Uncertainty Over the Outlook Due to Resource Prices, Exchange-Rate Volatility and Slowing Emerging-Market Economies
First written in FY2016-Q2. 16 of 35 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-09-10.
Early Age moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
56 other companies' latest entry also says "Restated".
- 2026-09-10RestatedEarnings
「Meanwhile, the outlook remains uncertain due to inflation, developments in U.S. trade policy and escalating tensions in the Middle East.」
Continues to identify inflation, U.S. trade policy and the situation in the Middle East as factors contributing to the uncertain outlook. - FY2026-H1WorsenedAnnual report
「Meanwhile, the outlook remains uncertain due to persistent inflation, developments in U.S. trade policy and conflicts in the Middle East.」
In addition to the previous concerns over price increases and U.S. trade policy, the description explicitly identifies conflicts in the Middle East as a source of uncertainty regarding the outlook, adding another concern relating to the external environment. It does not quantify the risk or state that it has materialized. - 2026-06-11WorsenedEarnings
「Meanwhile, the outlook remains uncertain due to persistent inflation, developments in U.S. trade policy and conflicts in the Middle East.」
Identifies conflicts in the Middle East, in addition to ongoing inflation and U.S. trade policy, as factors contributing to the uncertain outlook. - FY2025WorsenedAnnual report
「However, the outlook remains unclear due to persistent price increases, developments in U.S. trade policy and a slowdown in Chinese economic growth.」
The description specifically identifies persistent price increases, U.S. trade policy and a slowdown in Chinese economic growth as sources of uncertainty regarding the outlook. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, Japan's economy remained on a gradual recovery path due to improvements in employment and income conditions and increased inbound demand, among other factors. However, the outlook remained unclear amid sharp foreign-exchange fluctuations, soaring energy prices, and increases in labor and logistics costs.」
While indicating a recovery trend supported by improvements in employment and income conditions and inbound demand, the description specifically identifies increases in energy prices, labor costs and logistics costs as new sources of uncertainty. - FY2024-Q2Explicitly mentioned rising prices and interest rates and sharp foreign-exchange fluctuations.Annual report
「However, the outlook remains unclear due to rising prices and interest rates and sharp foreign-exchange fluctuations, among other factors.」
In addition to the previous concerns over soaring resource and raw-material prices and the continuing depreciation of the yen, the description explicitly identifies rising prices and interest rates and sharp foreign-exchange fluctuations as sources of uncertainty regarding the outlook. - FY2024-Q1Explicitly mentioned soaring resource and raw-material prices and the continuing depreciation of the yen.Annual report
「However, against a backdrop of unstable international conditions, resource and raw-material prices continue to rise and the yen remains on a weakening trend, leaving the outlook unclear.」
The description explicitly identifies soaring resource and raw-material prices and the continuing depreciation of the yen, against a backdrop of unstable international conditions, as sources of uncertainty regarding the outlook. quantified is false and materialized is false. - FY2023WorsenedAnnual report
「However, the outlook remains highly uncertain due to the effects of global monetary tightening, the situations in Ukraine and the Middle East, and a slowdown in the Chinese economy.」
In addition to the previous need to monitor material prices and foreign-exchange trends, the description specifically identifies global monetary tightening, the situations in Ukraine and the Middle East, and a slowdown in the Chinese economy as sources of uncertainty. - FY2023-Q3RestatedAnnual report
「During the 3rd quarter of the fiscal year under review, business sentiment in Japan continued to improve, led by domestic demand. However, the effects of soaring prices for various materials and volatility in foreign-exchange markets remained matters requiring continued attention.」
While indicating an improvement in business sentiment led by domestic demand, the description continues to call for attention to soaring material prices and volatility in foreign-exchange markets. - FY2023-Q2Continued signs of an economic recovery and listed materials and foreign-exchange risks.Annual report
「During the 2nd quarter of the fiscal year under review, signs of an economic recovery strengthened and a gradual recovery continued. However, the effects of soaring prices for various materials and volatility in foreign-exchange markets remained matters requiring continued attention.」
While indicating signs of an economic recovery and the continuation of a gradual recovery, the description continues to identify soaring material prices and volatility in foreign-exchange markets as factors requiring attention. quantified is false and materialized is false. - FY2023-Q1Listed the easing impact of the pandemic alongside materials and foreign-exchange risks.Annual report
