Emerging-Market Economic Slowdown, Policy Uncertainty, and Geopolitical Risks
First written in FY2018-Q1. 15 of 31 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2022: 106 of 135 companies on the "Worse" side.
65 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「The macroeconomic environment during the interim consolidated accounting period saw personal consumption on a gradual recovery trend, and real GDP in the second quarter of 2026 increased at an annualized quarter-on-quarter rate of 1.4%. However, the outlook for the economy and personal consumption remains uncertain due to the negative impact of prolonged inflation on consumer sentiment, U.S. tariff policy and rising geopolitical risks in the Middle East, among other factors.」
The Company described a recovery in personal consumption and GDP, while explaining that uncertainty continues due to inflation, U.S. tariff policy and geopolitical risks in the Middle East. - 2026-04-14RestatedRevision of earnings forecasts
「当連結会計年度におけるマクロ経済環境は、長引く物価上昇による消費者心理へのマイナス影響、米国関税政策、中東における地政学的リスクの高まり等、経済の見通し、個人消費の動向に関しましては、依然不透明な状況が続いております。」
物価上昇、米国関税政策、中東の地政学的リスクを含む外部環境の不透明性が継続している。 - FY2026-H1Replacement and continuation of uncertainty factorsAnnual report
「During the interim consolidated accounting period, the economic outlook and the trend in personal consumption remained uncertain due to the negative impact of prolonged price increases on consumer sentiment, US tariff policy and rising geopolitical risks in the Middle East.」
In addition to the previous price and geopolitical risks, it identifies US tariff policy as an uncertainty factor and states that uncertainty surrounding the economic outlook and personal consumption has continued. - FY2025-H1Replacement and continuation of uncertainty factorsAnnual report
「During the current interim consolidated accounting period, social and economic activity continued to normalize year on year, including the recovery of personal consumption and inbound demand, and the economy remained on a gradual recovery track. Meanwhile, exchange rates and price trends remained uncertain, and abnormal weather, including extreme heat and heavy rainfall, also occurred. As a result, the economic outlook also remained uncertain.」
While identifying the normalization of social and economic activity as a recovery factor, it cites uncertainty in foreign-exchange rates and prices and abnormal weather as new external-environment uncertainty factors. - FY2025-Q1WorsenedAnnual report
「During the three-month period of the current fiscal year, the macroeconomic environment continued to recover gradually as social and economic activity normalized, including the recovery of personal consumption and inbound demand compared with the previous fiscal year. However, the protracted situations in Ukraine and the Middle East, as well as high prices driven by elevated raw material and energy costs and foreign-exchange fluctuations, have continued, and the economic outlook remains uncertain.」
While identifying the recovery in personal consumption and inbound demand, it continues to identify the protracted situations in Ukraine and the Middle East, and high prices driven by elevated raw material and energy costs and foreign-exchange fluctuations, as uncertainty factors. - FY2024Resolution of the impact of the pandemic and continuation of uncertainty factorsAnnual report
「Although the impact of COVID-19 on demand and supply had been resolved compared with the previous fiscal year, sales of fall and winter products stagnated in the third and fourth quarters due to extreme heat. In addition, uncertainty remains due to rising consumer prices, concerns about an economic slowdown accompanying changes in monetary policy in various countries, and rising geopolitical risks.」
While stating that the impact of the pandemic on demand and supply has been resolved, it says that uncertainty arising from extreme heat, rising prices, changes in monetary policy, concerns about an economic slowdown and geopolitical risks has continued. - FY2024-Q3Resolution of the impact of the pandemic and continuation of uncertainty factorsAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, the impact of COVID-19 on demand and supply had subsided year on year, but uncertainty increased due to sluggish sales of autumn and winter products resulting from extreme heat in the first half of the quarter, rising consumer prices, concerns over an economic slowdown following changes in monetary policy in various countries, and heightened geopolitical risks.」
While stating that the impact of the pandemic on demand and supply has been resolved, it says that uncertainty arising from extreme heat, rising prices, changes in monetary policy, concerns about an economic slowdown and geopolitical risks has continued and increased. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, the impact of COVID-19 on demand and supply gradually subsided, but uncertainty increased due to sluggish sales of autumn and winter products resulting from extreme heat in the latter half of the quarter, rising consumer prices, concerns over an economic slowdown following changes in monetary policy in various countries, and heightened geopolitical risks.」
While stating that the impact of the pandemic on demand and supply gradually eased, it continues to indicate uncertainty arising from rising prices, changes in monetary policy, concerns about an economic slowdown and geopolitical risks. - FY2023Partial easing of the impact of the pandemic and continuation of uncertainty factorsAnnual report
「Although the impact of COVID-19 on demand and supply in the macroeconomic environment gradually eased toward the end of the fiscal year, uncertainty increased due to rising consumer prices, concerns about an economic slowdown accompanying changes in monetary policy in various countries, and rising geopolitical risks.」
