Caution regarding downside risks in overseas economies and financial market volatility
First written in FY2016-Q2. 12 of 28 entries say "Worsened", first in FY2018-Q3. Latest entry: FY2026-H1.
Cyberlinks moved to the "Worse" side of this theme in 2020, 1 year after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
23 other companies' latest entry also says "Reframed".
- FY2026-H1ReframedAnnual report
「During the interim consolidated accounting period under review, Japan's economy recovered moderately, although the impact of developments in the Middle East requires monitoring. Looking ahead, improvements in the employment and income environment and the effects of various policies are expected to support a moderate recovery, but attention must also be paid to developments in the region, the impact of volatility in financial and capital markets, and developments surrounding U.S. trade policy.」
Regarding overseas economic and financial market risks, the description has been reorganized around developments in the Middle East, volatility in financial and capital markets, and U.S. trade policy. There is no longer any mention of rising prices and other factors explicitly identified in the previous filing. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period under review, Japan's economy recovered moderately, although some impact from U.S. trade policy and other factors was evident. Looking ahead, improvements in the employment and income environment and the effects of various policies are expected to support a moderate recovery, but attention must be paid to the downside risk to the economy from the impact of U.S. trade policy. In addition, the continuing rise in prices is a risk that could put downward pressure on Japan's economy through its impact on private consumption, including a deterioration in consumer sentiment. Close attention must also continue to be paid to the impact of volatility in financial and capital markets and other factors.」
In addition to the existing risks related to overseas economies and financial markets, the report explicitly identified downside risk to the economy from U.S. trade policy and the risk of downward pressure on private consumption from continued price increases. - FY2024WorsenedAnnual report
「Meanwhile, a downturn in overseas economies, including the impact of persistently high interest rates in Europe and the United States and the continuing stagnation of China's property market, has become a risk that could put downward pressure on Japan's economy. Close attention must also be paid to the impact of rising prices, future policy developments in the United States, developments in the Middle East, volatility in financial and capital markets, and other factors.」
High interest rates in Europe and the United States and stagnation in China's property market were explicitly identified as factors behind the downturn in overseas economies, while rising prices, U.S. policy, and the situation in the Middle East were listed as new matters requiring attention. - FY2023WorsenedAnnual report
「Meanwhile, a downturn in overseas economies, including the impact of global monetary tightening and concerns about the outlook for China's economy, has become a risk that could put downward pressure on Japan's economy. Close attention must also be paid to the impact of rising prices, developments in the Middle East, volatility in financial and capital markets, and other factors. In addition, close attention must be paid to the economic impact of the 2024 Noto Peninsula Earthquake.」
In addition to downturns in overseas economies, rising prices, and volatility in financial markets, the situation in the Middle East and the economic impact of the 2024 Noto Peninsula Earthquake were explicitly identified as new matters requiring attention. - FY2023-Q2SoftenedAnnual report
「Meanwhile, as global monetary tightening and other developments continue, a downturn in overseas economies has become a risk that could put downward pressure on Japan's economy. Close attention must also be paid to the impact of rising prices, volatility in financial and capital markets, and other factors.」
The report continues to mention downturns in overseas economies, rising prices, and volatility in financial and capital markets, while the explicit references to yen depreciation and supply-side constraints in the previous quarter have been removed. - FY2022-Q3WorsenedAnnual report
「However, as global monetary tightening and other developments continue, a downturn in overseas economies has become a risk that could put downward pressure on Japan's economy. Close attention must also be paid to the impact of rising prices, yen depreciation, supply-side constraints, volatility in financial and capital markets, and other factors.」
In addition to the previously identified risks related to monetary tightening, supply constraints, raw material prices, and volatility in financial markets, downturns in overseas economies, rising prices, and yen depreciation were explicitly identified. - FY2022-Q2ReframedAnnual report
「However, amid continued global monetary tightening, close attention must be paid to volatility in financial and capital markets, rising raw material prices, supply-side constraints, and downside risk arising from volatility in financial and capital markets and other factors.」
Regarding overseas economic and financial market risks, the focus has been reorganized from the previous quarter's description, which centered on uncertainty surrounding the situation in Ukraine and other factors, to global monetary tightening, rising raw material prices, supply constraints, and volatility in financial and capital markets. - FY2022-Q1WorsenedAnnual report
