Yen appreciation and share price declines due to the slowdown in the Chinese economy and the UK’s departure from the EU, among other factors, and a deterioration in the earnings environment
First written in FY2017-Q1. 11 of 35 entries say "Reframed", first in FY2019-Q1. Latest entry: 2026-10-30.
Kyowa Leather Cloth 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: 144 of 177 companies on the "Worse" side.
4 other companies' latest entry also says "Materialised".
- FY2026ReframedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained on a generally gradual recovery path despite downside risks from US trade policy and surging prices. However, geopolitical risks in the Middle East emerged toward the end of the fiscal year, causing uncertainty to intensify rapidly.」
In addition to the previous references to US policy developments and the risk of a downturn in overseas economies, the company states that geopolitical risks related to the situation in the Middle East emerged toward the end of the fiscal year. - FY2025ReframedAnnual report
「During the current consolidated fiscal year, Japan’s economy recovered gradually due to improvements in employment and income conditions and increased inbound demand. However, the outlook remained uncertain due to inflation caused by elevated raw material and energy prices and the risk of a downturn in overseas economies resulting from US policy developments.」
While recognizing an economic recovery, the company identifies the risk of a downturn in overseas economies resulting from US policy developments as a specific concern, in addition to its previous references to geopolitical risks and a downturn in overseas economies. - FY2025-H1ReframedAnnual report
「During the interim consolidated accounting period, Japan’s economy recovered gradually as corporate earnings and employment and income conditions improved. However, the outlook remained uncertain due to inflation caused by elevated raw material and energy prices, concerns over stagnating consumer sentiment, the risk of a downturn in overseas economies and heightened geopolitical risks.」
While recognizing an economic recovery, the company identifies elevated prices, concerns over stagnating consumer sentiment and heightened geopolitical risks, in addition to the previously cited surging raw material and energy prices and downturn in overseas economies, as factors contributing to an uncertain outlook. - FY2024ReframedAnnual report
「During the current consolidated fiscal year, Japan’s economy recovered gradually as the removal of restrictions on economic activity following the reclassification of COVID-19 to Category 5 and the normalization of semiconductor supplies supported a recovery in corporate earnings and improvements in income conditions. However, the outlook remained uncertain due to inflation caused by surging raw material and energy prices, heightened geopolitical risks and a downturn in overseas economies.」
While indicating a recovery due to the removal of COVID-19-related restrictions on economic activity and the normalization of semiconductor supplies, the company identifies surging raw material and energy prices, geopolitical risks and a downturn in overseas economies as new sources of uncertainty. - FY2024-Q3ReframedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy recovered gradually as personal consumption recovered and employment and income conditions improved. However, the outlook remained uncertain due to heightened geopolitical risks, a downturn in overseas economies, and concerns over stagnating personal consumption caused by inflation.」
While indicating an economic recovery, the company has reorganized its description of external environmental concerns, shifting from the previous focus on surging raw material and energy prices to heightened geopolitical risks, a downturn in overseas economies, and concerns over stagnating personal consumption due to inflation. - FY2024-Q2SoftenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy recovered gradually as personal consumption recovered and employment and income conditions improved. However, the outlook remained uncertain due to inflation caused by continued surges in raw material and energy prices, as well as concerns over a downturn in overseas economies.」
While stating that the economy recovered gradually, the company continues to cite inflation caused by surging raw material and energy prices and concerns over a downturn in overseas economies. The direct reference to global monetary tightening in the previous quarter has been removed. - FY2024-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path as the removal of restrictions on economic activity following the reclassification of COVID-19 to Category 5 supported a recovery in personal consumption and improvements in employment and income conditions. However, the outlook remained uncertain due to inflation caused by surging raw material and energy prices, as well as concerns over a downturn in overseas economies resulting from global monetary tightening.」
While indicating the removal of restrictions on economic activity related to COVID-19 and an economic recovery, the company identifies inflation caused by surging raw material and energy prices and concerns over a downturn in overseas economies resulting from global monetary tightening as new factors contributing to an uncertain outlook. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, restrictions on economic activity related to COVID-19 were eased. However, the economy remained difficult to predict as the continued global semiconductor supply shortage, surging raw material and energy prices, and resulting inflation raised concerns over weaker consumer sentiment.」
While indicating that restrictions on economic activity have been eased, the company has reorganized its description of external environmental concerns, shifting from its previous references to the situation in Ukraine and rapid yen depreciation to the semiconductor supply shortage, surging raw material and energy prices, and concerns over weaker consumer sentiment due to inflation. - FY2023-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, restrictions on economic activity related to COVID-19 were eased in stages. However, uncertainty about the outlook intensified due to the continued global semiconductor supply shortage, the situation in Ukraine and higher import prices resulting from the rapid depreciation of the yen.」