「During the 1st quarter of the fiscal year under review, restrictions on socioeconomic activity caused by COVID-19 were gradually eased, and expectations for a full-fledged economic recovery were growing. However, the effects of soaring prices for various materials and volatility in foreign-exchange markets remained a matter requiring attention.」
While indicating that restrictions on socioeconomic activity caused by the pandemic were being eased and expectations for an economic recovery were growing, the description continues to identify soaring material prices and volatility in foreign-exchange markets as sources of uncertainty. - FY2022WorsenedAnnual report
「However, the outlook remains unclear due to continued increases in energy and other material prices and the rapid depreciation of the yen.」
In addition to the impact of the pandemic, the description specifically identifies increases in energy and other material prices and the rapid depreciation of the yen as new sources of uncertainty regarding the outlook. - FY2022-Q3WorsenedAnnual report
「During the 3rd quarter of the fiscal year under review, as the impact of COVID-19 continued for an extended period, restrictions on socioeconomic activity were gradually eased due to the spread of vaccinations and infection-control measures, and signs of recovery emerged. However, the outlook remained unclear due to the resurgence of infections caused by variants, surging resource prices resulting from the prolonged situation in Ukraine, and volatility in financial and capital markets.」
While indicating that restrictions on socioeconomic activity were being eased and signs of recovery were emerging, the description specifies the resurgence of variant infections, the prolonged situation in Ukraine, surging resource prices and volatility in financial and capital markets as sources of uncertainty. - FY2022-Q2WorsenedAnnual report
「During the 2nd quarter of the fiscal year under review, Japan's economy had not yet brought the spread of COVID-19 under control, but momentum toward a recovery was growing as restrictions on activities were lifted and systems for responding to the infectious disease crisis were strengthened. However, the global tensions arising from the situation in Ukraine have raised concerns about the effects of higher prices and geopolitical risks, leaving the outlook unclear.」
While indicating growing momentum toward a recovery from the stagnation caused by the pandemic, the description adds new sources of uncertainty: global tensions arising from the situation in Ukraine, higher prices and geopolitical risks. - FY2022-Q1RestatedAnnual report
「During the 1st quarter of the fiscal year under review, Japan's economy remained in a difficult situation due to the spread of COVID-19.」
The difficult economic environment caused by the spread of COVID-19 continues to be indicated. quantified is false and materialized is false. - FY2021-Q3WorsenedAnnual report
「During the 3rd quarter of the fiscal year under review, Japan's economy remained in a difficult situation, including the issuance of a 3rd state of emergency declaration following the resurgence of COVID-19 infections.」
The description states that the economic environment remains difficult due to the resurgence of COVID-19 infections and the 3rd state of emergency declaration. - FY2021-Q2WorsenedAnnual report
「During the 2nd quarter of the fiscal year under review, Japan's economy experienced a prolonged stagnation due to the impact of COVID-19. Although the spread of vaccines is expected to support the normalization of economic activity, the outlook remains unclear.」
The description states that the economic stagnation caused by the pandemic has been prolonged and, while expressing hopes for normalization as vaccines become more widely available, indicates that uncertainty about the outlook persists. - FY2020WorsenedAnnual report
「During the consolidated fiscal year under review (from 1 November 2019 to 31 October 2020), Japan's economy was in a situation where the outlook was extremely difficult to assess due to the impact of COVID-19.」
The impact of COVID-19 is described as leaving the outlook in an "extremely difficult" situation to assess. - FY2020-Q3WorsenedAnnual report
「During the 3rd quarter of the fiscal year under review, Japan's economy stagnated significantly due to the impact of COVID-19. Economic activity has gradually resumed following the lifting of the state of emergency and travel restrictions imposed by individual prefectures, but concerns over a resurgence of infections make the outlook difficult to assess.」
The description states that the economy stagnated significantly due to COVID-19 and indicates that the outlook remains difficult to assess because of concerns over a resurgence of infections even after economic activity resumed. - FY2020-Q2WorsenedAnnual report
「Japan's economy had been on a gradual recovery path, supported by solid corporate performance and improving employment conditions, but economic activity has been constrained by the spread of COVID-19, leaving the outlook unclear.」
In addition to the previous uncertainty in overseas and global economies, the description explicitly refers to constraints on economic activity caused by the spread of COVID-19 and the resulting lack of clarity regarding the outlook. - FY2020-Q1Added a reference to the situation in the Middle East.Annual report
「However, uncertainty remains a concern due to developments surrounding trade issues, the situation in the Middle East and other developments in overseas economies, as well as volatility in financial and capital markets.」
