Economic Instability, Yen Appreciation and Share Price Volatility
First written in FY2017-Q1. 15 of 38 entries say "Reframed", first in FY2018-Q1. Latest entry: 2026-09-11.
Neojapan moved to the "Worse" side of this theme in 2020, 2 years before the typical company in this theme (2022).
The whole theme swung hardest in 2020: 44 of 63 companies on the "Worse" side.
70 other companies' latest entry also says "Restated".
- 2026-09-11RestatedResults
「The economic outlook is expected to continue recovering gradually, but careful attention is required regarding the impact of the situation in the Middle East, rising prices, U.S. trade policy, volatility in the financial and capital markets, and supply constraints caused by semiconductor shortages and other factors.」
The company reiterated the economic environment risk factors, including supply constraints caused by semiconductor shortages, which were added in FY2027-H1. - FY2027-H1WorsenedAnnual report
「The economic outlook is expected to continue recovering gradually, but careful attention is required regarding the impact of the situation in the Middle East, rising prices, U.S. trade policy, volatility in the financial and capital markets, and supply constraints caused by semiconductor shortages and other factors.」
In addition to the existing risks of the situation in the Middle East, rising prices, US policy, and fluctuations in financial and capital markets, the disclosure identifies supply constraints caused by semiconductor shortages as a new factor requiring attention. - 2026-06-11ReframedResults
「In addition to the situation in the Middle East, rising prices, U.S. trade policy and volatility in the financial and capital markets, careful attention is required regarding the impact of supply constraints caused by semiconductor shortages and other factors.」
The company newly added supply constraints caused by semiconductor shortages and other factors to the previously identified economic environment risks. - FY2026RestatedAnnual report
「A continued moderate recovery is expected, but the situation requires attention to the impact of US trade policy, rising prices, the situation in the Middle East, fluctuations in financial and capital markets, and other factors.」
The disclosure reiterates expectations for a moderate economic recovery and the need to monitor US trade policy, rising prices, the situation in the Middle East, and fluctuations in financial and capital markets. - FY2026-H1ReframedAnnual report
「A continued moderate recovery is expected, but the situation continues to require attention to the impact of US trade policy, ongoing price increases, fluctuations in financial and capital markets, and other factors.」
While maintaining expectations for an economic recovery, the disclosure organizes the previously cited risks related to US policy developments as US trade policy, ongoing price increases, and fluctuations in financial and capital markets. - FY2025ReframedAnnual report
「A continued moderate recovery is expected, but the situation requires attention to the impact of rising prices, US policy developments, the situation in the Middle East, fluctuations in financial and capital markets, and other factors.」
In addition to the existing risks of rising prices, the situation in the Middle East, and fluctuations in financial and capital markets, the disclosure explicitly identifies US policy developments as a source of uncertainty. - FY2025-H1ReframedAnnual report
「During the interim consolidated fiscal period under review, Japan's economy continued to recover moderately as corporate earnings and employment and income conditions improved. Regarding the outlook for economic conditions, a continued moderate recovery is expected, but the situation requires attention to the impact of rising prices, the situation in the Middle East, fluctuations in financial and capital markets, and other factors.」
While maintaining expectations for a moderate recovery in the domestic economy, the disclosure organizes the risk factors as rising prices, the situation in the Middle East, and fluctuations in financial and capital markets. - FY2025-Q1ReframedAnnual report
「A continued moderate recovery is expected, but the situation requires attention to the impact of global monetary tightening, concerns about stagnation in the Chinese economy, rising prices, the situation in the Middle East, and other factors.」
While the domestic economy is described as likely to continue its moderate recovery, the risk factors explicitly identified are global monetary tightening, rising prices, the situation in the Middle East, and concerns about stagnation in the Chinese economy. - FY2024WorsenedAnnual report
「Regarding the outlook for economic conditions, a continued moderate recovery is expected amid improvements in employment and income conditions and the effects of various government policies. However, the company recognizes the need to monitor the impact of global monetary tightening, rising prices, unstable foreign exchange fluctuations, the situation in the Middle East, concerns about the outlook for the Chinese economy, and other factors.」