While indicating that restrictions on economic activity have been eased, the company cites the semiconductor supply shortage, the situation in Ukraine and higher import prices caused by the rapid depreciation of the yen, and states that uncertainty about the outlook has intensified. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, restrictions on economic activity related to COVID-19 were gradually eased. However, the economy remained difficult to predict due to the continued global semiconductor supply shortage, the prolonged situation in Ukraine, and further increases in raw material prices caused by the rapid depreciation of the yen.」
While indicating that restrictions on economic activity have been eased, the company identifies the continued semiconductor supply shortage, the prolonged situation in Ukraine and further increases in raw material prices caused by the rapid depreciation of the yen as new concerns, and describes the economic environment as difficult to predict. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy remained uncertain, despite a recovery trend in corporate earnings, due to the semiconductor supply shortage, higher raw material costs caused by surging crude oil prices, and COVID-19.」
While indicating a recovery trend in corporate earnings, the company continues to state that the outlook remains uncertain due to the semiconductor supply shortage, higher raw material costs caused by surging crude oil prices, and COVID-19. - FY2022-Q2ReframedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained uncertain, despite a recovery trend in corporate earnings, due to concerns including the semiconductor supply shortage and higher raw material costs caused by surging crude oil prices, amid the impact of COVID-19.」
The description of risk factors has shifted from the previous focus on the external environment, including the slowdown in the Chinese economy, to uncertainty over the outlook, including the impact of COVID-19, the recovery in corporate earnings, the semiconductor supply shortage and higher raw material costs caused by surging crude oil prices. - FY2022-Q1SoftenedAnnual report
「Although some areas have weakened, corporate activity is recovering and the economy continues to show signs of recovery. However, the outlook remains uncertain due to the continued spread of COVID-19.」
Although uncertainty caused by the spread of COVID-19 remains, the company describes the recovery trend in corporate activity and signs of economic recovery, indicating a somewhat improved assessment from the caution expressed in the previous quarter over the resurgence of infections. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, some signs of economic recovery emerged against a backdrop of the effects of various government policies and improvements in overseas economies as the spread of COVID-19 continued for an extended period. However, the outlook remained difficult to predict due to the impact of the resurgence of infections on economic activity.」
The company describes some recovery due to the effects of government policies and improvements in overseas economies, while also citing the impact of the resurgence of COVID-19 on economic activity and stating that the outlook remains difficult to predict. - FY2021-Q2SoftenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained in a difficult situation due to the impact of measures to contain COVID-19 on economic activity. However, personal consumption and exports began to show signs of recovery against a backdrop of the effects of various government policies and improvements in overseas economies.」
The company indicates that the difficult economic conditions caused by COVID-19 have continued, but that personal consumption and exports have begun to show signs of recovery against a backdrop of policy effects and improvements in overseas economies. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained in an extremely difficult situation as significant restrictions on economic activity accompanying the spread of COVID-19 led to a deterioration in personal consumption and a rapid decline in exports.」
The company states that extensive restrictions on economic activity resulting from the spread of COVID-19, deteriorating personal consumption and a rapid decline in exports created an extremely difficult economic environment. - FY2020MaterialisedAnnual report
「In addition, the prolonged stagnation of the Chinese market and economic deterioration resulting from the spread of the novel coronavirus have made the outlook increasingly uncertain.」
The company describes the prolonged stagnation of the Chinese market and economic deterioration resulting from the spread of the novel coronavirus, and also indicates an actual impact in the form of declining orders from customers. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy maintained a gradual recovery path despite the consumption tax increase. However, as the Chinese economy continued to stagnate, concerns over an economic slowdown caused by the impact of the novel coronavirus on economic activity increased.」
Amid continued stagnation in the Chinese economy, the company newly identifies the impact of the novel coronavirus on economic activity and concerns over an economic slowdown, indicating heightened caution regarding the external environment. - FY2020-Q2MaterialisedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path as employment and income conditions continued to improve. However, the prolonged US-China trade dispute began to affect corporate earnings, and a sense of stagnation in the manufacturing sector intensified.」
The company states that the prolonged US-China trade dispute has begun to affect corporate earnings and that the sense of stagnation in the manufacturing sector has intensified. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy recovered gradually as employment and income conditions continued to improve. However, weakness was evident mainly in exports due to the slowdown in the Chinese economy and other factors, and business sentiment in the manufacturing sector deteriorated.」
The company indicates that the slowdown in the Chinese economy has led to weak exports and deteriorating business sentiment in the manufacturing sector, and continues to describe a deterioration in the external environment. - FY2019WorsenedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path in the first half, as personal consumption recovered alongside improvements in employment and income conditions. From the second half, however, the slowdown in the Chinese economy became more clearly evident in its impact on corporate earnings.」