「However, amid uncertainty stemming from the situation in Ukraine and other factors, close attention must be paid to downside risk arising from rising raw material prices, volatility in financial and capital markets, supply-side constraints, and other factors. It is also necessary to monitor the impact of the infection.」
In addition to the previously identified risks related to the infection, supply constraints, raw material prices, and financial markets, uncertainty stemming from the situation in Ukraine and other factors was explicitly identified. - FY2021WorsenedAnnual report
「However, close attention must be paid to the downside risk arising from the impact of the infection, supply-side constraints, and trends in raw material prices. It is also necessary to monitor the impact of volatility in financial and capital markets and other factors.」
In addition to the risks associated with the infection and financial markets, the report explicitly identified downside risk to the economy from supply constraints and trends in raw material prices. - FY2021-Q3WorsenedAnnual report
「However, close attention must be paid to the downside risk arising from the impact transmitted through supply chains. It is also necessary to monitor the impact of domestic and overseas infection trends, volatility in financial and capital markets, and other factors.」
In addition to the infection and volatility in financial and capital markets, downside risk to the economy transmitted through supply chains was explicitly identified. - FY2021-Q2SoftenedAnnual report
「Looking ahead, the recovery is expected to continue as measures to prevent the spread of infection are implemented and vaccination is promoted. However, close attention must be paid to the impact of infection trends on domestic and overseas economies. It is also necessary to monitor the impact of volatility in financial and capital markets and other factors.」
The report continues to call attention to the risks associated with the infection and financial and capital markets, while adding that an economic recovery is expected against the backdrop of increased vaccination. - FY2021-Q1WorsenedAnnual report
「Looking ahead, the recovery is expected to continue as measures to prevent the spread of infection are implemented, although close attention must be paid to the increasing downside risk from the spread of infection at home and abroad. It is also necessary to monitor the impact of volatility in financial and capital markets and other factors.」
While expressing expectations for an economic recovery, the report continues to call attention to the increasing downside risk from the spread of infection at home and abroad and to volatility in financial and capital markets. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy remained in a difficult situation due to the impact of COVID-19, but signs of recovery have recently emerged. Looking ahead, as social and economic activity is gradually expanded while measures to prevent the spread of infection are implemented, the recovery is expected to continue, although close attention must be paid to the impact of the infection on domestic and overseas economies. It is also necessary to pay close attention to the economic impact of the July 2020 heavy rains and other factors, as well as volatility in financial and capital markets.」
While the report noted that the economy was recovering amid the continuing impact of the infection, it explicitly identified the infection's impact on domestic and overseas economies, the July 2020 heavy rains, and volatility in financial and capital markets as new matters requiring attention. - FY2020-Q1WorsenedAnnual report
「During the first quarter of the current consolidated fiscal year, the Japanese economy deteriorated rapidly due to the impact of the novel coronavirus infectious disease and is in an extremely severe condition. The outlook is also expected to remain extremely severe due to the impact of the infectious disease, and close attention must be paid to the risk that the infectious disease could cause further downside in domestic and overseas economies. It is also necessary to closely monitor the impact of volatility in financial and capital markets, among other factors.」
In addition to the existing uncertainty surrounding overseas economies and financial markets, concerns about downside risks to domestic and overseas economies and volatility in financial markets caused by COVID-19 have been explicitly identified. - FY2019-Q3WorsenedAnnual report
「However, in addition to tensions surrounding trade issues, China's economic outlook, developments in overseas economies including the UK's EU withdrawal, and the impact of financial and capital market volatility, it is also necessary to pay close attention to trends in consumer sentiment following the consumption tax rate increase and the impact of a succession of natural disasters on the economy.」
In addition to the previous references to trade issues, China's economy, and uncertainty in overseas economies and financial markets, the UK's EU withdrawal, consumer sentiment following the consumption tax rate increase, and the impact of natural disasters were explicitly identified. - FY2019-Q2RestatedAnnual report
「However, it is necessary to remain mindful of the impact of developments in trade issues on the global economy, China's economic outlook, uncertainty regarding developments and policies in overseas economies, and volatility in financial and capital markets.」
Trade issues, uncertainty regarding overseas economies and policies, including China, and volatility in financial and capital markets continue to be described as risks. - FY2019-Q1RestatedAnnual report