In addition to the existing risks of monetary tightening, rising prices, foreign exchange fluctuations, and the situation in the Middle East, the disclosure explicitly identifies concerns about the outlook for the Chinese economy. - FY2024-Q3WorsenedAnnual report
「Regarding the outlook for economic conditions, a continued recovery is expected under living with COVID-19, supported by the effects of various government policies. However, attention must be paid to the impact of global monetary tightening, rising prices, unstable foreign exchange fluctuations, the situation in the Middle East, and other factors, and the outlook remains uncertain.」
In addition to the existing risks of monetary tightening, rising prices, and unstable foreign exchange fluctuations, the disclosure identifies the situation in the Middle East as a new source of uncertainty. - FY2024-Q2WorsenedAnnual report
「Regarding the outlook for economic conditions, a continued recovery is expected under living with COVID-19, supported by the effects of various government policies. However, attention must be paid to the impact of global monetary tightening, rising prices, supply-side constraints, unstable foreign exchange fluctuations, and other factors, and the outlook remains uncertain.」
While indicating expectations for an economic recovery, the disclosure explicitly identifies unstable foreign exchange fluctuations as a source of uncertainty in addition to the existing risks of monetary tightening, rising prices, and supply constraints. - FY2024-Q1WorsenedAnnual report
「Regarding the outlook for economic conditions, a continued recovery is expected under living with COVID-19, supported by the effects of various government policies. However, attention must be paid to the impact of global monetary tightening, rising prices, supply-side constraints, and other factors, and the outlook remains uncertain.」
While indicating expectations for an economic recovery and improvement, the disclosure identifies global monetary tightening, rising prices, and supply constraints as new sources of uncertainty. - FY2023RestatedAnnual report
「However, the outlook remains uncertain due to the prolonged situation in Ukraine, soaring energy prices and raw material prices, and sharp foreign exchange fluctuations resulting from global monetary tightening.」
The disclosure reiterates uncertainty in the economic environment, including the situation in Ukraine, soaring energy and raw material prices, and foreign exchange fluctuations resulting from monetary tightening. - FY2023-Q3ReframedAnnual report
「During the cumulative third quarter of the consolidated fiscal period under review, Japan's economic and social activity gradually resumed as restrictions were eased despite the impact of COVID-19, and the economy showed signs of a moderate recovery. However, the outlook remained uncertain due to the prolonged situation in Ukraine, soaring energy and raw material prices, and sharp foreign exchange fluctuations.」
While the easing of restrictions on economic and social activity and the recovery in economic conditions were added, uncertainty about the outlook due to the prolonged situation in Ukraine, soaring energy and raw material prices, and sharp foreign exchange fluctuations continued. - FY2023-Q2WorsenedAnnual report
「However, the outlook remains uncertain due to the sharp increase in COVID-19 cases in Japan during the seventh wave, the prolonged situation in Ukraine, soaring energy and raw material prices, and sharp foreign exchange fluctuations.」
In addition to the existing infectious disease and Ukraine-related risks, the disclosure identifies the sharp increase in cases during the seventh wave, soaring energy and raw material prices, and sharp foreign exchange fluctuations as new sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「However, the IMF's World Economic Outlook published in April 2022 revised down its economic growth forecasts due to the impact of Russia's invasion of Ukraine and other factors, and the outlook remains uncertain.」
In addition to the existing impact of COVID-19 and other factors, the downward revision to global economic growth forecasts resulting from Russia's invasion of Ukraine is described as a new source of uncertainty. - FY2022WorsenedAnnual report
「During the consolidated fiscal year under review, Japan's economy remained uncertain after the number of new COVID-19 cases declined, the state of emergency and the priority preventive measures were lifted at the end of September 2021, and vaccinations progressed, creating expectations for the normalization of economic activity. However, the resurgence of COVID-19 from January 2022 kept the outlook uncertain. In the ASEAN region, where the company's subsidiaries operate, COVID-19 also resurged, and difficult conditions continued.」