While stating that the impact of COVID-19 on demand and supply gradually eased toward the end of the fiscal year, it continues to identify rising prices, changes in monetary policy, concerns about an economic slowdown and geopolitical risks as new uncertainty factors. - FY2023-Q3RestatedAnnual report
「During the nine-month period of the current fiscal year, the macroeconomic environment became more uncertain due to the impact of COVID-19 on demand and supply, rising consumer prices, concerns about an economic slowdown accompanying changes in monetary policy in various countries, and rising geopolitical risks.」
As in the previous quarter, it identifies uncertainty in the macroeconomic environment arising from COVID-19, rising prices, monetary policy in various countries and geopolitical risks. - FY2023-Q2WorsenedAnnual report
「During the six-month period of the current fiscal year, the macroeconomic environment became more uncertain due to the impact of COVID-19 on demand and supply, rising consumer prices, concerns about an economic slowdown accompanying changes in monetary policy in various countries, and rising geopolitical risks.」
In addition to changes in monetary policy and geopolitical risks previously cited, it identifies the impact of COVID-19 on demand and supply and rising consumer prices, and explains that uncertainty has increased. - FY2023-Q1WorsenedAnnual report
「Although the reopening of the economy is a positive factor for the outlook, uncertainty has also increased due to concerns about an economic slowdown accompanying changes in monetary policy in various countries, as well as rising geopolitical risks and renewed trade friction.」
While identifying the recovery driven by the reopening of the economy, it newly cites concerns about an economic slowdown accompanying changes in monetary policy in various countries, and states that uncertainty has increased together with rising geopolitical risks and renewed trade friction. - FY2022WorsenedAnnual report
「Although measures to prevent the spread of infectious diseases are expected to support a recovery in the outlook, uncertainty has increased further due to the possibility that the outbreak will continue following the emergence of new variants, as well as rising geopolitical risks and renewed trade friction.」
It additionally identifies new variants, geopolitical risks and renewed trade friction, and states that uncertainty in the external economic environment has increased further. - FY2022-Q3RestatedAnnual report
「During the cumulative third-quarter period, there were no new business risks and no material changes in the business risks described in the annual securities report for the preceding fiscal year.」
It states that there have been no material changes in the external economic environment and geopolitical risks. - FY2022-Q2RestatedAnnual report
「During the cumulative second-quarter period, there were no new business risks and no material changes in the business risks described in the annual securities report for the preceding fiscal year.」
It states that there have been no material changes in the external economic environment and geopolitical risks. - FY2022-Q1RestatedAnnual report
「During the six months ended [current first quarter], there was no emergence of new business or other risks, nor any material change in the business or other risks described in the annual securities report for the previous fiscal year.」
It states that there have been no material changes in the external economic environment and geopolitical risks. - FY2021RestatedAnnual report
「As business challenges arising from changes in market structure and intensifying competition in the global economic environment continue to increase, along with social challenges such as environmental issues and the aging of society, the timing of the containment of COVID-19 remains uncertain at present, and the pandemic is bringing changes to established patterns of behavior and values in all areas.」
In addition to external factors such as changes in market structure and intensifying competition, it continues to identify uncertainty caused by COVID-19 and changes in patterns of behavior. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter of the consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report.」
It states that there have been no material changes in the external economic environment and geopolitical risks. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the consolidated fiscal year, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report.」
It states that there have been no material changes in the external economic environment and geopolitical risks. - FY2020ReframedAnnual report
「Although Japan’s economy continued to recover gradually during the fiscal year, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies, the outlook for the domestic and overseas economies became uncertain due to the consumption tax increase, adverse weather caused by successive typhoons, and the impact of COVID-19.」
The description of the external environment has been reframed from US-China trade friction and concerns about a downside risk to the Chinese economy to uncertainty in the domestic and overseas economies, including the consumption tax increase, typhoons and adverse weather, and COVID-19. - FY2020-Q3RestatedAnnual report
「Japan’s economy during the nine-month period of the current fiscal year has been on a gradual recovery trend in corporate earnings and the employment environment, supported by the government’s economic and monetary policies. However, the outlook remains uncertain due to concerns about a downside risk to the economy from the consumption tax increase, US-China trade friction and concerns about a downside risk to the Chinese economy.」
