Political, Economic and Institutional Risks in Asian Operations, Including China and Thailand
First written in FY2016. 12 of 31 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-09-18.
Shoei Yakuhin 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 2025: 72 of 117 companies on the "Worse" side.
23 other companies' latest entry also says "Materialised".
- 2026-09-18MaterialisedRevision to earnings forecasts
「In particular, amid concerns about the outlook for the situation in the Middle East, customers increased inventories to prepare for supply risks, and orders, in volume terms, from major domestic customers exceeded initial expectations and remained firm.」
The Company stated that concerns about the outlook for the situation in the Middle East and supply risks actually affected customers' inventory buildup and order volumes from major domestic customers. - FY2026-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan's economy remained on a moderate recovery track, supported by improving employment and income conditions and increased inbound demand. However, the economic outlook remained uncertain due to the impact of US tariff policies on the global economy, continuing price increases and geopolitical risks related to the Russia-Ukraine situation.」
It continues to describe the coexistence of a moderate recovery in the domestic economy and uncertainty in overseas political and economic conditions due to US tariff policies, higher prices and the Russia-Ukraine situation. - FY2025WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery track, supported by improved employment conditions and increased inbound demand. However, the outlook remained uncertain due to concerns over a slowdown in the global economy caused by the tariff policies of the Trump administration in the United States, a slowdown in the Chinese economy, geopolitical risks related to Russia-Ukraine and the Middle East, and the impact of higher prices associated with soaring resource costs.」
In addition to existing geopolitical risks and uncertainty in overseas economies, it identifies the tariff policies of the Trump administration in the United States, a slowdown in the Chinese economy and higher resource prices and prices generally as new sources of uncertainty. - FY2025-H1RestatedAnnual report
「During the current interim consolidated accounting period, Japan's economy remained on a moderate recovery track as economic activity normalized, supported by a recovery in personal consumption and increased inbound demand. However, the economic outlook remained uncertain due to the prolonged Russia-Ukraine situation, geopolitical risks including the situation in the Middle East, foreign exchange fluctuations and soaring prices.」
It continues to describe the coexistence of a moderate recovery in the domestic economy and uncertainty regarding the outlook due to the Russia-Ukraine and Middle East situations, foreign exchange fluctuations and soaring prices. - FY2024RestatedAnnual report
「Geopolitical risks related to Russia-Ukraine and the Middle East, soaring resource prices, inflation concerns and the yen's depreciation against other currencies persisted, leaving the outlook uncertain.」
It continues to identify political and economic uncertainty surrounding the overseas business, including the situations in Ukraine and the Middle East, resource prices, inflation and the yen's depreciation. - FY2024-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, the normalization of population flows following the lifting of COVID-19 activity restrictions supported a recovery in economic activity, including the revival of leisure and inbound demand. Meanwhile, the outlook remained uncertain due to geopolitical risks related to Russia-Ukraine and the Middle East, soaring resource prices, inflation concerns arising from higher prices and concerns over a slowdown in overseas economies due to global monetary tightening.」
While noting a recovery in the domestic economy, it cites geopolitical risks including the Middle East situation, soaring resource prices, inflation concerns and concerns over a slowdown in overseas economies due to global monetary tightening, broadening uncertainty surrounding the overseas business. - FY2023RestatedAnnual report
「The global economic outlook remained uncertain due to soaring resource prices caused by the situation in Ukraine, inflation concerns and sharp foreign exchange fluctuations.」
It continues to identify uncertainty in the overseas political and economic environment, including the situation in Ukraine, soaring resource prices, inflation concerns and sharp foreign exchange fluctuations. - FY2023-Q3WorsenedAnnual report
「Meanwhile, the outlook for the global economy remained uncertain due to inflation concerns arising from soaring resource prices and higher prices, sharp foreign exchange fluctuations, geopolitical risks such as the situation in Ukraine and the impact on the global economy of China's easing of its zero-COVID policy.」
In addition to the previous concerns over soaring resource prices, inflation, foreign exchange fluctuations and the situation in Ukraine, it identifies the impact on the global economy of China's easing of its zero-COVID policy as a new source of uncertainty. - FY2023-Q2WorsenedAnnual report
「Meanwhile, the global economic outlook remained uncertain due to soaring resource prices caused by the protracted Russia-Ukraine situation, inflation concerns arising from higher prices and foreign exchange volatility caused by the yen's sharp depreciation following interest-rate increases by countries around the world.」
It identifies the protracted Russia-Ukraine situation, soaring resource prices, inflation concerns and the yen's sharp depreciation and foreign exchange volatility caused by interest-rate increases by countries around the world as new sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「Meanwhile, the economic outlook remained uncertain due to geopolitical risks such as the lockdown in Shanghai and the situation in Ukraine, soaring global resource prices and inflation concerns arising from higher prices.」
In addition to the pandemic and uncertainty in overseas economies, it identifies the Shanghai lockdown, the situation in Ukraine, soaring resource prices and inflation concerns as new risks in the overseas business environment. - FY2022WorsenedAnnual report
「However, a more transmissible variant recently emerged, and concerns also arose over downside risks to corporate performance due to soaring gasoline prices and higher raw-material costs. In addition, the outlook remained uncertain due to monetary tightening in the United States and the situation in Ukraine.」
