriorated rapidly owing to the impact of COVID-19, which was spreading worldwide, leaving the outlook uncertain.」
In addition to the previous uncertainty arising from overseas economies and trade issues, the disclosure specifically identifies the rapid deterioration of the economy caused by COVID-19. - FY2020-Q3WorsenedAnnual report
「The outlook remained uncertain owing to uncertainty surrounding overseas conditions, including US-China trade friction, and the possibility of a further spread of COVID-19.」
In addition to the previous uncertainty surrounding overseas economies caused by US-China trade friction and other factors, the disclosure specifically identifies the possibility of a further spread of COVID-19 as a source of uncertainty about the outlook. - FY2020-Q2RestatedAnnual report
「Japan's economy followed a gradual recovery trend during the cumulative second quarter, supported by improvements in personal consumption and the employment and income environment. However, the outlook for the economy remained uncertain owing to continuing US-China trade friction and developments surrounding the prolonged UK's EU withdrawal issue.」
The disclosure continues to describe uncertainty about the economic outlook owing to continuing US-China trade friction and the prolonged UK's EU withdrawal issue. - FY2020-Q1RestatedAnnual report
「Japan's economy followed a gradual recovery trend during the cumulative first quarter, supported by improvements in personal consumption and the employment and income environment. However, the outlook remained uncertain as concerns persisted over global trade friction caused by the United States' protectionist trade policies and the UK's EU withdrawal issue.」
The disclosure continues to describe uncertainty about the outlook owing to overseas factors, including trade friction caused by the United States' protectionist trade policies and the UK's EU withdrawal issue. - FY2019RestatedAnnual report
「Meanwhile, the economic environment remained unpredictable owing to the outlook for the global economy and volatility in financial and capital markets stemming from trade issues.」
The disclosure continues to describe uncertainty about the outlook arising from the global economy, trade issues, and volatility in financial and capital markets. - FY2019-Q3RestatedAnnual report
「Although the employment and income environment continued to improve, the outlook remained uncertain owing to overseas risks, including intensifying US-China trade friction and the unresolved UK's EU withdrawal issue.」
The disclosure continues to describe uncertainty about the outlook arising from overseas risks, including intensifying US-China trade friction and the UK's EU withdrawal issue. - FY2019-Q2WorsenedAnnual report
「Although the economy followed a gradual recovery trend, with improvement in the employment and income environment supported by solid corporate earnings, the outlook remained uncertain owing to overseas risks, including the escalation of US-China trade friction.」
In addition to the previous uncertainty surrounding overseas economies, the disclosure specifically identifies the escalation of US-China trade friction as an overseas risk, making the sources of external uncertainty more concrete. - FY2019-Q1ReframedAnnual report
「Japan's economy followed a gradual recovery trend during the cumulative first quarter, supported by improving corporate earnings and the employment and income environment. However, the outlook remained uncertain amid concerns about global trade friction caused by the United States' protectionist trade policies.」
In addition to the previous uncertainty surrounding overseas economies and financial markets, the disclosure identifies the United States' protectionist trade policies and global trade friction as factors contributing to uncertainty in the domestic economy. - FY2018RestatedAnnual report
「Japan's economy followed a gradual recovery trend during the fiscal year, as corporate earnings and the employment and income environment continued to improve against a backdrop of economic and monetary policies implemented by the government and the Bank of Japan. However, the outlook remained uncertain owing to overseas economic uncertainty and volatility in financial and capital markets.」
The disclosure continues to acknowledge the domestic economy's recovery trend while describing uncertainty about the outlook owing to overseas economic uncertainty and volatility in financial and capital markets. - FY2018-Q3RestatedAnnual report
「However, the outlook remained uncertain owing to overseas economic uncertainty and volatility in financial and capital markets.」
While describing the domestic economy as being on a gradual recovery trend, the disclosure continues to note uncertainty arising from overseas economic uncertainty and volatility in financial and capital markets. - FY2018-Q2RestatedAnnual report
「Japan's economy followed a gradual recovery trend during the cumulative second quarter, supported by improving corporate earnings and the employment environment. However, the outlook remained uncertain owing to overseas economic uncertainty and volatility in financial and capital markets.」
While describing the domestic economy as being on a recovery trend, the disclosure continues to note uncertainty about the outlook owing to overseas economic uncertainty and volatility in financial and capital markets. - FY2017RestatedAnnual report
「Japan's economy followed a gradual recovery trend during the fiscal year against a backdrop of continued economic and monetary policies led by the government and the Bank of Japan. However, the outlook was uncertain amid concerns about the negative impact of policy uncertainty under the new US administration, the UK's EU withdrawal issue, and elections in European countries.」
The disclosure continues to describe uncertainty about the outlook arising from policies of the new US administration, the UK's EU withdrawal issue, and elections in European countries. - FY2017-Q3ReframedAnnual report
「Although corporate earnings and the wage and employment environment showed continued improvement, the outlook remained uncertain owing to the prolonged weakness in personal consumption and the potential impact on the domestic economy of policy changes following the inauguration of a new US president and the UK's EU withdrawal issue.」
The description has broadened from the previous focus on an economic slowdown in emerging Asia to include factors affecting the domestic economy, such as policy changes by the new US administration and the UK's EU withdrawal issue. - FY2017-Q2WorsenedAnnual report
「The outlook remained uncertain owing to heightened downside risks to the global economy caused by economic slowdowns in China and other emerging Asian economies and the UK's EU withdrawal issue.」
The disclosure describes heightened downside risks to the global economy, including the economic slowdown in emerging Asia and the UK's EU withdrawal issue. - FY2017-Q1First statedAnnual report
「There remains a risk that downturns in China and other emerging Asian economies and resource-exporting countries could weigh on Japan's economy, and the outlook therefore remains uncertain.」
The possibility that a downturn in overseas economies could weigh on the domestic economy is described as a new business-environment risk.