Economic uncertainty caused by the slowdown in emerging markets, the UK's withdrawal from the EU, and yen appreciation
First written in FY2016-Q2. 20 of 31 entries say "Restated". Latest entry: 2026-08-14.
Showcase 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: 140 of 172 companies on the "Worse" side.
54 other companies' latest entry also says "Restated".
- 2026-08-14RestatedEarnings
「At the same time, the weaker yen and persistently high raw material and energy prices are pushing up prices, while the worsening situation in the Middle East is expected to make the outlook extremely challenging.」
The company continues to identify the weaker yen, raw material and energy prices, and the situation in the Middle East as external risk factors. - FY2026WorsenedAnnual report
「The Group's financial position and operating results may be affected by future developments, including higher costs resulting from rising prices, unstable foreign exchange markets, and U.S. policy trends.」
In addition to the previously identified risk factors of energy and raw material prices, yen depreciation, and overseas conditions, higher costs resulting from rising prices, unstable foreign exchange markets, and U.S. policy trends are also described as risk factors. - FY2026-H1ReframedAnnual report
「High energy and raw-material prices, inflation resulting from prolonged yen depreciation, future U.S. policy developments and fluctuations in the financial and capital markets may affect the Group's business, financial position and operating results depending on how circumstances develop.」
External environment risks have taken concrete form in persistently high energy and raw material prices, prolonged yen depreciation, U.S. policies, and volatility in the financial and capital markets. - FY2024-H1RestatedAnnual report
「Rapid exchange-rate fluctuations and the situation in Ukraine and other factors may affect the Group's business, financial position and operating results depending on how circumstances develop.」
While stating that there have been no material changes in the major risks, the potential effects of rapid exchange-rate fluctuations and the situation in Ukraine and other factors on the business, financial position and operating results continue to be described. - FY2024-Q1ReframedAnnual report
「During the 1st quarter of the current consolidated cumulative period, further economic recovery was expected as the COVID-19 pandemic subsided. However, the outlook remained uncertain due to concerns about rising prices and labor costs resulting from higher resource prices and instability in Ukraine and the Middle East.」
The external factors creating uncertainty have been specified more concretely, changing from COVID-19, the situation in Ukraine and yen depreciation to resource prices, prices and labor costs, and conditions in Ukraine and the Middle East. - FY2023RestatedAnnual report
「During the current consolidated fiscal year, although the economy continues to be affected by the situation in Ukraine and other factors, COVID-19 has been reclassified as a Class 5 disease, and further economic recovery is expected.」
While the effects of the situation in Ukraine and other factors remain, the view that the economy will recover as a result of COVID-19 being reclassified as a Class 5 disease continues to be expressed. - FY2023-Q3RestatedAnnual report
「Although the Group continues to be affected by the situation in Ukraine and other factors, COVID-19 has been reclassified as a Class 5 disease, and further economic recovery is expected.」
While the effects of the situation in Ukraine and other factors remain, the transition of COVID-19 to Class 5 and expectations for an economic recovery are described. - FY2023-Q2RestatedAnnual report
「The rapid depreciation of the yen and the situation in Ukraine and other factors may affect the Group's business, financial position and operating results depending on how circumstances develop.」
The potential effects of rapid yen depreciation and the situation in Ukraine and other factors on the business, financial position and operating results continue to be described. - FY2023-Q1WorsenedAnnual report
「The rapid depreciation of the yen and the situation in Ukraine and other factors may affect the Group's business, financial position and operating results depending on how circumstances develop.」
In addition to COVID-19 and the situation in Ukraine and other factors previously cited, the potential effects of rapid yen depreciation on the business, financial position and operating results are explicitly identified. - FY2022-Q3RestatedAnnual report
「During the current consolidated fiscal year, although an economic recovery is expected due to the effects of various policies while difficult conditions resulting from COVID-19 persist, concerns about the impact of the situation in Ukraine and other factors on economic activity in Japan and overseas remain, and the outlook continues to be uncertain.」
The uncertainty surrounding the domestic and overseas economies due to COVID-19 and the situation in Ukraine and other factors continues to be described. - FY2022-Q2RestatedAnnual report
「During the 2nd quarter of the current consolidated cumulative period, there were no material changes in the occurrence of major risks that management recognizes as potentially having a material effect on the financial position, operating results or cash flows of the consolidated companies, among the matters concerning business conditions and accounting described in this quarterly report, or in the business and other risks described in the annual securities report for the previous fiscal year. However, the spread of COVID-19 and the situation in Ukraine and other factors may affect the Group's financial position and operating results depending on how circumstances develop.」
