Risks from Domestic and Overseas Economic and Exchange-Rate Fluctuations
First written in FY2016. 13 of 35 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-06-15.
Tokyo Base moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
8 other companies' latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「While the domestic economy is maintaining a gradual recovery in personal consumption in addition to the recovery in inbound demand, companies continue to face numerous risk factors, including persistently high raw material prices and foreign exchange fluctuations. As a response to foreign exchange risk, we use forward exchange contracts and are promoting global cash management. By appropriately controlling the impact of foreign exchange fluctuations, we will enhance earnings stability and contribute to improving corporate value over the medium to long term.」
While domestic consumption recovers, raw material price and foreign exchange fluctuation risks coexist, and forward exchange contracts and global cash management are explicitly identified as countermeasures. - FY2025Domestic consumption recovery coexisting with weak consumption in China and a challenging cost environmentAnnual report
「While the lifting of activity restrictions and the recovery in visitors to Japan continued, personal consumption showed signs of a gradual recovery. Meanwhile, energy and raw material prices remained high, geopolitical risks increased, and costs rose due to foreign exchange fluctuations ... the recovery of the economy in mainland China was sluggish.」
While indicating a recovery in domestic consumption and inbound demand, also cites high costs, geopolitical and foreign exchange factors, and the sluggish recovery of the economy and consumption in mainland China as sources of uncertainty. - FY2025-H1Domestic recovery coexisting with higher costs, the international situation and a slowdown in ChinaAnnual report
「A gradual recovery trend was observed due to the normalization of social activity, improvements in employment and income conditions, and an increase in visitors to Japan. However, the outlook remained uncertain amid concerns about the impact on the economy of unstable international conditions, including the prolonged Russia-Ukraine situation and growing tensions in the Middle East, the rapid reversal of the trend toward yen depreciation that began with rising policy interest rates, and the slowdown in the Chinese economy.」
While identifying factors supporting domestic recovery, cites the rapid reversal of the trend toward yen depreciation, heightened international tensions and the slowdown in the Chinese economy as new sources of uncertainty. - FY2025-Q1Domestic recovery coexisting with the international situation and a slowdown in ChinaAnnual report
「A gradual recovery trend was observed due to the normalization of social activity, improvements in employment and income conditions, and an increase in visitors to Japan. However, the outlook remained uncertain amid concerns about the impact on the economy of unstable international conditions, including the prolonged Russia-Ukraine situation and growing tensions in the Middle East, higher raw material prices resulting from the continued depreciation of the yen, and the slowdown in the Chinese and European economies.」
While identifying factors supporting domestic recovery, cites the depreciation of the yen and higher raw material prices, the Russia-Ukraine situation and tensions in the Middle East, and the slowdown in the Chinese and European economies as new sources of uncertainty. - FY2024Domestic recovery coexisting with weak personal consumption in ChinaAnnual report
「During the consolidated fiscal year, consumption activity in Japan moved toward normalization following the transition of COVID-19 to Category 5 in May 2023, the lifting of restrictions on activities and an increase in inbound demand, and a recovery trend was observed. Meanwhile, the outlook remained uncertain due to rising prices resulting from higher global resource prices and foreign exchange fluctuations. In mainland China, a temporary recovery trend was observed after the lifting of the zero-COVID policy, but personal consumption remained sluggish amid an uncertain outlook, including due to deterioration in the real estate market.」
While recovery in Japan was indicated following the lifting of activity restrictions and an increase in inbound demand, rising prices caused by resource prices and foreign exchange movements, deterioration in mainland China's real estate market and sluggish personal consumption were also cited. - FY2024-Q2Domestic recovery coexisting with uncertainty over Chinese demand and the cost environmentAnnual report
「During the cumulative second-quarter period, consumption activity in Japan moved toward normalization following the transition of COVID-19 to Category 5 in May 2023, the lifting of restrictions on activities and an increase in inbound demand, and a gradual recovery trend was observed. Meanwhile, the outlook remained uncertain due to rising prices resulting from higher global resource prices and foreign exchange fluctuations. In mainland China, a certain degree of recovery was observed after the lifting of the zero-COVID policy, but personal consumption stagnated amid an uncertain outlook, including due to deterioration in the real estate market.」
While recovery in Japan was indicated following the lifting of activity restrictions and an increase in inbound demand, rising prices caused by resource prices and foreign exchange movements, deterioration in mainland China's real estate market and stagnation in personal consumption were cited as sources of uncertainty. - FY2024-Q1Domestic recovery coexisting with uncertainty from prices and foreign exchange factorsAnnual report
「During the cumulative first-quarter period, consumption activity in Japan moved toward normalization, with the easing of restrictions on activities related to COVID-19 increasing human mobility and inbound demand, and a gradual recovery trend was observed. Meanwhile, the outlook remained uncertain due to rising prices resulting from higher global resource prices and foreign exchange fluctuations.」