In Japan, the outlook changed from expectations for economic normalization to an uncertain situation following the resurgence of infections in January 2022, while the disclosure also states that infections resurged in the ASEAN region and difficult conditions continued. - FY2022-Q3ReframedAnnual report
「During the cumulative third quarter of the consolidated fiscal period under review, Japan's economy remained uncertain, although the number of new COVID-19 cases declined, the state of emergency and the priority preventive measures were lifted at the end of September 2021, and vaccinations progressed, creating expectations for the normalization of economic activity. At the same time, concerns remained about a resurgence of COVID-19. In the ASEAN region, where the company's subsidiaries operate, difficult conditions also continued, with restrictions on corporate activities imposed intermittently due to the impact of COVID-19.」
In Japan, expectations for normalization arising from the lifting of the state of emergency and other measures and progress in vaccinations were added, while concerns about a resurgence of infections and restrictions on corporate activities in the ASEAN region were also noted, organizing the risks by region. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the consolidated fiscal period under review, Japan's economy remained in a difficult situation due to the resurgence of COVID-19, including the reissuance of the state of emergency and the expansion of the areas to which it applied. Although the promotion of COVID-19 vaccinations and the recovery of economies in countries where vaccinations had progressed ahead of others are expected, the timing of the containment of infections remains unforeseeable, and the outlook remains uncertain.」
The disclosure states that the difficult economic conditions and uncertainty over when infections will be contained continue following the resurgence of infections, the reissuance of the state of emergency, and the expansion of the areas to which it applies. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter of the consolidated fiscal period under review, economic activity recovered in developed countries where COVID-19 vaccinations were progressing ahead of other countries, while some countries continued to experience expanding infections due to variant strains, and the situation remained uncertain. In Japan as well, vaccinations had begun for healthcare workers and others, but infections caused by variant strains were increasing, and a state of emergency was reimposed in the Tokyo metropolitan and Kansai regions in April 2021, among other developments, leaving the situation uncertain.」
While referring to recovery factors arising from the start of vaccinations, the disclosure adds rising infections caused by variant strains and the reimposition of the state of emergency, specifying the factors behind the uncertain economic environment. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter of the consolidated fiscal period under review, domestic and overseas economies remained in a difficult situation due to the global COVID-19 pandemic. Although signs of a recovery were seen, including the recovery trend in stock markets, the outlook remained uncertain, including concerns about a resurgence of infections.」
While referring to signs of a recovery, such as the recovery in stock markets, the disclosure states that domestic and overseas economies remain difficult and that uncertainty about the outlook, including the possibility of a resurgence of infections, continues. - FY2021-Q2RestatedAnnual report
「Regarding the impact of the spread of COVID-19 on the business, although there has been no significant impact on the business at present, the situation remains unpredictable. Accordingly, while continuing measures to prevent the spread of infection, we will continue to closely monitor developments.」
The company reiterates its view that, although COVID-19 has not had a major impact on its business at present, the situation remains unpredictable. - FY2021-Q1MaterialisedAnnual report
「The impact of the COVID-19 pandemic caused domestic and overseas economies to deteriorate sharply, resulting in steep declines in financial markets and the active job-openings-to-applicants ratio, among other developments, further increasing uncertainty about the outlook.」
The economic environment risks previously presented as uncertainty about the outlook were described in terms of actual conditions, including the sharp deterioration in domestic and overseas economies caused by the impact of COVID-19, the steep decline in financial markets, and the decline in the active job-openings-to-applicants ratio. - FY2020WorsenedAnnual report