While stating that there have been no material changes in the major risks, the potential effects of the spread of COVID-19 and the situation in Ukraine and other factors continue to be described. - FY2022-Q1WorsenedAnnual report
「During the 1st quarter of the current consolidated cumulative period, although an economic recovery is expected due to the effects of various policies while difficult conditions resulting from COVID-19 persist, concerns about economic activity in Japan and overseas due to the situation in Ukraine and other factors have emerged, and the outlook remains uncertain.」
In addition to the previous uncertainty caused by COVID-19, new concerns about economic activity in Japan and overseas due to the situation in Ukraine and other factors are described. - FY2021-Q3RestatedAnnual report
「During the 3rd quarter of the current consolidated cumulative period, economic activity gradually resumed while measures were taken to prevent the spread of COVID-19, but the economy remained uncertain.」
While economic activity is resuming amid the impact of COVID-19, the view that uncertainty surrounding Japan's domestic economy continues is maintained. - FY2021-Q2RestatedAnnual report
「During the 2nd quarter of the current consolidated cumulative period, Japan's economy remained uncertain due to the effects of COVID-19 and other factors.」
The uncertainty surrounding Japan's domestic economy due to the effects of COVID-19 and other factors continues to be described. - FY2021-Q1RestatedAnnual report
「During the 1st quarter of the current consolidated cumulative period, Japan's economy remained uncertain due to the effects of COVID-19 and other factors.」
The uncertainty surrounding Japan's domestic economy due to the effects of COVID-19 and other factors continues to be described. - FY2020MaterialisedAnnual report
「The timing of the end of the COVID-19 pandemic remains uncertain. The risk has already materialized, and if the time required for its resolution is prolonged, it may have a further adverse effect on the domestic and overseas economies and may adversely affect the Group's operating results and financial position.」
It is explicitly recognized that the risks associated with COVID-19 have already materialized and that the timing of its resolution remains uncertain. - FY2020-Q3RestatedAnnual report
「During the 3rd quarter of the current consolidated cumulative period, Japan's economy remained uncertain due to unstable international conditions resulting from the spread of COVID-19.」
The uncertainty over the outlook due to the spread of COVID-19 and unstable international conditions continues to be described. - FY2020-Q2WorsenedAnnual report
「In addition to the business and other risks described in the annual securities report for the previous fiscal year, if the COVID-19 infection situation deteriorates further from its current level, it may affect operating results and financial position, including through lower sales. Specifically, the Company's main customers are in the financial, retail, e-commerce, real estate and services industries. Potential impacts include the need to shift from the face-to-face sales meetings used primarily to date, changes in corporate spending resulting from fluctuations in marketing budgets, and the need to establish a work environment that ensures employee safety.」
The risks associated with the spread of COVID-19 are described in terms of specific channels of impact, including lower sales and effects on financial position, the shift away from face-to-face sales meetings, fluctuations in marketing budgets and ensuring employee safety. - FY2020-Q1WorsenedAnnual report
「During the 1st quarter of the current consolidated cumulative period, Japan's economy remained uncertain due to unstable international conditions resulting from the spread of COVID-19. There were also concerns about the impact on the Group's business performance,」
In addition to the previously cited instability in international conditions, the spread of COVID-19 and concerns about its impact on business performance are explicitly identified. - FY2019RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy remained on a moderate recovery track, supported by the effects of various government economic policies, including the continued recovery in corporate earnings and improvement in employment and income conditions, although the outlook remained uncertain due to unstable international conditions.」
While uncertainty over the outlook due to unstable international conditions is indicated, the view that Japan's domestic economy is on a moderate recovery track continues to be expressed. - FY2019-Q3RestatedAnnual report
「During the 3rd quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery track, supported by the effects of various government economic policies, including the continued recovery in corporate earnings and improvement in employment and income conditions, although the outlook remained uncertain due to unstable international conditions.」
While uncertainty over the outlook due to unstable international conditions is indicated, the view that Japan's domestic economy is on a moderate recovery track continues to be expressed. - FY2019-Q2RestatedAnnual report
