Risk of Economic Downturn from U.S. Policies, Asian Economies and the UK’s Withdrawal from the EU
First written in FY2017-Q3. 11 of 30 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2022: 19 of 22 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- FY2026Continued concern about economic downside risks from overseas conditions and higher pricesAnnual report
「Meanwhile, the outlook remains uncertain due to concerns over economic downside risks from heightened tensions in the Middle East, developments in US trade policy, and domestic inflation, as well as a decline in visitors to Japan accompanying worsening Japan-China relations.」
While continuing to cite concerns regarding overseas economies, geopolitical risks, and inflation, it explicitly identified the Middle East situation, US trade policy, and a decline in visitors to Japan resulting from worsening Japan-China relations. - FY2026-H1Greater clarity on the transmission channels for US tariffs and inflationAnnual report
「Meanwhile, the outlook remains uncertain due to the decline in exports resulting from US tariff policy, the associated deterioration in corporate earnings, the impact of prolonged inflation, particularly in food prices, on private consumption, and downside risks to capital investment and the income environment accompanying weaker corporate earnings.」
In addition to the longstanding US tariff policy, it specifically describes the channels through which declining exports could affect corporate earnings, capital investment, and the income environment, as well as the impact of higher food and other prices on private consumption. - FY2025Addition of US tariff and Chinese real estate market risksAnnual report
「Meanwhile, the outlook remains uncertain, amid concerns that tighter tariff measures under the new Trump administration and deterioration in the external environment stemming from the sluggish Chinese real estate market could affect exports and corporate earnings.」
In addition to the previously cited concerns over yen depreciation, inflation, and overseas economies, it explicitly identifies tighter US tariff measures and the sluggish Chinese real estate market as external risks. - FY2025-H1Continued yen depreciation, concerns over the Chinese economy, and geopolitical risksAnnual report
「Meanwhile, the outlook remains uncertain due to the continued impact of yen depreciation resulting from the Japan-US interest rate differential driven by US monetary policy, weaker overseas economies caused in part by the sluggish Chinese real estate market, and the prolonged Russian invasion of Ukraine and deterioration of the Middle East situation.」
In addition to the previously cited overseas economic conditions, yen depreciation, and the situation in Ukraine, it identified yen depreciation resulting from US monetary policy, the sluggish Chinese real estate market, and the deterioration of the Middle East situation as factors contributing to uncertainty in the economic environment. - FY2024Continued uncertainty regarding the economic outlook following the deterioration of the Middle East situation and the transition of COVID-19 to Category 5Annual report
「Meanwhile, the outlook remains uncertain due to the effects of weaker overseas economies, higher raw material and energy prices resulting from the Russian invasion of Ukraine and the deterioration of the Middle East situation, and record yen depreciation and inflation.」
In addition to the previously cited weakness in overseas economies, the situation in Ukraine, and yen depreciation and inflation, it explicitly identifies higher raw material and energy prices resulting from the deterioration of the Middle East situation as an economic concern. - FY2024-Q2Continued higher crude oil prices and inflation caused by yen depreciationAnnual report
「Meanwhile, the outlook remains uncertain, as weaker overseas economies, higher crude oil prices, and the effects of yen depreciation and inflation pose downside risks to the domestic economy.」
It explicitly identifies weaker overseas economies, yen depreciation and inflation, and higher crude oil prices as downside risks to the domestic economy. - FY2024-Q1Continued weakness in overseas economies and inflation caused by yen depreciationAnnual report
「However, continued attention will be necessary regarding the impact of weaker overseas economies, higher energy prices accompanying the prolonged Russian invasion of Ukraine, and record yen depreciation and inflation.」
It continued to explicitly identify weaker overseas economies, higher energy prices associated with the situation in Ukraine, and yen depreciation and inflation as concerns regarding the economic environment. - FY2023Continued monetary tightening, the situation in Ukraine, and foreign exchange concernsAnnual report
「Meanwhile, the outlook remains uncertain due to concerns over the impact of global monetary tightening on financial and capital markets, higher raw material and energy prices resulting from the prolonged Russian invasion of Ukraine, and foreign exchange developments, including yen depreciation.」
In addition to the previously cited infection-related risks, supply constraints, and yen depreciation, it continues to identify global monetary tightening, the situation in Ukraine, and higher raw material and energy prices as factors contributing to uncertainty in the economic environment. - FY2023-Q3Continued yen depreciation, supply constraints and infectious-disease trendsAnnual report