It continues to identify concerns about a downside risk to the economy from the consumption tax increase, US-China trade friction and concerns about a downside risk to the Chinese economy as external-environment risks. - FY2020-Q2WorsenedAnnual report
「Japan’s economy during the six-month period of the current fiscal year has been on a gradual recovery trend in corporate earnings and the employment environment, supported by the government’s economic and monetary policies. However, the outlook remains uncertain due to concerns about a downside risk to the economy from the consumption tax increase, US-China trade friction and concerns about a downside risk to the Chinese economy.」
In addition to the previous concerns about US-China trade friction and a downside risk to the Chinese economy, it explicitly identifies concerns about a downside risk to the economy from the consumption tax increase as an external-environment risk. - FY2020-Q1RestatedAnnual report
「Japan’s economy during the three-month period of the current fiscal year has been on a gradual recovery trend in corporate earnings and the employment environment, supported by the government’s economic and monetary policies. However, the outlook remains uncertain due to US-China trade friction and concerns about a downside risk to the Chinese economy.」
It continues to identify US-China trade friction and concerns about a downside risk to the Chinese economy as external-environment risks. - FY2019ReframedAnnual report
「Japan’s economy during the fiscal year has been on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies. However, the outlook remains uncertain due to US-China trade friction and concerns about a downside risk to the Chinese economy.」
The description of external-environment risks has been reframed from uncertainty in overseas economies and geopolitical risks to a focus on US-China trade friction and concerns about a downside risk to the Chinese economy. - FY2019-Q3RestatedAnnual report
「Japan’s economy during the nine-month period of the current fiscal year has continued to recover gradually, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies. However, the outlook remains uncertain due to concerns including uncertainty in overseas economies and the impact of geopolitical risks.」
It continues to identify uncertainty in overseas economies and geopolitical risks as external-environment concerns. - FY2019-Q2RestatedAnnual report
「Japan’s economy during the six-month period of the current fiscal year has continued to recover gradually, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies. However, the outlook remains uncertain due to concerns including uncertainty in overseas economies and the impact of geopolitical risks.」
It continues to identify uncertainty in overseas economies and geopolitical risks as external-environment concerns. - FY2019-Q1ReframedAnnual report
「Japan’s economy during the three-month period of the current fiscal year has continued to recover gradually, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies. However, the outlook remains uncertain due to concerns including uncertainty in overseas economies and the impact of geopolitical risks.」
The description has been reframed from specific references to the Chinese economy and US policy to the more general external-environment risks of uncertainty in overseas economies and geopolitical risk. - FY2018ReframedAnnual report
「Japan’s economy during the fiscal year has been on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies. However, the outlook remains uncertain due to concerns about a downside risk to the Chinese economy.」
The description of external-environment risks has been refocused from the previous references to a slowdown in emerging-market economies and related factors on concerns about a downside risk to the Chinese economy. - FY2018-Q3SoftenedAnnual report
「Japan’s economy during the nine-month period of the current fiscal year has been on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment resulting from the government’s economic and monetary policies. However, the outlook remains uncertain due to uncertainty surrounding US policy and rising geopolitical risks in Asia.」
The previous references to a slowdown in emerging-market economies and a change of administration in the United States have been removed, with the discussion refocused on US policy uncertainty and geopolitical risks in Asia. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter, Japan's economy was on a gradual recovery trend, supported by improvements in corporate earnings and the employment environment resulting from government economic and monetary policies, among other factors. However, uncertainty about the outlook continued amid the slowdown in emerging-market economies, increased policy uncertainty following the change of administration in the United States, and rising geopolitical risks in Asia.」
It repeats the slowdown in emerging-market economies, US policy uncertainty and geopolitical risks in Asia, first mentioned in the previous quarter, as the same external-environment risks. - FY2018-Q1First statedAnnual report
「The outlook remains uncertain due to the slowdown in emerging-market economies, heightened policy uncertainty following the change of administration in the United States, and rising geopolitical risks in Asia.」
In its description of the business environment, it identifies an economic slowdown, policy uncertainty and geopolitical risk as external concerns for the first time. It does not describe any specific impact on the Company.