Economic downside risks from the UK's decision to leave the EU
First written in FY2017-Q1. 6 of 10 entries say "Restated". Latest entry: FY2021.
The whole theme swung hardest in 2025: 20 of 23 companies on the "Worse" side.
30 other companies' latest entry also says "Dropped".
- FY2021DroppedAnnual reportThe UK's Brexit issue was not reiterated in the current fiscal year's risk disclosures as an independent economic downside risk.
- FY2019RestatedAnnual report
「During the consolidated fiscal year, Japan's economy was on a gradual recovery trend, supported by improvements in corporate earnings, employment conditions and capital investment against the backdrop of the economic and monetary policies of the government and the Bank of Japan. Looking overseas, however, uncertainty about the outlook has persisted due to US-China trade friction, the UK's Brexit issue and geopolitical risks, among other factors.」
Uncertainty in overseas economies, including the UK's Brexit issue, was reiterated alongside US-China trade friction and geopolitical risks. - FY2019-Q3RestatedAnnual report
「During the nine-month period of the third quarter of the consolidated fiscal year, Japan's economy was on a gradual recovery trend, supported by improvements in corporate earnings, employment conditions and capital investment against the backdrop of the economic and monetary policies of the government and the Bank of Japan. Looking overseas, however, uncertainty about the outlook has persisted due to US-China trade issues, the UK's Brexit issue and geopolitical risks, among other factors.」
Uncertainty in overseas economies due to US-China trade issues, the UK's Brexit issue and geopolitical risks was reiterated. - FY2019-Q2RestatedAnnual report
「During the nine-month period of the second quarter of the consolidated fiscal year, Japan's economy was on a gradual recovery trend, supported by improvements in corporate earnings, employment conditions and capital investment against the backdrop of the economic and monetary policies of the government and the Bank of Japan. Looking overseas, however, uncertainty about the outlook has persisted due to US-China trade issues, the UK's Brexit issue and geopolitical risks, among other factors.」
Uncertainty in overseas economies due to US-China trade issues, the UK's Brexit issue and geopolitical risks was reiterated. - FY2019-Q1RestatedAnnual report
「Looking overseas, uncertainty about the outlook has persisted due to US-China trade issues, the UK's Brexit issue and geopolitical risks, among other factors.」
Uncertainty about the outlook for overseas economies, including the UK's Brexit issue, continues to be cited. - FY2018RestatedAnnual report
「During the consolidated fiscal year, Japan's economy was on a gradual recovery trend, supported by the government's economic policies and the Bank of Japan's continued monetary easing, as reflected in improvements in corporate earnings, employment conditions and capital investment. However, the outlook remained uncertain amid the rise of protectionism, particularly in the United States, the UK's Brexit issue and geopolitical risks.」
Economic downside factors, including the UK's Brexit issue, were described as continuing to create uncertainty about the outlook. - FY2017MitigatedAnnual report
「During the consolidated fiscal year, Japan's economy showed signs of stagnation in the first half due to the impact of the Kumamoto earthquake and the sharp appreciation of the yen following the UK's decision to leave the EU, but the risk of an economic downturn eased as a stronger dollar, a weaker yen and rising share prices followed Donald Trump's victory in the US presidential election held in early November.」
While the factors behind the stagnation, including the UK's decision to leave the EU and the sharp appreciation of the yen, remained, the stronger dollar, weaker yen and higher share prices were described as having eased the risk of an economic downturn. - FY2017-Q3MitigatedAnnual report
「During the nine-month period of the third quarter of the consolidated fiscal year, Japan's economy showed signs of stagnation due to the impact of the Kumamoto earthquake in April and the sharp appreciation of the yen following the UK's decision to leave the EU in late June. In the third quarter, the risks of an economic downturn eased as a stronger dollar, a weaker yen and rising share prices followed Donald Trump's victory in the US presidential election held in early November. However, the outlook remains uncertain amid concerns about a reversal of the Trump-led economic upswing and the rise of protectionism.」
The sharp appreciation of the yen following the UK's decision to leave the EU remained a factor behind the stagnation, while the stronger dollar, weaker yen and higher share prices were described as having eased the risk of an economic downturn. - FY2017-Q2RestatedAnnual report
「During the nine-month period of the second quarter of the consolidated fiscal year, Japan's economy was beginning to lose momentum in its gradual recovery, as the stagnation of emerging-market economies, the impact of the Kumamoto earthquake in April and the sharp appreciation of the yen following the UK's decision to leave the EU in late June heightened the risk of earnings deterioration, particularly for export companies.」
Economic downside factors, including the UK's decision to leave the EU, were described in the same way as in the first-quarter report. - FY2017-Q1First statedAnnual report
「In addition to the stagnation of emerging-market economies, downside risks have materialized due to the impact of the Kumamoto earthquake in April and the UK's decision to leave the EU in late June.」
The UK's decision to leave the EU was cited for the first time as a factor that brought economic downside risks to the fore.