In addition to the highly transmissible variant, it identifies higher gasoline and raw-material prices, monetary tightening in the United States and the situation in Ukraine as new sources of uncertainty, broadening business-environment risks, including overseas risks. - FY2022-Q3Economic recovery coexisting with uncertainty over the outlook due to the Omicron variantAnnual report
「During the third quarter of the current consolidated cumulative period, the economy remained affected by COVID-19 but was on a moderate recovery track, supported by a decline in new infections as vaccination rates increased, eased restrictions on going out, the effects of various government policies and improvement in overseas economies. However, the emergence of new variants such as Omicron left the outlook uncertain.」
While vaccinations, eased restrictions on going out, policy effects and improvement in overseas economies supported a moderate economic recovery, uncertainty regarding the outlook continued due to new variants such as Omicron. - FY2022-Q2Moderate recovery under activity restrictions coexisting with concerns over renewed infections and a slowdown overseasAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy faced severe conditions as activity restrictions continued amid the fifth wave of COVID-19 and the issuance and extension of states of emergency and priority preventive measures by the government. Meanwhile, supported by the start of full-scale vaccinations and a recovery in external demand, some sectors showed signs of recovery and the domestic economy began to recover moderately. However, the outlook remained uncertain due to the risk of renewed infections caused by variants and concerns over a slowdown in overseas economies.」
While describing severe conditions caused by the fifth wave and continuing activity restrictions, it notes recovery in some sectors and a moderate recovery in the domestic economy, supported by vaccinations and a recovery in external demand. Uncertainty due to renewed infections from variants and concerns over a slowdown in overseas economies has continued. - FY2022-Q1Partial recovery coexisting with uncertainty from variant viruses and market volatilityAnnual report
「Vaccinations began in earnest in Japan and measures to prevent the spread of infections were implemented. Supported also by the effects of government economic support measures and improvement in overseas economies, some sectors showed signs of recovery. However, uncertainty remained in the global economy due to the spread of variants and rising infection numbers in Japan and overseas, as well as volatility in the financial and capital markets, and the economic outlook remained uncertain.」
While noting some recovery due to economic support measures and improvement in overseas economies, it states that uncertainty in the domestic and overseas business environment has continued due to the spread of variants, rising infection numbers and volatility in the financial and capital markets. - FY2021WorsenedAnnual report
「Although some recovery was seen due to the effects of government economic support measures and improvement in overseas economies, a more transmissible variant recently emerged, there is still no clear prospect of containing the pandemic, and the outlook remains uncertain.」
While noting some recovery due to economic support measures and improvement in overseas economies, it newly identifies the emergence of a more transmissible variant and the lack of a prospect for containing the pandemic, deepening uncertainty in the business environment, including overseas conditions. - FY2021-Q3Signs of recovery coexisting with uncertainty from a renewed spread of infectionsAnnual report
「During the third quarter of the current consolidated cumulative period, domestic and overseas economic activity showed signs of recovery, supported by government economic measures, despite the prolonged spread of COVID-19. However, the pandemic continued to spread worldwide, making economic recovery difficult. The outlook remained uncertain, including due to the risk of renewed infections.」
Although domestic economic activity showed signs of recovery, the prolonged and renewed spread of infections made economic recovery difficult, and the outlook remained uncertain. - FY2021-Q2Signs of recovery coexisting with uncertainty in overseas economiesAnnual report
「During the second quarter of the current consolidated cumulative period, Japan's economy deteriorated rapidly as the spread of COVID-19 severely restricted social and economic activity. After the state of emergency was lifted, domestic economic activity showed signs of recovery, supported in part by government economic measures. However, the economic outlook remained uncertain due to concerns over a renewed spread of infections, US-China trade friction and developments in the US presidential election.」
While it notes signs of a recovery in domestic economic activity after the state of emergency was lifted, uncertainty in political and economic conditions, including overseas conditions, has continued due to a renewed spread of infections, US-China trade friction and the US presidential election. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy deteriorated rapidly as the global spread of COVID-19 caused domestic and overseas economic activity to stagnate and contract. The outlook remained uncertain amid concerns over second and third waves of infections.」
It states that the global spread of COVID-19 caused domestic and overseas economic activity to stagnate and contract, resulting in a rapid deterioration in economic conditions. Concerns over second and third waves of infections further heightened uncertainty in the domestic and overseas political and economic environment. - FY2020WorsenedAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery track, supported by improving corporate earnings and employment conditions. However, as the impact of natural disasters such as typhoons and the consumption tax increase weakened personal consumption, and exports stagnated due to US-China trade friction, the economic downturn intensified and the outlook for domestic and overseas economies became increasingly uncertain due to the global spread of COVID-19.」
It states that uncertainty in the domestic and overseas political and economic environment increased further due to the global spread of COVID-19, in addition to US-China trade friction and the UK's departure from the EU. - FY2020-Q3WorsenedAnnual report