The assessment has progressed from the third quarter’s statement that the slowdown in the Chinese economy was “beginning to have an impact” to the full-year assessment that its impact on corporate earnings had become more pronounced. - FY2019-Q3MaterialisedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy continued to see increases in capital investment and improvements in employment conditions. However, the slowdown in the Chinese economy caused by US-China trade friction began to affect exports and corporate earnings, leaving the outlook difficult to predict.」
The company states that US-China trade friction and the slowdown in the Chinese economy have begun to have an actual impact on exports and corporate earnings, and further explains that declining sales in the Chinese market were a factor behind lower profit. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path, supported by expanding domestic demand, including improvements in employment conditions and increased capital investment. However, the outlook became uncertain due to intensifying trade friction in overseas economies and concerns over a slowdown in the Chinese economy.」
The company describes a gradual recovery driven by expanding domestic demand, while citing intensifying trade friction and concerns over a slowdown in the Chinese economy and indicating that the economic outlook is uncertain. - FY2019-Q1ReframedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy recovered gradually, with personal consumption showing signs of recovery against a backdrop of continued improvements in employment and income conditions, despite concerns over intensifying trade friction.」
The company has shifted from its previous references to the slowdown in the Chinese economy and yen appreciation to identifying intensifying trade friction as a new concern, while maintaining its assessment that a gradual recovery will continue against a backdrop of improving employment and income conditions. - FY2018-Q3SoftenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy recovered gradually, as corporate earnings remained solid with production and exports increasing on the back of recovery in overseas economies, while personal consumption also showed signs of recovery alongside improvements in employment conditions.」
No specific deterioration factors such as the slowdown in the Chinese economy, yen appreciation or geopolitical risks are identified. The company describes a continued gradual recovery supported by recovery in overseas economies, increases in production and exports, and improvements in employment conditions. - FY2018-Q2SoftenedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path, with business sentiment also beginning to improve as corporate earnings and employment and income conditions continued to improve, despite geopolitical risks.」
There is no specific mention of the slowdown in the Chinese economy or yen appreciation. The company describes improving corporate earnings and employment and income conditions, as well as improving business sentiment, while maintaining its assessment that a gradual recovery will continue despite geopolitical risks. - FY2018-Q1SoftenedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path, as production and exports improved against a backdrop of recovery in overseas economies while personal consumption continued to show signs of recovery.」
The assessment has changed from the deterioration attributed through the previous fiscal year to the slowdown in emerging-market economies, including China, and yen appreciation, to an assessment that recovery in overseas economies and improvements in production and exports will support a continued gradual recovery. - FY2017RestatedAnnual report
「During the current consolidated fiscal year, Japan’s economy remained sluggish in the first half of the fiscal year due to the slowdown in emerging-market economies, including China, and the trend toward yen appreciation, despite improving employment and income conditions throughout the year. However, in the second half, the economy entered a gradual recovery phase as corporate earnings improved amid a recovery in overseas economies and yen depreciation following the US presidential election.」
The annual report continues to describe the assessment of a deterioration in the first half of the fiscal year due to the slowdown in emerging-market economies, including China, and yen appreciation, followed by a recovery in the second half due to a recovery in overseas economies and yen depreciation. - FY2017-Q3SoftenedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan’s economy remained on a gradual recovery path, as corporate earnings improved amid a recovery in overseas economies and yen depreciation following the US presidential election, while personal consumption recovered against a backdrop of improving employment and income conditions.」
The assessment has changed from the deterioration attributed to the slowdown in emerging-market economies, including China, and the trend toward yen appreciation, as described through the previous quarter, to an assessment of improving corporate earnings due to the recovery in overseas economies and yen depreciation, and a gradual recovery. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan’s economy remained sluggish as corporate earnings deteriorated amid the slowdown in emerging-market economies, including China, and the continued trend toward yen appreciation, despite improvements in employment and income conditions.」
The company continues to cite the deterioration in corporate earnings caused by the slowdown in emerging-market economies, including China, and the trend toward yen appreciation as external environmental risks. - FY2017-Q1First statedAnnual report
「Against this backdrop, the group’s net sales were ¥1,145.5 million, down 1.4% from ¥1,161.9 million in the same period of the previous year.」
The business results commentary cites yen appreciation, share price declines and deteriorating economic conditions resulting from the slowdown in the Chinese economy and the UK’s EU departure issue, while the income statement records a foreign exchange loss of ¥56 million.