Downside risks to the economy from fluctuations in overseas economies and financial and capital markets
First written in FY2017-Q1. 15 of 32 entries say "Restated". Latest entry: 2026-06-26.
m-up holdings 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 2019: 100 of 178 companies on the "Worse" side.
19 other companies' latest entry also says "Reframed".
- 2026-06-26ReframedRevision to earnings forecast
「昨今のグローバルなインフラコスト（サーバー費用等）の上昇傾向や為替変動リスクに対しましては、インフラ基盤の効率化を進めるとともに、海外会員数の増加を通じて外貨収益の獲得枠を拡大させてまいります。」
従来の為替等の外部環境リスクに、サーバー費用等のグローバルインフラコスト上昇を明示し、インフラ効率化と外貨収益拡大による対応策を示している。 - FY2026WorsenedAnnual report
「Meanwhile, close attention must be paid to the impact on consumer sentiment and companies' cost burdens of higher crude oil prices resulting from heightened geopolitical risks surrounding the situation in the Middle East, and continued higher prices caused by those increases. In addition, uncertainty in the external environment, including developments in overseas economies and volatility in foreign exchange markets, is a concern as a downside risk to the economy, and developments across the economy as a whole require continued monitoring.」
In addition to the previously cited uncertainty in foreign exchange markets, prices and overseas economies, the disclosure explicitly identifies the situation in the Middle East, rising crude oil prices and companies' cost burdens as new factors exerting downward pressure on the economy. - FY2026-H1RestatedAnnual report
「Meanwhile, close attention must continue to be paid to the impact of the external environment, including the risk that continued price increases may weigh on consumer sentiment, volatility in financial and capital markets, and uncertainty in overseas economies and trade policy.」
Price increases, consumer sentiment, financial and capital markets, overseas economies and trade policy continue to be cited as downside factors and sources of uncertainty for the economy. - FY2025-H1RestatedAnnual report
「Meanwhile, close attention is required regarding the impact of foreign exchange volatility and price increases, and risks that continue to exert downward pressure on the economy, including a downturn in overseas economies, remain.」
Foreign exchange volatility, price increases and a downturn in overseas economies continue to be cited as factors exerting downward pressure on the economy. - FY2024RestatedAnnual report
「Meanwhile, the economic outlook remains uncertain due to factors including sharp foreign exchange volatility and price increases resulting from surging resource and energy prices.」
Foreign exchange volatility, surging resource and energy prices, and price increases continue to be cited as factors exerting downward pressure on the economy. - FY2024-Q2RestatedAnnual report
「Meanwhile, caution is warranted regarding risks of downward pressure on the economy, including foreign exchange market developments, higher prices and the resulting trend in consumer sentiment.」
Foreign exchange markets, higher prices and consumer sentiment continue to be cited as factors exerting downward pressure on the economy. - FY2024-Q1SoftenedAnnual report
「Although risks of downward pressure on the economy remain, including foreign exchange volatility and higher prices resulting from surging raw material prices, a moderate recovery is expected to continue.」
The disclosure now expresses expectations for a moderate economic recovery, and the concerns explicitly cited through the previous fiscal year, including the prolonged situation in Ukraine, are not mentioned this time. However, it continues to cite the risks of foreign exchange volatility and higher prices resulting from surging raw material prices. - FY2023RestatedAnnual report
「However, the economic outlook remains uncertain due to factors including the prolonged situation in Ukraine, sharp foreign exchange volatility and higher prices resulting from surging raw material prices.」
The situation in Ukraine, foreign exchange volatility, and raw material prices and higher prices continue to be cited as downside factors and sources of uncertainty for the economy. - FY2023-Q3WorsenedAnnual report
「However, the economic outlook remains uncertain due to factors including the prolonged situation in Ukraine, sharp foreign exchange volatility and weaker consumer appetite caused by higher prices.」
The disclosure identifies the prolonged situation in Ukraine, sharp foreign exchange volatility and weaker consumer appetite caused by higher prices as downside factors and sources of uncertainty for the economy. - FY2023-Q2RestatedAnnual report
「Meanwhile, the economy faces various challenges, including volatility in financial and capital markets such as foreign exchange market developments and responses to the global surge in prices, and downside risks to the economy remain a concern.」
Volatility in foreign exchange and financial and capital markets, as well as the global surge in prices, continue to be cited as downside factors for the economy. - FY2023-Q1SoftenedAnnual report
「During the three-month period ended June 2022, Japan's economy was gradually recovering as the severe situation caused by COVID-19 eased and social and economic activity moved toward normalization. Although the economy is expected to continue recovering, concerns remain about downside risks from volatility in financial and capital markets, including foreign exchange market developments, and responses to the global surge in prices of raw materials and energy.」