「During the consolidated fiscal year under review, Japan's economy continued on a moderate recovery trend, with improvements in corporate earnings and employment conditions, although the outlook remained uncertain due to trade friction originating in the US and China and the spread of a novel infectious disease.」
In addition to the existing US-China trade friction and other factors, the spread of a novel infectious disease was added as a factor contributing to uncertainty about the outlook. - FY2020-Q3ReframedAnnual report
「During the cumulative third quarter of the consolidated fiscal period under review, Japan's economy remained on a moderate recovery trend, as improvements in employment and income conditions continued despite prolonged weakness centered on exports. Meanwhile, the outlook for the global economy remained uncertain, including the outlook for the Chinese economy and the course of the UK's withdrawal from the EU.」
The description of the domestic economy changed to state that weakness in exports had become prolonged, while overseas risks focused on the outlook for the Chinese economy and the course of the UK's withdrawal from the EU. The improvement in unemployment and income conditions and expectations for a moderate recovery were maintained. - FY2020-Q2ReframedAnnual report
「During the cumulative second quarter under review, Japan's economy continued on a moderate recovery trend, as improvements in employment and income conditions continued despite weakness centered on exports. Meanwhile, the outlook for the global economy remained uncertain, with ongoing confusion surrounding US-China trade friction and the UK's withdrawal from the EU.」
The description of weakness in the domestic economy changed from signs of slowing in corporate earnings and capital investment in the previous quarter to weakness centered on exports. In the global economy, uncertainty surrounding US-China trade friction and the UK's withdrawal from the EU continued. - FY2020-Q1ReframedAnnual report
「During the cumulative first quarter under review, Japan's economy continued on a moderate recovery trend, as improvements in employment and income conditions continued despite signs of slowing in the outlook for corporate earnings and capital investment. Meanwhile, the outlook for the global economy remained uncertain, with ongoing confusion surrounding US-China trade friction and the UK's withdrawal from the EU.」
The description of the domestic economy adds signs of slowing in capital investment and corporate earnings, while specifying US-China trade friction and the UK's withdrawal from the EU as overseas risks. - FY2019RestatedAnnual report
「During the fiscal year under review, Japan's economy remained in a gradual recovery phase, with improvements in corporate earnings and the employment environment. However, uncertainty over the outlook continues due to trade friction originating between the United States and China and growing concern over the situation on the Korean Peninsula.」
Reiterates the gradual recovery trend in the domestic economy and uncertainty over the outlook due to US-China trade friction and growing concern over the situation on the Korean Peninsula. - FY2019-Q3RestatedAnnual report
「During the nine-month period under review, Japan's economy remained in a gradual recovery phase, with improvements in corporate earnings and the employment environment. However, uncertainty over the outlook continues due to trade friction originating between the United States and China and growing concern over the situation on the Korean Peninsula.」
Reiterates the gradual recovery trend in the domestic economy and uncertainty over the outlook due to US-China trade friction and growing concern over the situation on the Korean Peninsula. - FY2019-Q2ReframedAnnual report
「However, uncertainty over the outlook continues due to trade friction originating between the United States and China and growing concern over the situation on the Korean Peninsula.」
The description has shifted from general uncertainty over the international situation to specific risk factors, namely US-China trade friction and growing concern over the situation on the Korean Peninsula. - FY2019-Q1ReframedAnnual report
「During the three-month period under review, Japan's economy remained in a gradual recovery phase, with improvements in corporate earnings and the employment environment, although uncertainty over the outlook persisted due to the unstable international situation.」
The report maintains its description of improving corporate earnings and the employment environment and a gradual domestic recovery, while also noting uncertainty over the outlook due to the unstable international situation. - FY2018ReframedAnnual report
「During the fiscal year under review, Japan's economy entered a gradual recovery phase, with improvements in corporate earnings and the employment and income environment. Overseas, however, the outlook remains unpredictable due to the policies of the new US administration, the impact of rising long-term interest rates, political risks in Europe, and North Korea's nuclear issue.」
