Russia’s Invasion of Ukraine and Upward Pressure on Primary Commodity Prices
First written in FY2022-Q1. 2 of 5 entries say "Restated". Latest entry: FY2023.
The whole theme swung hardest in 2025: 45 of 80 companies on the "Worse" side.
3 other companies' latest entry also says "Dropped".
- FY2023DroppedAnnual report
「Deterioration or stagnation in economic conditions in Japan and overseas, as well as other external environmental factors, may affect the operating results and financial condition of the Group.」
The references explicitly made through the previous quarter to Russia’s invasion of Ukraine, the prolonged situation and soaring resource prices could not be found in the fiscal 2023 business environment and risk disclosures, which had reverted to general wording concerning the risk of economic deterioration. - FY2023-Q1RestatedAnnual report
「During the first quarter of the current consolidated fiscal year, Japan’s economy showed signs of recovery in personal consumption and corporate production as the severe conditions caused by the COVID-19 pandemic eased. However, the outlook remained uncertain due to soaring resource prices resulting from the prolonged Russia-Ukraine situation and worldwide monetary tightening aimed at curbing inflation.」
The prolonged Russia-Ukraine situation and soaring resource prices continue to be described as factors making the economic outlook uncertain. Worldwide monetary tightening was newly added as another such factor. - FY2022-Q3WorsenedAnnual report
「As the difficult conditions caused by COVID-19 eased, personal consumption and corporate production activity showed signs of recovery. However, the outlook remained uncertain due to soaring commodity prices resulting from the prolonged Russia-Ukraine situation and the continued depreciation of the yen.」
The prolonged Russia-Ukraine situation and soaring resource prices are described, with the wording becoming stronger than the previous reference to upward pressure on commodity prices, shifting to soaring prices and a prolonged situation. - FY2022-Q2RestatedAnnual report
「During the second quarter of the fiscal year under review, the Japanese economy had an uncertain outlook as the spread of COVID-19 and Russia's invasion of Ukraine heightened upward pressure on prices of primary commodities, particularly crude oil.」
Russia’s invasion of Ukraine and continued upward pressure on commodity prices, particularly crude oil, are described as external risks that continue to make the economic outlook uncertain. - FY2022-Q1First statedAnnual report
「During the first quarter of the fiscal year under review, the Japanese economy had an uncertain outlook as the spread of COVID-19 and Russia's invasion of Ukraine heightened upward pressure on prices of primary commodities, particularly crude oil.」
Russia’s invasion of Ukraine and the resulting upward pressure on commodity prices, particularly crude oil, are described as new external risks making the economic outlook uncertain.