Economic Uncertainty Caused by the Ukraine Conflict and Rapid Yen Depreciation
First written in FY2022. 4 of 6 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2025: 22 of 48 companies on the "Worse" side.
32 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Personal consumption remained cautious due to the effects of rising prices and exchange-rate fluctuations, and conditions remained uncertain.」
The report continues to describe cautious personal consumption and an uncertain outlook due to rising prices and exchange-rate fluctuations. - FY2025-H1RestatedAnnual report
「During the current interim accounting period (1 April 2024 to 30 September 2024), the Japanese economy was gradually recovering, but rising prices heightened consumers’ focus on protecting their livelihoods. Personal consumption centered on purchases of essential goods and remained relatively resilient, although conditions were still challenging.」
While the economy is gradually recovering, the report continues to describe consumers’ focus on protecting their livelihoods due to rising prices and personal consumption centered on essential goods. - FY2024-Q3RestatedAnnual report
「Although the Japanese economy was on a recovery trend from the impact of COVID-19 during the third quarter cumulative period, rising prices resulting from the international situation and other factors were suppressing consumers' willingness to spend, and the risk of putting downward pressure on the economy persisted.」
The report continues to identify higher prices caused by international conditions and other factors, together with restrained willingness to spend, as downside risks to the economy. - FY2023RestatedAnnual report
「During the current fiscal year, signs of recovery in economic activity began to emerge as restrictions on movement associated with the spread of COVID-19 were eased and the government’s tourism support measures took effect. However, uncertainty over the outlook continued as soaring energy and raw material prices and rapid yen depreciation heightened consumers’ focus on protecting their livelihoods.」
The report continues to describe the coexistence of signs of recovery in economic activity with consumers’ focus on protecting their livelihoods due to soaring energy and raw material prices and rapid yen depreciation. - FY2023-Q1WorsenedAnnual report
「During the cumulative first-quarter period, the Japanese economy was in an extremely challenging situation as events adversely affecting the economy occurred, including higher energy prices associated with Russia’s invasion of Ukraine and rising prices resulting from the sharp depreciation of the yen.」
Higher energy prices associated with the invasion of Ukraine and inflation caused by the sharp depreciation of the yen are described as actual factors contributing to economic deterioration, progressing from the previous explanation of uncertainty to the emergence of a challenging situation. - FY2022First statedAnnual report
「The impact of the conflict in Ukraine and rapid yen depreciation on the Japanese economy became unavoidable, increasing uncertainty over the economic outlook and creating challenging conditions for personal consumption.」
The conflict in Ukraine and rapid yen depreciation are described as new external factors affecting the Japanese economy and personal consumption.