Global Economic Uncertainty and Geopolitical Risks
First written in FY2018-Q3. 10 of 17 entries say "Worsened", first in FY2018. Latest entry: FY2026.
Thermae-Yu Holdings moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 18 of 23 companies on the "Worse" side.
13 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Meanwhile, the outlook remains uncertain because of inflation caused by higher import prices associated with yen depreciation, surging resource prices, a worsening labour shortage and, in addition, heightened tensions in the Middle East.」
In addition to yen depreciation, import prices, resource prices and the labour shortage, heightened tensions in the Middle East are explicitly identified as a source of uncertainty. - FY2026-H1WorsenedAnnual report
「Meanwhile, the outlook remained uncertain because of rising consumer prices and concerns about US tariff policy.」
In addition to the existing economic and geopolitical uncertainty, rising consumer prices and concerns about US tariff policy are disclosed as new sources of uncertainty. - FY2025-H1RestatedAnnual report
「Meanwhile, the outlook remains uncertain because of inflation caused by higher import prices associated with yen depreciation, surging resource prices and a worsening labour shortage.」
Uncertainty about the outlook due to yen depreciation, surging import and resource prices, inflation and a worsening labour shortage continues to be disclosed. - FY2024WorsenedAnnual report
「Meanwhile, the outlook remains uncertain because of inflation caused by higher import prices associated with yen depreciation, surging resource prices and a worsening labour shortage.」
In addition to inflation caused by yen depreciation, import prices and resource prices, the worsening labour shortage is explicitly identified, and factors contributing to uncertainty in the operating environment continue. - FY2024-Q1RestatedAnnual report
「During the three-month period ended [the first quarter of] the current fiscal year, Japan's economy continued to face an uncertain outlook. Although the transition of COVID-19 to Category 5 under Japan's Infectious Diseases Control Law made consumer activity more vigorous and further advanced the normalisation of economic activity, economic trends remained uncertain because of rising raw-material prices and inflation against a backdrop of yen depreciation.」
The normalisation of the economy following the transition of COVID-19 to Category 5 is disclosed, while uncertainty about the outlook due to surging raw-material prices, yen depreciation and inflation continues to be disclosed. - FY2023RestatedAnnual report
「However, the outlook remains uncertain because of the global surge in resource prices and rising prices caused by the rapid depreciation of the yen.」
Uncertainty about the outlook due to surging resource prices, the rapid depreciation of the yen and rising prices continues to be disclosed. - FY2023-Q2WorsenedAnnual report
「However, the outlook remains uncertain because of the global surge in resource prices and rising prices caused by the rapid depreciation of the yen.」
The global surge in resource prices and inflation caused by the rapid depreciation of the yen have newly been identified, and uncertainty about the outlook continues. - FY2023-Q1WorsenedAnnual report
「However, concerns remain about the effects of inflation and geopolitical risks arising from the global tensions originating in the situation in Ukraine, and the outlook continues to be uncertain.」
The global tensions originating in the situation in Ukraine, inflation and geopolitical risks have newly been identified, and uncertainty about the outlook continues. - FY2020-Q3RestatedAnnual report
「During the nine-month period ended [the third quarter of] the current fiscal year, Japan's economy was on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions, but the outlook remained uncertain because of uncertainty overseas and the effects of a succession of natural disasters.」
Uncertainty about the outlook due to uncertainty overseas and the effects of natural disasters continues to be disclosed. - FY2020-Q2RestatedAnnual report
「During the six-month period ended [the second quarter of] the current fiscal year, Japan's economy was on a moderate recovery trend, supported by improvements in corporate earnings and employment conditions, but the outlook remained uncertain because of uncertainty overseas and the effects of a succession of natural disasters.」
Uncertainty about the outlook, including uncertainty overseas and the effects of a succession of natural disasters, continues to be disclosed. It is also stated that there have been no significant changes in business and other risks. - FY2019WorsenedAnnual report
「Entering the second half of the fiscal year, weakness emerged in some exports and production, raising concerns about a slowdown in corporate performance and leaving the economic outlook uncertain. Personal consumption also lacked strength against a backdrop of consumers' preference for lower prices, and the recovery in consumption remained sluggish.」
In addition to international conditions, weakness in exports and production, concerns about a slowdown in corporate performance and sluggish personal consumption are explicitly identified, increasing uncertainty about the economic outlook. - FY2019-Q3RestatedAnnual report
「During the nine-month period ended [the third quarter of] the current fiscal year, Japan's economy remained on a moderate recovery trend, supported by improvements in corporate earnings and other factors, but the outlook remained uncertain amid unstable international conditions.」
Although uncertainty about the outlook due to unstable international conditions and other factors continues, it is stated that there have been no significant changes in business and other risks. - FY2019-Q1WorsenedAnnual report
「Against this backdrop, our group worked to improve management efficiency, making its core spa business the main pillar, and aimed to expand sales and secure profits together with its real estate and textile businesses.」
New concerns were raised about global trade friction originating from US protectionism, increasing uncertainty about the outlook alongside the geopolitical risks arising from developments involving North Korea. - FY2018WorsenedAnnual report
「The global economy remained generally firm, particularly in Europe and the United States, but the outlook remained uncertain because of political and geopolitical risks weighing on economic activity, including the policies of the US administration and heightened tensions surrounding North Korea and the Middle East.」
In addition to previous references to US policy and the situation surrounding North Korea, the Middle East situation is now explicitly identified, with political and geopolitical risks and an uncertain outlook continuing. - FY2018-Q3First statedAnnual report
「During the nine-month period ended [the third quarter of] the current fiscal year, Japan's economy remained on a moderate recovery trend overall. Although uncertainty in the global economy continued to create an unclear outlook amid the impact of unstable US policy developments and heightened geopolitical risks associated with tensions surrounding North Korea, conditions for income and employment continued to improve in line with the solid performance of corporate earnings.」
The company's external risk factors now explicitly include US policy developments, the situation surrounding North Korea and uncertainty in the global economy.