「During the third quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery track, supported by improving corporate earnings and employment conditions. However, the economic outlook remained uncertain due to prolonged US-China trade friction, the UK's departure from the EU and heightened geopolitical risks in the Middle East.」
In addition to US-China trade friction and the UK's departure from the EU, it cites heightened geopolitical risks in the Middle East and notes that uncertainty regarding the overseas political and economic environment continues. - FY2020-Q2RestatedAnnual report
「Meanwhile, the economic outlook remained uncertain due to concerns over a decline in consumption following the consumption tax increase, US-China trade friction and the UK's departure from the EU.」
Uncertainty in overseas political and economic conditions, including US-China trade friction and the UK's departure from the EU, continues to be identified. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated cumulative period, Japan's economy remained uncertain. Corporate earnings were solid, employment conditions improved and personal consumption showed resilience, supported in part by special demand during the extended holiday period. However, uncertainty increased due to intensifying US-China trade friction, the UK's departure from the EU, concerns that the yen's appreciation would weaken corporate earnings and a slowdown in overseas economies.」
It states that political and economic uncertainty related to the overseas business increased due to intensifying US-China trade friction, the UK's departure from the EU, the yen's appreciation and a slowdown in overseas economies. - FY2018RestatedAnnual report
「The Group is strengthening its business operations in Asian countries, led by China and Thailand. As we expand our operations in each country, we monitor the economic environment and political situation in each market, but changes in the business environment, including unexpected changes in laws and regulations, terrorism, conflicts and other unforeseen political or social developments, changes in economic conditions such as business trends and foreign exchange rates, and the emergence of risks associated with differences in culture and business practices, could affect the financial condition and operating results of the Group.」
Political, regulatory, economic, foreign exchange, cultural and business-practice risks associated with overseas operations in China, Thailand and elsewhere have continued. - FY2018-Q3RestatedAnnual report
「However, the outlook remained uncertain, with concerns persisting over geopolitical risks such as the North Korea issue, the US administration's policies and operations, and a sharp slowdown in the Chinese economy.」
Uncertainty regarding the overseas political and economic environment, including the North Korea issue, the US administration's policies and operations, and concerns over a sharp slowdown in the Chinese economy, continues to be identified. - FY2018-Q2RestatedAnnual report
「However, the outlook remained uncertain due to geopolitical risks, including rising tensions on the Korean Peninsula, political developments in the United States and concerns over a sharp slowdown in the Chinese economy.」
Uncertainty regarding the overseas political and economic environment, including the situation on the Korean Peninsula, political developments in the United States and concerns over a sharp slowdown in the Chinese economy, continues to be identified. - FY2018-Q1RestatedAnnual report
「Although employment and income conditions continued to improve gradually, personal consumption remained sluggish, improvement in corporate earnings stalled, and uncertainty remained regarding the outlook for the Chinese and emerging-market economies and developments in the United States and Europe, leaving the economic outlook uncertain.」
Uncertainty regarding the Chinese and emerging-market economies and developments in the United States and Europe continues to be identified as a concern in the external environment surrounding the overseas business. - FY2017RestatedAnnual report
「As we expand our operations in each country, we monitor the economic environment and political situation in each market, but changes in the business environment, including unexpected changes in laws and regulations, terrorism, conflicts and other unforeseen political or social developments, changes in economic conditions such as business trends and foreign exchange rates, and the emergence of risks associated with differences in culture and business practices, could affect the financial condition and operating results of the Group.」
Political, regulatory, economic, foreign exchange, cultural and business-practice risks associated with overseas operations in China, Thailand and elsewhere have continued. - FY2017-Q3RestatedAnnual report
「Uncertainty increased due to issues including the UK's departure from the EU, the impact of the US presidential election, sharp foreign exchange fluctuations and an economic slowdown in emerging Asian economies, led by China, and the outlook for the economy remained uncertain.」
Concerns over an economic slowdown in emerging Asian economies, led by China, have continued as a risk in the external environment surrounding the overseas business. - FY2017-Q2RestatedAnnual report
「Economic slowdown in emerging Asian economies, led by China, and in resource-producing countries」
Concerns over an economic slowdown in emerging Asian economies, including China, and in resource-producing countries have continued. - FY2017-Q1WorsenedAnnual report
「Concerns over an economic slowdown in emerging Asian economies, led by China」
Concerns over an economic slowdown in emerging Asian economies, including China, were specifically identified as an economic-environment risk surrounding the overseas business. - FY2016First statedAnnual report
「As we expand our operations in each country, we monitor the economic environment and political situation in each market, but changes in the business environment, including unexpected changes in laws and regulations, terrorism, conflicts and other unforeseen political or social developments, changes in economic conditions such as business trends and foreign exchange rates, and the emergence of risks associated with differences in culture and business practices, could affect the financial condition and operating results of the Group.」
Political, regulatory, economic, foreign exchange, cultural and business-practice changes associated with the expansion of overseas subsidiaries and overseas sales are identified as risks.