The disclosure describes social and economic activity moving toward normalization from the severe situation caused by the pandemic and an economic recovery, while continuing to cite downside risks from foreign exchange markets, financial markets, and raw material and energy prices. - FY2022WorsenedAnnual report
「Meanwhile, downside risks remain a concern, including heightened geopolitical risks arising from the situation in Ukraine, surging raw material and energy prices, and developments in foreign exchange markets, and the outlook remains uncertain.」
In addition to the previously cited pandemic and uncertainty in overseas economies, the disclosure identifies the situation in Ukraine, raw material and energy prices, and foreign exchange markets as new downside factors. - FY2022-Q3RestatedAnnual report
「However, downside risks remain a concern, including the spread and impact of new variants and supply-side constraints, and the uncertain situation is expected to continue.」
Developments in and the impact of new variants, as well as supply-side constraints, continue to be cited as downside risks for the economy and sources of uncertainty about the outlook. - FY2022-Q2WorsenedAnnual report
「Although the lifting of the declaration of a state of emergency is expected to allow the level of social and economic activity to rise gradually and lead to a further recovery, concerns remain about downside risks from a resurgence of infections and developments in the supply side and other parts of the supply chain, and the uncertain situation is expected to continue.」
In addition to the resurgence of infections, the disclosure identifies downside risks from supply-side and supply-chain developments as new sources of uncertainty. - FY2022-Q1WorsenedAnnual report
「During the three-month period ended June 2021, Japan's economy remained in a severe situation due to restrictions on social and economic activity associated with COVID-19, and weakness increased in some areas following the reissuance of a declaration of a state of emergency.」
The disclosure states that, in addition to restrictions on social and economic activity caused by the pandemic, weakness increased in some areas following the reissuance of a declaration of a state of emergency. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended December 2020, Japan's economy remained in a severe situation as social and economic activity was restricted due to the impact of COVID-19. Although signs of recovery had emerged in some areas, including consumer sentiment and private consumption, supported by resilient employment conditions, that recovery has stalled and the outlook remains uncertain following the resurgence of infections and the resulting declaration of a state of emergency.」
The disclosure states that the recovery in the economy has stalled due to the resurgence of infections and the declaration of a state of emergency, increasing uncertainty about the outlook. - FY2021-Q2RestatedAnnual report
「Although a continued recovery is expected as the level of social and economic activity is gradually raised, concerns remain that the pandemic may pose a risk of further downside for domestic and overseas economies, and the severe situation is expected to continue.」
The disclosure continues to present both expectations for an economic recovery and the risk of further downside for domestic and overseas economies caused by COVID-19. - FY2020WorsenedAnnual report
「The economy has rapidly deteriorated in the near term due to the impact of the global COVID-19 pandemic and is in an extremely severe situation. Looking ahead, there are concerns that the pandemic may pose a risk of further downside for domestic and overseas economies, and the extremely severe situation caused by the pandemic is expected to continue.」
In addition to the previously cited uncertainty in overseas economies and financial markets, the disclosure describes the rapid deterioration in domestic and overseas economies caused by COVID-19 and the risk of further downside. - FY2020-Q3RestatedAnnual report
「Although the recovery is expected to continue while weakness remains in the near term, caution about the outlook is also evident due to factors including consumer sentiment after the consumption tax rate increase and developments in overseas economies surrounding trade issues.」
Consumer sentiment after the consumption tax rate increase and developments in overseas economies surrounding trade issues continue to be cited as factors warranting caution about the outlook. - FY2020-Q2WorsenedAnnual report
「Meanwhile, caution about the outlook remains due to factors including consumer sentiment after the consumption tax rate increase and developments in overseas economies surrounding trade issues, while the pace of recovery is also slowing.」
The disclosure identifies consumer sentiment after the consumption tax rate increase and developments in overseas economies surrounding trade issues as concerns, and also adds the slowing pace of economic recovery. - FY2020-Q1RestatedAnnual report
「Although the recovery is expected to continue, caution about the outlook is increasing due to factors including growing concerns about labor shortages, the impact of tax increases and uncertainty in overseas economies.」
