Falling stock prices, yen appreciation, and weakening external demand, particularly in emerging markets
First written in FY2017-Q1. 17 of 25 entries say "Restated". Latest entry: FY2027-H1.
Tsi Holdings moved to the "Worse" side of this theme in 2025, 6 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
66 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「The continued depreciation of the yen and rising prices tended to heighten consumers’ defensive attitudes toward household finances」
The external uncertainty and factors restraining consumption resulting from the weaker yen and higher prices were reaffirmed. - FY2026WorsenedAnnual report
「There were also negative factors, including continued price increases, record-breaking heat and a slowdown in inbound demand due to deteriorating Japan-China relations.」
In addition to the existing factors of high prices, foreign exchange fluctuations and international conflicts, record-breaking heat and a slowdown in inbound demand due to cooling Japan-China relations were identified as factors worsening the external environment. - FY2026-H1WorsenedAnnual report
「The environment remains susceptible to growing concerns about an economic slowdown due to continued price increases, US tariff policies and record-breaking heat.」
In addition to the existing factors of high prices, foreign exchange fluctuations and international conflicts, US tariff policies and record-breaking heat were explicitly identified as factors contributing to concerns about an economic slowdown. - FY2025WorsenedAnnual report
「The difficult conditions continued due to a combination of factors, including persistently high procurement costs, foreign exchange fluctuations and international conflicts.」
In addition to persistently high procurement costs, continuing foreign exchange fluctuations and international conflicts were noted. The US business was also described as facing a cooling market and sluggish sales due to inflation, making the severity of the external environment more concrete. - FY2025-H1RestatedAnnual report
「The difficult conditions continued due to a combination of factors, including soaring resource and materials prices associated with conflicts in Ukraine and Palestine and the continuing substantial depreciation of the yen.」
The uncertainty in the external environment caused by the conflict, soaring resource and materials prices and the substantial depreciation of the yen was reconfirmed. - FY2025-Q1RestatedAnnual report
「The difficult conditions continued due to a combination of factors, including soaring resource and materials prices associated with conflicts in Ukraine and Palestine and the continuing substantial depreciation of the yen.」
The uncertainty in the external environment caused by the conflict, soaring resource and materials prices and the substantial depreciation of the yen was reconfirmed. - FY2024RestatedAnnual report
「The difficult conditions continued due to a combination of factors, including soaring global resource and raw-material prices associated with conflicts in Ukraine and Palestine and the continuing substantial depreciation of the yen.」
The uncertainty surrounding overseas conditions and foreign exchange caused by the conflict, soaring resource and raw-material prices and the substantial depreciation of the yen was reconfirmed. - FY2024-Q3WorsenedAnnual report
「Personal consumption recovered as the impact of COVID-19 subsided. However, difficult conditions continued due to a combination of factors, including changes in consumer sentiment toward apparel products resulting from the pandemic, surging resource and raw-material prices amid conflicts in Ukraine and Palestine, and the substantial depreciation of the yen.」
In addition to the existing risks from overseas conditions and foreign exchange fluctuations, the conflict in Palestine, soaring raw-material prices and the continuing substantial depreciation of the yen were explicitly noted. - FY2024-Q2RestatedAnnual report
「The difficult conditions continued due to a combination of factors, including soaring resource prices associated with the continuing situation in Russia and Ukraine and the substantial depreciation of the yen against foreign currencies.」
The uncertainty in the external environment caused by the situation in Russia and Ukraine, soaring resource prices and the substantial depreciation of the yen was reconfirmed. - FY2024-Q1RestatedAnnual report
「The difficult conditions continued due to a combination of factors, including soaring resource prices associated with the situation in Russia and Ukraine and sharp foreign exchange fluctuations.」
The uncertainty in the external environment caused by soaring resource prices associated with the situation in Russia and Ukraine and sharp foreign exchange fluctuations continued to be noted. - FY2023RestatedAnnual report
「However, the outlook remained uncertain due to soaring global resource prices and sharp foreign exchange fluctuations stemming from the situation in Russia and Ukraine.」
The uncertainty in the external environment caused by soaring resource prices and sharp foreign exchange fluctuations continued to be noted. - FY2023-Q3WorsenedAnnual report
「The outlook remains uncertain due to the impact of soaring global resource prices and the sharp depreciation of the yen stemming from the situation in Russia and Ukraine, as well as the renewed increase in COVID-19 cases.」
In addition to the existing uncertainty surrounding overseas economies and foreign exchange, the impact of the sharp depreciation of the yen was explicitly noted, highlighting greater uncertainty in the external environment. - FY2020RestatedAnnual report
「Sales of fashion and apparel products tend to be affected by factors such as a decline in consumers’ willingness to purchase caused by fluctuations in economic conditions, particularly fluctuations in disposable personal income」
The decline in willingness to purchase caused by fluctuations in economic conditions and disposable personal income was reconfirmed as an economic-environment risk. - FY2018RestatedAnnual report
「Although uncertainty remained about overseas conditions, a gradual overall recovery trend continued.」
Uncertainty about overseas conditions continued to be noted, while a gradual overall recovery trend in the domestic economy was also cited. - FY2018-Q3RestatedAnnual report
「Although uncertainty about overseas conditions remained, a gradual overall recovery trend continued.」
Uncertainty about overseas conditions and a gradual overall recovery trend continued to be cited. - FY2018-Q2RestatedAnnual report
「Although uncertainty about overseas conditions remained, a gradual overall recovery trend continued.」
Uncertainty about overseas conditions was reconfirmed, while a gradual overall recovery trend in the domestic economy was also noted. - FY2018-Q1RestatedAnnual report
「Although uncertainty remained about overseas economic conditions, including the operation of the U.S. administration, signs of an overall recovery continued.」
Uncertainty about the overseas economy due to factors including the operation of the U.S. administration was reconfirmed, while an overall recovery was also noted. - FY2017RestatedAnnual report
「Although uncertainty remained about the outlook for the overseas economy, including the change in the U.S. administration and the United Kingdom’s withdrawal from the EU, signs of recovery were seen overall in corporate activity and the household sector.」
The change in the U.S. administration and the United Kingdom’s withdrawal from the EU were cited as factors contributing to uncertainty about the overseas economy. Signs of recovery in corporate activity and the household sector were also noted. - FY2017-Q3RestatedAnnual report
「Although uncertainty remained about the outlook for the overseas economy, including the United Kingdom’s withdrawal from the EU, signs of recovery were seen overall in personal consumption and exports.」
Uncertainty about the overseas economy associated with the United Kingdom’s withdrawal from the EU was reiterated, while signs of recovery in personal consumption and exports were also noted. - FY2017-Q2RestatedAnnual report
「Conditions remained unstable due to declining external demand, particularly from emerging markets, and uncertainty about the outlook for the European economy arising from issues including the United Kingdom’s withdrawal from the EU.」
The decline in external demand centered on emerging markets was reiterated, and uncertainty about the European economy due to the United Kingdom’s withdrawal from the EU was additionally noted. - FY2017-Q1First statedAnnual report
「Unstable factors, including falling share prices, yen appreciation and declining external demand, particularly from emerging markets, gradually intensified.」
The deterioration of the external environment relating to share prices, foreign exchange and overseas demand was noted.