「However, the domestic economic environment remains uncertain due to the impact of soaring prices caused by yen depreciation, supply-side constraints, and developments concerning COVID-19.」
It continues to identify inflation caused by yen depreciation, supply-side constraints, and developments in COVID-19 infections as factors contributing to uncertainty in the domestic economy. - FY2023-Q2Addition of overseas economic downside risks and monetary tighteningAnnual report
「However, the domestic economic environment remains uncertain due to downside risks in overseas economies arising from global monetary tightening, the impact of soaring prices caused by yen depreciation, and supply-side constraints.」
In addition to the existing yen depreciation, soaring prices and supply constraints, downside risks in overseas economies arising from global monetary tightening were explicitly identified as a source of uncertainty for the domestic economy. - FY2023-Q1Explicit identification of yen depreciation, soaring prices and renewed infectionsAnnual report
「During the first three months of the fiscal year, Japan’s economy showed signs of recovery as economic and social activity normalized following comprehensive measures to prevent COVID-19 infections. However, the domestic and overseas economic environment remained uncertain due to the prolonged situation in Ukraine, the impact of soaring prices caused by record yen depreciation, and the renewed spread of COVID-19.」
In addition to the continuing situation in Ukraine, soaring prices caused by record yen depreciation and the renewed spread of COVID-19 were explicitly identified as sources of uncertainty in the economic environment. - FY2022WorsenedAnnual report
「However, economic trends must continue to be monitored closely due to factors including economic restraint caused by the spread of new variants, soaring raw-material prices resulting from the situation in Ukraine, restrictions on and delays in logistics and supply, and falling share prices.」
In addition to economic restraint caused by infectious diseases, the situation in Ukraine, soaring raw-material prices, restrictions on and delays in logistics and supply, and falling share prices were explicitly identified as new downside factors for the economy. - FY2022-Q3Addition of supply constraints and soaring raw-material pricesAnnual report
「However, economic trends must continue to be monitored closely because of risks including the adverse effects of economic stagnation caused by activity restrictions and requests to refrain from going out due to COVID-19, including new variants, supply-side constraints, and soaring raw-material prices.」
In addition to the existing uncertainty surrounding infectious diseases and overseas economies, supply-side constraints and soaring raw-material prices were explicitly identified as economic risks. - FY2022-Q2RestatedAnnual report
「During the six-month period ended in the second quarter, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report for the previous fiscal year.」
The Company reconfirms that there have been no new risks or material changes concerning downside risks to the economy arising from overseas economies and policy trends. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter period, there was no new occurrence of business or other risks, nor any material change to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
It states that there have been no new risks or material changes concerning downside risks to the economy arising from overseas economies and policy trends. - FY2021-Q2RestatedAnnual report
「During the six-month period ended in the second quarter, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report for the previous fiscal year.」
It states that there have been no new risks or material changes concerning downside risks to the economy arising from overseas economies and policy trends. - FY2021-Q1RestatedAnnual report
「Although economic activity is finally beginning to resume, the effects of COVID-19 are expected to be prolonged, and the economic outlook remains uncertain.」
The Company indicates that the effects of COVID-19 are expected to be prolonged and that uncertainty in overseas and domestic economies is continuing. - FY2020WorsenedAnnual report
「Since the beginning of the year, the spread of COVID-19 has placed society and the economy in Japan and overseas in a serious situation, further increasing economic uncertainty.」
In addition to the existing uncertainty surrounding overseas economies arising from US-China trade tensions and Brexit, the impact of the spread of COVID-19 on society and the economies of Japan and other countries became an additional source of economic uncertainty. - FY2020-Q3RestatedAnnual report
「The outlook remains uncertain due to US-China trade tensions, economic conditions in emerging economies including China, Brexit and geopolitical risks in the Middle East.」
The Company continues to indicate uncertainty about the outlook due to US-China trade tensions, economic conditions in emerging economies including China, Brexit and geopolitical risks in the Middle East. - FY2020-Q2RestatedAnnual report
「The outlook remains uncertain due to overseas economic uncertainty, including heightened tensions resulting from US trade policy, the slowdown in China’s economy and Brexit.」
The Company continues to identify overseas economic uncertainty arising from US trade policy, the slowdown in China’s economy and Brexit as a business-environment concern. - FY2020-Q1RestatedAnnual report