Concerns about labor shortages, the impact of tax increases and uncertainty in overseas economies continue to be cited as factors warranting caution about the outlook. - FY2019WorsenedAnnual report
「Although the recovery is expected to continue, a more cautious view of the outlook has emerged due to factors including growing concerns about labor shortages, the impact of tax increases and uncertainty in overseas economies.」
In addition to the previously cited uncertainty in overseas economies, the disclosure identifies growing concerns about labor shortages and the impact of tax increases as reasons for caution about the outlook. - FY2019-Q3WorsenedAnnual report
「Looking ahead, this trend is expected to continue, but uncertainty is increasing as the pace of recovery has recently slowed, with consumer sentiment weakening, and uncertainty remains in overseas economies due to trade issues and volatility in financial and capital markets.」
The disclosure newly states that consumer sentiment is weakening and the pace of economic recovery is slowing, and that uncertainty about the outlook is increasing alongside trade issues and volatility in financial and capital markets. - FY2019-Q2WorsenedAnnual report
「Although this trend is expected to continue, some uncertainty remains regarding the outlook due to weakening consumer sentiment and uncertainty in overseas economies, including trade issues and fluctuations in financial and capital markets.」
In addition to the existing uncertainty in overseas economies, trade issues and fluctuations in financial and capital markets, the statement explicitly identifies weakening consumer sentiment as a source of uncertainty regarding the outlook. - FY2019-Q1WorsenedAnnual report
「Although concerns remain about the economic impact of trade issues and uncertainty in overseas economies, a continued recovery is expected going forward.」
In addition to the existing uncertainty in overseas economies, the statement explicitly identifies the economic impact of trade issues as a new concern. - FY2018RestatedAnnual report
「Although attention should be paid to factors including uncertainty in overseas economies and the effects of fluctuations in financial and capital markets, a continued recovery is expected.」
The statement continues to present expectations for a recovery in the domestic economy alongside the need to monitor overseas economies and fluctuations in financial and capital markets. - FY2018-Q3RestatedAnnual report
「Although attention should be paid to factors including uncertainty in overseas economies and the effects of fluctuations in financial and capital markets, a continued recovery is expected.」
The statement highlights the need to monitor uncertainty in overseas economies and fluctuations in financial and capital markets, while also presenting expectations for a continued recovery in the domestic economy. - FY2018-Q1RestatedAnnual report
「A recovery is expected to continue, but the outlook remains uncertain due to factors including uncertainty in overseas economies and the effects of fluctuations in financial and capital markets.」
The statement continues to present expectations for a recovery in the domestic economy alongside external risks from uncertainty in overseas economies and fluctuations in financial and capital markets. - FY2017RestatedAnnual report
「A gradual recovery is expected to continue, but the outlook remains uncertain due to factors including the prospects for overseas economies, particularly emerging economies, policy uncertainty and the effects of fluctuations in financial and capital markets.」
The statement continues to present expectations for a recovery in the domestic economy alongside uncertainty in overseas economies, policy and financial markets. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, Japan's economy was on a gradual recovery path. Corporate earnings remained at a high level, accompanied by improvements in employment and income conditions, while private consumption was also beginning to recover, although some areas of improvement were lagging. The recovery trend is expected to continue, supported by the effects of various policies, but the outlook remains uncertain due to uncertainty in overseas economies, particularly in emerging economies such as China, and the effects of the change in the US administration.」
While describing the recovery trend in the domestic economy, the statement continues to identify overseas economies, particularly China and other emerging economies, and the change in the US administration as external risks. - FY2017-Q2WorsenedAnnual report
「Although the recovery has recently shown signs of stalling, concerns about downside risks to the economy, including weakness in overseas economies and the effects of fluctuations in financial and capital markets, have added to the uncertainty surrounding the outlook.」
In addition to the previous reference to uncertainty, the statement explicitly cites a stalled economic recovery and weakness in overseas economies, providing more specific details on downside factors in the external environment. - FY2017-Q1First statedAnnual report
「Looking ahead, the outlook remains uncertain amid concerns about downside risks to the economy, including heightened uncertainty in overseas economies and the effects of fluctuations in financial and capital markets.」
Uncertainty in overseas economies and fluctuations in financial and capital markets have newly emerged as external downside risks to the economy.