While a recovery in domestic consumption was indicated as restrictions on activities were eased and human mobility and inbound demand increased, rising prices due to higher resource prices and foreign exchange fluctuations continued to be cited as sources of uncertainty. - FY2023WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy showed a certain degree of recovery in domestic economic activity as vaccinations progressed and movement restrictions were eased following the impact of COVID-19. However, higher energy costs related to the international situation and surging prices have affected corporate activity and consumption trends, leaving conditions uncertain, although the economy is moving toward a gradual recovery on the assumption of a post-COVID environment.」
While acknowledging the recovery trend in the domestic economy, identifies higher energy costs and rising prices as sources of uncertainty affecting corporate activity and consumption trends. - FY2023-Q3Domestic recovery coexisting with deterioration in China and the cost environmentAnnual report
「During the cumulative third-quarter period, domestic economic activity showed a certain degree of recovery as vaccination progressed and movement restrictions were eased following the impact of the spread of COVID-19. However, higher energy costs related to the international situation and the depreciation of the yen continued to affect corporate activity.」
While describing a certain degree of recovery in the domestic economy, states that higher energy costs and the depreciation of the yen continue to affect corporate activity. - FY2023-Q2WorsenedAnnual report
「During the cumulative second-quarter period, the Japanese economy was recovering from the impact of the spread of COVID-19, but the number of infections increased again from July due to the seventh wave. Higher energy costs related to the international situation and the depreciation of the yen also continued to affect corporate activity.」
Despite the recovery trend, the seventh wave, higher energy costs and the depreciation of the yen were identified as new sources of uncertainty for corporate activity. - FY2023-Q1WorsenedAnnual report
「During the cumulative first-quarter period, the Japanese economy continued to be affected by the spread of COVID-19, higher energy costs related to the international situation, and the depreciation of the yen, among other factors affecting corporate activity.」
In addition to the impact of COVID-19, identifies higher energy costs and the depreciation of the yen as new sources of uncertainty affecting corporate activity. - FY2022Economic recovery and uncertainty caused by the Omicron variant coexistingAnnual report
「The economy had been showing a gradual recovery as the number of new infections declined with the increase in vaccination rates and restrictions on going out were eased alongside infection-control measures. However, the outlook remains uncertain following the spread of the Omicron variant and the application of priority preventive measures in January 2022.」
While describing a gradual economic recovery from vaccinations and the easing of restrictions, states that uncertainty remains due to the spread of the Omicron variant and the application of priority preventive measures. - FY2022-Q3Economic recovery and concerns about demand coexistingAnnual report
「Although the economy continues to be affected by COVID-19, it is showing a gradual recovery as the number of new infections has declined with the increase in vaccination rates and restrictions on going out have been eased alongside infection-control measures.」
While describing a gradual economic recovery resulting from vaccinations and the easing of restrictions on going out, indicates that the impact of COVID-19 and concerns about demand remain. - FY2022-Q1WorsenedAnnual report
「During the cumulative first-quarter period, the Japanese economy remained in an extremely severe situation, as declines in corporate earnings and deterioration in the employment environment caused by the spread of COVID-19 in Japan and overseas continued.」
Continued declines in corporate earnings and deterioration in the employment environment caused by COVID-19 were disclosed, with domestic and overseas economic conditions described as extremely severe. - FY2021WorsenedAnnual report
「Concerns about a resurgence of COVID-19 infections became more pronounced, and the government issued a second state of emergency in some regions, mainly urban areas, further increasing uncertainty.」
The resurgence of infections and the second state of emergency further increased uncertainty surrounding domestic and overseas economic and consumption conditions. - FY2021-Q3WorsenedAnnual report
「Concerns about a resurgence of COVID-19 infections have become more pronounced, resulting in a situation of even greater uncertainty.」
Concerns about a resurgence of COVID-19 infections became more pronounced, further increasing uncertainty about the economic outlook. - FY2021-Q2WorsenedAnnual report
「The economic deterioration caused by the prolonged impact of COVID-19 in Japan and overseas has continued, leaving conditions extremely severe. ... Personal consumption is expected to remain uncertain.」
States that the impact of COVID-19 has been prolonged and that economic deterioration and uncertainty surrounding personal consumption have continued. - FY2021-Q1WorsenedAnnual report
「The economy in Japan and overseas has continued to deteriorate rapidly due to the impact of COVID-19 and remains in an extremely severe situation.」
States that COVID-19 has caused a rapid deterioration in domestic and overseas economic conditions and that uncertainty about personal consumption is expected to continue. - FY2020WorsenedAnnual report