「However, it is necessary to remain mindful of the impact of developments in trade issues on the global economy, China's economic outlook, uncertainty regarding developments and policies in overseas economies, and volatility in financial and capital markets.」
Trade issues, uncertainty regarding overseas economies and policies, including China, and volatility in financial and capital markets continue to be described as risks. - FY2018ReframedAnnual report
「However, it is necessary to remain mindful of the impact of developments in trade issues on the global economy, uncertainty in overseas economies, including China's economic outlook, and volatility in financial and capital markets.」
Regarding overseas economic and financial market risks, trade issues and China's economic outlook are explicitly identified, while the reference to natural disasters in the previous quarter has been removed. - FY2018-Q3WorsenedAnnual report
「However, it is necessary to remain mindful of the impact of developments in trade issues on the global economy, increasing uncertainty in overseas economies, volatility in financial and capital markets, and the impact of a succession of natural disasters on the economy.」
The impact of trade issues, uncertainty in overseas economies, and volatility in financial and capital markets was supplemented by the impact of a succession of natural disasters on the economy as a risk. - FY2018-Q2ReframedAnnual report
「However, it is necessary to remain mindful of the impact of developments in trade issues on the global economy and the impact of volatility in financial and capital markets, among other factors.」
Regarding overseas economic and financial market risks, the description has been reorganized from references to the economic outlook and policies of China and other emerging Asian countries to the impact of trade issues on the global economy and volatility in financial and capital markets. - FY2018-Q1ReinclusionAnnual report
「However, it is necessary to remain mindful of the impact of uncertainty regarding the economic outlook and policies of China and other emerging Asian countries, as well as the impact of volatility in financial and capital markets.」
Risks relating to overseas economies and financial and capital markets, which were not identified individually in the previous full fiscal year, have been described again. The focus is on the economic outlook and policies of China and other emerging Asian countries, and volatility in financial and capital markets. - FY2017DroppedAnnual reportThe individual disclosures concerning overseas economies, including China and emerging Asian countries, and volatility in financial and capital markets that appeared through the previous quarter cannot be found in the main text for the current fiscal year.
- FY2017-Q3RestatedAnnual report
「However, it is necessary to remain mindful of the impact of uncertainty regarding the economic outlook and policies of China and other emerging Asian countries, as well as the impact of volatility in financial and capital markets.」
Uncertainty regarding the economic outlook and policies of China and other emerging Asian countries, and volatility in financial and capital markets, continue to be identified as external environmental risks. - FY2017-Q2ReframedAnnual report
「However, it is necessary to remain mindful of the impact of uncertainty regarding the economic outlook and policies of China and other emerging Asian countries, as well as the impact of volatility in financial and capital markets.」
Uncertainty in overseas economies and volatility in financial and capital markets are again described, but the reference to the normalization of US monetary policy that was explicit in the previous quarter has been removed, with the discussion organized around the economic outlook and policies of China and other emerging Asian countries. - FY2017-Q1ReinclusionAnnual report
「However, it is necessary to remain mindful of the impact of increasing uncertainty in overseas economies, including uncertainty regarding the normalization of US monetary policy and the economic outlook and policies of China and other emerging Asian countries, as well as volatility in financial and capital markets.」
The main text for the previous fiscal year did not include disclosures concerning uncertainty in overseas economies or volatility in financial and capital markets, but these have reappeared. The focus has shifted from the UK's EU withdrawal issue to the normalization of US monetary policy and other matters. - FY2016DroppedAnnual reportThe individual risk disclosures concerning China and emerging Asian economies, the UK's EU withdrawal issue, and volatility in overseas financial markets that appeared through the previous quarter cannot be found in the main text for the current fiscal year.
- FY2016-Q3RestatedAnnual report
「However, as there is a risk that a downturn in the economies of China and other emerging Asian countries could weigh on the Japanese economy, it is necessary to remain mindful of the impact of increasing uncertainty in overseas economies, including issues such as the UK's withdrawal from the EU, and volatility in financial and capital markets.」
Downside risks to emerging Asian economies, the UK's EU withdrawal issue, and uncertainty in overseas economies and financial markets continue to be identified as risks. - FY2016-Q2First statedAnnual report
「However, as there is a risk that a downturn in the economies of China and other emerging Asian countries could weigh on the Japanese economy, it is necessary to remain mindful of the impact of increasing uncertainty in overseas economies, including issues such as the UK's withdrawal from the EU, and volatility in financial and capital markets.」
Uncertainty in overseas economies, the UK's EU withdrawal issue and financial and capital market volatility are cited as external environmental risks.