The description continues to characterise the domestic economy as being in a gradual recovery phase, while overseas risks have been framed in terms of the policies of the new US administration, rising long-term interest rates, political risks in Europe, and North Korea's nuclear issue. - FY2018-Q3ReframedAnnual report
「During the nine-month period under review, Japan's economy entered a gradual recovery phase, with improvements in corporate earnings and the employment and income environment. The economy is also expected to recover gradually going forward. Overseas, however, the outlook for the global economy remains uncertain due to the foreign policy of the new US administration, political risks in Europe, and the impact of North Korea's nuclear and missile issues.」
While the gradual recovery trend in the domestic economy continues, the description of overseas risks has become more specific, identifying the foreign policy of the new US administration, political risks in Europe, and North Korea's nuclear and missile issues. - FY2018-Q2RestatedAnnual report
「During the six months ended the second quarter, Japan’s economy entered a gradual recovery trend, with improvements in corporate earnings and employment and income conditions. The economy is also expected to recover gradually going forward. Overseas, however, the outlook for the global economy remains uncertain due to uncertainty over the outlook for and policies of emerging economies, including China, and the transition to a new administration in the United States.」
Reiterates the gradual recovery of the domestic economy and uncertainty surrounding emerging-market economies and the transition to a new U.S. administration. - FY2018-Q1ReframedAnnual report
「During the three months ended the first quarter, Japan’s economy entered a gradual recovery trend, with improvements in corporate earnings and employment and income conditions against a backdrop of various government and Bank of Japan policies. The economy is also expected to recover gradually as improvements in employment and income conditions continue. Overseas, however, the outlook for the global economy remains uncertain due to uncertainty over the outlook for and policies of emerging economies, including China, and the transition to a new administration in the United States.」
The description of the domestic economy changed from the previous uncertainty and yen appreciation concerns to a gradual recovery driven by improved corporate earnings and employment and income conditions. Uncertainty surrounding emerging-market economies overseas and the transition to a new U.S. administration continued. - FY2017-Q3RestatedAnnual report
「During the nine months ended the third quarter, Japan’s economy remained opaque as there were no signs of recovery in domestic business sentiment, including the decision to postpone the consumption tax increase, while the sharp appreciation of the yen raised concerns about deteriorating corporate earnings. Overseas, the outlook for the global economy also remained uncertain due to slowing growth in emerging economies, including China, persistently low crude oil prices, geopolitical risks in Europe and the Middle East, and the United Kingdom’s withdrawal from the EU.」
Reiterates the uncertain economic environment caused by sharp yen appreciation, weak domestic sentiment, slowing growth in emerging economies including China, geopolitical risks, and the United Kingdom’s withdrawal from the EU. - FY2017-Q2RestatedAnnual report
「During the six months ended the second quarter, Japan’s economy remained opaque as there were no signs of recovery in domestic business sentiment, including the decision to postpone the consumption tax increase, while the sharp appreciation of the yen raised concerns about deteriorating corporate earnings. Overseas, the outlook for the global economy also remained uncertain due to slowing growth in emerging economies, including China, persistently low crude oil prices, geopolitical risks in Europe and the Middle East, and the United Kingdom’s withdrawal from the EU.」
Reiterates yen appreciation and uncertainty surrounding domestic and overseas economies, adding the United Kingdom’s withdrawal from the EU as a factor. The business risks section states that there were no material changes. - FY2017-Q1First statedAnnual report
「Against a backdrop of slowing growth in emerging economies, including China, persistently low crude oil prices, geopolitical risks in Europe and the Middle East, and growing uncertainty over the outlook for the U.S. economy, the foreign exchange market has shifted from last year’s trend of yen depreciation to yen appreciation. Share prices have also fluctuated actively in both directions, and domestic markets remain unstable.」
The disclosure identifies external uncertainty, yen appreciation, and share price volatility as current conditions.