In addition to the previous trade issues and volatility in financial and capital markets, the situation in the Middle East is cited as a source of uncertainty in overseas economies. - FY2019WorsenedAnnual report
「Corporate performance and employment conditions continued to improve and the economy remained on a gradual recovery path. However, corporate performance has also shown a stop-and-start pattern amid uncertainty in the global economy, including the prolonged U.S.-China trade friction, indicating some loss of momentum.」
The description states that uncertainty in the global economy, including the prolonged U.S.-China trade friction, has caused corporate performance to lose momentum, giving more specific form to the concerns noted through the previous quarter. - FY2019-Q3RestatedAnnual report
「However, concerns remain over uncertainty in the global economy, including trade issues between the United States and China.」
Uncertainty in the global economy, including trade issues between the United States and China, continues to be identified as a concern in the external environment. - FY2019-Q2RestatedAnnual report
「However, concerns remain over uncertainty in the global economy, including trade issues between the United States and China.」
Uncertainty in the global economy, including trade issues between the United States and China, continues to be identified as a concern in the external environment. - FY2019-Q1RestatedAnnual report
「However, concerns remain over uncertainty in the global economy, including trade issues and volatility in financial and capital markets.」
Uncertainty in the global economy, including trade issues and volatility in financial and capital markets, continues to be identified as a concern in the external environment. - FY2018RestatedAnnual report
「However, concerns remain over uncertainty in the global economy, including trade issues and volatility in financial and capital markets.」
Uncertainty in the global economy, including trade issues and volatility in financial and capital markets, continues to be identified as a concern in the external environment. - FY2018-Q3WorsenedAnnual report
「During the 3rd quarter of the fiscal year under review, Japan's economy continued to see improvements in corporate performance and employment conditions and remained on a gradual recovery path. However, uncertainty in the global economy, mainly due to U.S. trade policy, has increased, leaving the outlook unclear.」
The description indicates a gradual recovery in the domestic economy while stating that uncertainty in the global economy, mainly due to U.S. trade policy, has increased and that the outlook has become more uncertain. - FY2018-Q2RestatedAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy remained on a path of gradual recovery, as corporate earnings and employment conditions continued to improve.」
As in the previous quarter, the description of the domestic economy refers to improving corporate performance and employment conditions and a gradual recovery, with no expression emphasizing the uncertainty of the external environment seen previously. - FY2018-Q1SoftenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained on a path of gradual recovery, as corporate earnings and employment conditions continued to improve.」
The previous references to uncertainty in the international situation were omitted, and the economic analysis for the quarter describes Japan's economy as remaining on a path of gradual recovery. The company states that there were no material changes in the risks related to its business and other activities. - FY2017-Q3RestatedAnnual report
「The international situation has become increasingly uncertain in both political and economic terms, and the outlook remains uncertain.」
The company continues to indicate political and economic uncertainty in the international situation and uncertainty over the outlook. - FY2017-Q2RestatedAnnual report
「The international situation has become increasingly uncertain in both political and economic terms, and the outlook remains uncertain.」
The company continues to indicate political and economic uncertainty in the international situation and uncertainty over the outlook. - FY2017-Q1WorsenedAnnual report
「The international situation has become increasingly uncertain in both political and economic terms, and the outlook remains uncertain.」
The company added language stating that political and economic uncertainty in the international situation is increasing, indicating heightened uncertainty over the outlook. - FY2016RestatedAnnual report
「However, a downturn in overseas economies could weigh on Japan's economy, and the outlook remains uncertain.」
The company continues to identify the possibility of a downturn in overseas economies and uncertainty over the outlook as external environmental risks. - FY2016-Q3RestatedAnnual report
「However, a downturn in overseas economies could weigh on Japan's economy, and the outlook remains uncertain.」
The company continues to identify the possibility of a downturn in overseas economies and uncertainty over the outlook as external environmental risks. - FY2016-Q2First statedAnnual report
「Against a backdrop of fluctuations in resource prices and exchange rates and a slowdown in emerging-market economies, caution over the outlook intensified.」
These factors are listed as external risk factors, but the disclosure does not state that they caused actual losses during the quarter.