「The outlook remains uncertain due to overseas economic uncertainty, including US trade policy and concerns about a slowdown in China’s economy.」
The Company continues to identify overseas economic uncertainty arising from US trade policy and concerns about a slowdown in China’s economy as a business-environment concern. - FY2019RestatedAnnual report
「The outlook remains uncertain due to overseas economic uncertainty, including US trade policy, US-China trade tensions, concerns about a slowdown in China’s economy and Brexit.」
The Company continues to indicate overseas economic uncertainty arising from US trade policy, US-China trade tensions, concerns about a slowdown in China’s economy and Brexit. - FY2019-Q3Explicit identification of the slowdown in China’s economy and geopolitical risksAnnual report
「Although the economic recovery is expected to continue, centered on domestic demand such as capital investment driven by high corporate earnings and labor shortages and private consumption supported by improvements in employment and income conditions, the outlook remains uncertain due to the effects on external demand of US-China trade tensions resulting from US trade policy and the associated slowdown in China’s economy, as well as Brexit and geopolitical risks.」
Downside factors for the economy explicitly include US trade policy and US-China trade tensions, the slowdown in China’s economy, Brexit and geopolitical risks. - FY2019-Q2Change in scope to US-China trade tensions and yen appreciationAnnual report
「However, attention must be paid to the downside risks to the economy from the effects of yen appreciation and falling share prices associated with risk aversion, resulting from the impact on the global economy of US trade policy, represented by US-China trade tensions, and Brexit.」
Regarding downside risks to the economy from overseas conditions, US trade policy was specified as US-China trade tensions, and the transmission channels of yen appreciation and falling share prices were identified. Brexit continued to be mentioned. - FY2019-Q1Resurfacing of risks and changes in scopeAnnual report
「However, attention must be paid to the effects of developments in US trade policy, geopolitical risks in the Middle East, and political risks in Europe and East Asia.」
Risks related to the economy and overseas conditions, which had not been explicitly stated in FY2018, were listed again. The scope changed from US policy, emerging Asian economies and Brexit to US trade policy, geopolitical risks in the Middle East, and political risks in Europe and East Asia. - FY2018DroppedAnnual report
「During the fiscal year, Japan’s economy remained on a gradual recovery track, supported by domestic and overseas demand. Exports and production continued to increase against a backdrop of a solid recovery in overseas economies, while corporate earnings, employment conditions and the income environment continued to improve steadily.」
Downside risks to the economy from US policy, emerging Asian economies and Brexit, which had been mentioned through the previous year, were not explicitly stated in the FY2018 business-environment description. - FY2018-Q3RestatedAnnual report
「Exports and capital investment are expected to continue increasing against a backdrop of a gradual recovery in overseas economies, while private consumption is expected to remain firm as employment and income conditions improve and consumer sentiment recovers. Although there are downside risks from US policy trends, economic conditions in emerging Asian economies, and volatility in financial and capital markets, the economy is expected to remain on a gradual recovery track.」
The Company continues to indicate downside risks from US policy trends, economic conditions in emerging Asian economies and volatility in financial and capital markets. - FY2018-Q2RestatedAnnual report
「During the six-month period ended in the second quarter, there were no new business or other risks, nor any material changes to the business and other risks described in the securities report for the previous fiscal year.」
It states that there have been no new risks or material changes concerning downside factors for the economy, including overseas policy trends and financial-market conditions. - FY2018-Q1RestatedAnnual report
「Although there are concerns about the policies of the new US administration and overseas political and economic developments, a continued gradual recovery is expected, supported by a recovery in exports and increased public investment under economic stimulus measures.」
The Company continues to indicate concerns about the policies of the new US administration and overseas political and economic developments. It states that there have been no new risks or material changes in business and other risks. - FY2017-Q3First statedAnnual report
「Looking ahead, positive factors such as increased public investment under economic stimulus measures and improvements in employment and income conditions are expected to support a continued recovery. However, concern remains about downside risks to the economy, including uncertainty surrounding the policies of the new US administration, the outlook for emerging Asian economies and the lack of clarity surrounding the European economy due to Brexit.」
Downside risks from the policies of the new US administration, emerging Asian economies and Brexit were identified as business-environment concerns for the first time.