「During the 2nd quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery track, supported by the effects of various government economic policies, including the continued recovery in corporate earnings and improvement in employment and income conditions, although the outlook remained uncertain due to unstable international conditions.」
While uncertainty over the outlook due to unstable international conditions is indicated, the view that Japan's domestic economy is on a moderate recovery track continues to be expressed. - FY2018-Q2ReframedAnnual report
「Although attention must be paid to the effects of future policies of the U.S. administration, developments in trade issues and the impact on Japan's economy of rising geopolitical risks in Asia, the overseas economy is expected to recover moderately.」
The risk factors in the external environment have been specified more concretely, changing from international conditions and economic uncertainty to U.S. administration policies, trade issues and geopolitical risks in Asia. At the same time, a moderate recovery in the overseas economy is anticipated. - FY2018-Q1RestatedAnnual report
「During the 1st quarter of the current consolidated cumulative period, Japan's economy remained on a moderate recovery track, supported by the effects of various government economic policies, including the continued recovery in corporate earnings and improvement in employment and income conditions, although the outlook remained uncertain due to unstable international conditions.」
While uncertainty over the outlook due to unstable international conditions is described, Japan's domestic economy is characterized as being on a moderate recovery track against a backdrop of improving corporate earnings and employment and income conditions. - FY2017RestatedAnnual report
「During the current consolidated fiscal year, Japan's economy was on a moderate recovery track, although it lacked strength. Corporate earnings remained favorable, and employment and income conditions showed signs of improvement. Although there is some uncertainty as to whether the economic stimulus measures implemented by the government will have their expected effect, the economy is expected to remain on a recovery track.」
The view that the economy is on a moderate recovery track, while the effects of the government's economic measures remain uncertain, continues to be expressed. - FY2017-Q3RestatedAnnual report
「During the 3rd quarter of the current consolidated cumulative period, Japan's economy was on a moderate recovery track, although it lacked strength. Corporate earnings remained favorable, and employment and income conditions showed signs of improvement. Although there is some uncertainty as to whether the economic stimulus measures implemented by the government will have their expected effect, the economy is expected to remain on a recovery track.」
The economy is described as being on a moderate recovery track, while some uncertainty remains regarding the effects of the economic measures. - FY2017-Q2RestatedAnnual report
「Japan's economy remained on a moderate recovery track, despite a lack of strength in personal consumption, amid the effects of overseas conditions and economic uncertainty, as well as the continuation of the Bank of Japan's monetary easing policy and the government's economic measures. Signs of improvement were seen in employment and income conditions, exports and production.」
Although uncertainty in the external environment due to overseas conditions and economic uncertainty is described, the economy is characterized as being on a moderate recovery track. - FY2017-Q1ReframedAnnual report
「However, the outlook for business conditions remains uncertain due to international political and economic developments and the effects of the introduction of negative interest rates.」
Although economic uncertainty continues, the factors cited have changed from the previous slowdown in emerging markets, Brexit and yen appreciation to international political and economic developments and the effects of the introduction of negative interest rates. - FY2016RestatedAnnual report
「However, the slowdown in emerging-market economies, including China, and uncertainty over the outlook for the European and U.S. economies stemming from the UK's Brexit issue have continued, and the outlook for Japan's domestic economy remains uncertain.」
The uncertainty surrounding Japan's domestic economy due to the slowdown in emerging-market economies, the UK's Brexit issue and uncertainty over the outlook for the European and U.S. economies continues to be described. - FY2016-Q3RestatedAnnual report
「However, due to slowing emerging-market economies, including China, and uncertainty over the outlook for the European and U.S. economies stemming from the UK's Brexit issue, the trend toward yen appreciation has persisted, and the outlook for Japan's domestic economy remains uncertain.」
The uncertainty surrounding Japan's domestic economy due to the slowdown in emerging-market economies, the UK's Brexit issue and the prolonged trend toward yen appreciation continues to be described. - FY2016-Q2First statedAnnual report
「However, due to slowing emerging-market economies, including China, and uncertainty over the outlook for the European and U.S. economies stemming from the UK's Brexit issue, the yen has appreciated further and the outlook for Japan's domestic economy has become unstable.」
The slowdown in emerging-market economies, the UK's Brexit issue and further yen appreciation are described as factors destabilizing the outlook for Japan's domestic economy.