Risks from stagnant market growth, changes in laws and regulations, and unforeseen events
First written in FY2016. 7 of 14 entries say "Worsened", first in FY2023. Latest entry: 2026-08-10.
Papyless moved to the "Worse" side of this theme in 2023, 3 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 24 of 31 companies on the "Worse" side.
9 other companies' latest entry also says "Restated".
- 2026-08-10RestatedEarnings
「The company is also affected by the impact of inflation on personal consumption, resulting from soaring resource prices against a backdrop of mounting tensions in the Middle East and the continued trend toward yen depreciation.」
The company continues to describe downward pressure on personal consumption from resource prices, yen depreciation and inflation. - FY2026WorsenedAnnual report
「However, the impact of US trade policy and other factors poses a risk of putting downward pressure on Japan's economy. The company is also affected by the impact of rising prices on personal consumption, resulting from soaring resource prices against a backdrop of increasing instability in the international situation and the continued trend toward yen depreciation.」
In addition to the existing risks from rising prices and the international situation, the downward pressure on the economy from US trade policy was identified as a new external environmental risk. - 2026-05-15WorsenedRevision of earnings forecasts
「Looking ahead, the market outlook remains uncertain, owing to concerns about mounting tensions in the Middle East and U.S. policy developments, as well as risks such as higher raw material prices and foreign exchange fluctuations.」
The company continues to describe uncertainty about the outlook arising from geopolitics, U.S. policy, raw material prices and foreign exchange fluctuations. - FY2026-H1RestatedAnnual report
「Revenue declined from the same interim period of the previous year. This was due to mounting downward pressure on users' consumption as rising prices resulting from soaring resource prices against a backdrop of increasing instability in the international situation, foreign exchange fluctuations and other factors affected consumer behavior, as well as tighter regulations on targeted advertising following amendments to the Act on the Protection of Personal Information.」
Rising prices resulting from the international situation, resource prices, foreign exchange fluctuations and other factors, together with tighter targeted advertising regulations, continue to be cited as factors behind the decline in revenue. - FY2025WorsenedAnnual report
「During the consolidated fiscal year under review, the operating environment remained challenging due to the impact of declining user consumption resulting from rising prices amid an unstable global situation and sharp foreign exchange fluctuations, as well as tighter regulations on targeted advertising following amendments to the Act on the Protection of Personal Information.」
The challenging environment, in which an unstable global situation, sharp foreign exchange fluctuations, rising prices and tighter targeted advertising regulations are affecting user consumption and advertising efficiency, continues to be described. - FY2025-H1WorsenedAnnual report
「Revenue declined from the same interim period of the previous year. This was due to mounting downward pressure on users' consumption as rising prices resulting from soaring global resource prices, foreign exchange fluctuations and other factors affected consumer behavior, as well as tighter regulations on targeted advertising following amendments to the Act on the Protection of Personal Information.」
Rising prices resulting from soaring resource prices, foreign exchange fluctuations and other factors, together with tighter targeted advertising regulations, continue to be cited as factors behind downward pressure on user consumption and the decline in interim revenue. - FY2024WorsenedAnnual report
「In addition, advertising efficiency has declined due to tighter regulations on targeted advertising following amendments to the Act on the Protection of Personal Information, while continued mounting downward pressure on users' consumption has weakened promotional effectiveness and slowed market growth.」
The slowdown in market growth was attributed to lower advertising efficiency and promotional effectiveness resulting from tighter targeted advertising regulations, as well as downward pressure on consumption. - FY2024-Q1WorsenedAnnual report
「This was due to sluggish user spending resulting from the delayed recovery from the prolonged suppression of economic activity to prevent the spread of COVID-19 infections, rising prices caused by higher resource prices and a weaker yen, and tighter targeted-advertising regulations following revisions to the Act on the Protection of Personal Information.」
In addition to infectious diseases and advertising regulations, describing higher resource prices and a weaker yen, which drove up prices, as factors behind sluggish user spending and lower revenue in the current quarter. - FY2023WorsenedAnnual report
「During the current consolidated fiscal year, the operating environment became even more challenging due to lower user spending resulting from soaring prices against a backdrop of prolonged war and a historically weak yen, as well as the impact of tighter targeted-advertising regulations following revisions to the Act on the Protection of Personal Information.」
In addition to the previously identified risks related to infectious diseases, piracy and advertising regulations, describing prolonged war, a historically weak yen and soaring prices as actual factors worsening the operating environment through lower consumer spending. - FY2023-Q3MaterialisedAnnual report
「Revenue decreased from the same quarter of the previous year. This was due to continued downward pressure on user spending as recovery from the prolonged suppression of economic activity to prevent the spread of COVID-19 infections remained delayed, as well as the impact of tighter targeted-advertising regulations following revisions to the Act on the Protection of Personal Information.」
Describing tighter targeted-advertising regulations following revisions to the Act on the Protection of Personal Information as an actual factor behind lower revenue, alongside downward pressure on user spending. - FY2019Piracy risk explicitly identifiedAnnual report
「If the e-book market fails to expand, the Group's services become subject to regulation due to revisions to laws and regulations, or any other unforeseeable event, such as piracy websites, occurs, the Group's performance may be affected.」
In addition to the previously identified risks of stagnant market growth, changes in laws and regulations, and unforeseen events, explicitly identifying piracy websites as a specific unforeseen event. - FY2018RestatedAnnual report
「If the e-book market fails to expand, the Group's services become subject to regulation due to revisions to laws and regulations, or any other unforeseeable event occurs, the Group's performance may be affected.」
Reiterating the risk of an impact on performance from stagnant market growth, regulation resulting from legal and regulatory revisions, and unforeseen events. - FY2017RestatedAnnual report
「The Group will respond to the expansion of the e-book market and a broad range of display devices by expanding and enhancing its services. However, if the e-book market fails to expand, the Group's services become subject to regulation due to revisions to laws and regulations, or any other unforeseeable event occurs, the Group's performance may be affected.」
Reiterating the risk of an impact on performance from stagnant market expansion, regulation resulting from legal and regulatory revisions, and unforeseen events. - FY2016First statedAnnual report
「If the e-book market fails to expand, the Group's services become subject to regulation due to revisions to laws and regulations, or any other unforeseeable event occurs, the Group's performance may be affected.」
Identifying stagnant market expansion, regulation resulting from legal and regulatory revisions, and unforeseen events as comprehensive business risks.