「In the apparel retail industry in which our group operates, the outlook remains uncertain due to a decline in inbound visitors resulting from the spread of COVID-19, self-restraint from going out and weaker consumer sentiment, temporary closures and reduced operating hours at commercial facilities, and weak sales of winter merchandise resulting from the warm winter.」
In addition to the previous concerns over trade friction, the UK's Brexit issue and pro-democracy demonstrations in Hong Kong, cites lower demand and restrictions on the operation of commercial facilities caused by the spread of COVID-19, indicating that sources of uncertainty about the outlook have expanded. - FY2020-Q3WorsenedAnnual report
「During the cumulative third-quarter period from 1 March 2019 to 30 November 2019, the Japanese economy saw gradual improvements in corporate earnings and the employment environment as a result of the government's economic measures and monetary policy. However, uncertainty about the outlook has increased due to concerns about trade friction arising from the US administration's protectionist trade policies, the uncertain course of the UK's Brexit process and pro-democracy demonstrations in Hong Kong.」
In addition to the previous concerns over trade friction, identifies the UK's Brexit issue and pro-democracy demonstrations in Hong Kong as sources of uncertainty, and states that uncertainty about the outlook has increased. - FY2020-Q2WorsenedAnnual report
「During the cumulative second-quarter period from 1 March 2019 to 31 August 2019, the Japanese economy saw gradual improvements in corporate earnings and the employment environment as a result of the government's economic measures and monetary policy. However, uncertainty about the outlook has increased amid volatility in the financial and capital markets and concerns about trade friction arising from the US administration's protectionist trade policies.」
Continues to identify and provide specific detail on volatility in the financial and capital markets and concerns about trade friction from US protectionist trade policies as sources of uncertainty about the outlook. - FY2020-Q1WorsenedAnnual report
「In the apparel retail industry in which our company operates, inbound demand has continued to grow steadily and online sales have expanded, while cautious purchasing behavior driven by consumers' preference for saving has nevertheless continued. In the apparel retail industry in which our company operates, inbound demand has continued to grow steadily and online sales have expanded, while cautious purchasing behavior driven by consumers' preference for saving has nevertheless continued.」
States that uncertainty about the outlook has increased due to volatility in the financial and capital markets and concerns about trade friction arising from the US administration's protectionist trade policies. - FY2019-Q2WorsenedAnnual report
「However, the outlook remains uncertain due to the impact on the economy of torrential rains observed across Japan and record-breaking heat, as well as the increased downside risk to the global economy from trade friction arising from the protectionist trade policies of the United States and China.」
In addition to the conventional risk of domestic and overseas economic fluctuations, torrential rains, extreme heat and the increased downside risk to the global economy from US-China trade friction are cited as current sources of uncertainty. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, there were no new business or other risks and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2018RestatedAnnual report
「Changes in the economic environment may affect customer purchasing power and impact our business performance. In addition, economic trends in overseas countries and fluctuations in foreign exchange rates may affect the purchasing power of customers residing overseas and impact our business performance.」
Continues to disclose the risk that domestic and overseas economic conditions and foreign exchange fluctuations may affect customer purchasing power and business performance. - FY2018-Q3RestatedAnnual report
「During the nine months ended the third quarter, there were no new business or other risks and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter, there were no new business or other risks and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter, there were no new business or other risks and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2017RestatedAnnual report
「Changes in the economic environment may affect customer purchasing power and impact our business performance. In addition, economic trends in overseas countries and fluctuations in foreign exchange rates may affect the purchasing power of customers residing overseas and impact our business performance.」
Continues to disclose domestic and overseas economic and foreign exchange fluctuation risks. - FY2017-Q3RestatedAnnual report
「During the nine months ended the third quarter, there were no new business or other risks and no material changes to the business and other risks described in the securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter, there were no new business or other risks and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2017-Q1RestatedAnnual report
「During the cumulative first quarter, there were no new business or other risks and no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
States that there have been no material changes regarding domestic and overseas economic and foreign exchange fluctuation risks. - FY2016First statedAnnual report
「Changes in Japan's economic environment may affect the purchasing power of customers in Japan and impact our business performance. In addition, economic trends in overseas countries and fluctuations in foreign exchange rates may affect the purchasing power of customers residing overseas and impact our business performance.」
Notes that domestic and overseas economic conditions and foreign exchange rates may affect business performance through customer purchasing power.