Uncertainty in the global economy due to US monetary tightening and the situation in Ukraine
First written in FY2022. 3 of 7 entries say "Worsened", first in FY2023-Q1. Latest entry: FY2026.
Sun A.Kaken moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 160 of 184 companies on the "Worse" side.
21 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Japan's economy has been on a moderate recovery trend, supported by improvements in employment and income conditions. However, the outlook remains uncertain due to geopolitical risks, including the situation in the Middle East, uncertainty surrounding US trade policy, volatility in financial and capital markets, and persistently high raw-material and energy prices.」
The focus broadened from the previous explanation centered on US monetary tightening and the situation in Ukraine to external-environment risks including geopolitical risks, the Middle East, US trade policy, financial markets and energy prices. - FY2024-Q1WorsenedAnnual report
「Sluggish sales volumes of televisions, computers, smartphones and other products, caused by the slowdown in the Chinese economy, higher interest rates in Europe and the United States, and other factors, have depressed demand across the display market. As a result, orders for optical surface protection film for these applications declined substantially, and revenue from other adhesive-coated products fell.」
The slowdown in terminal sales resulting from the slowdown in the Chinese economy and higher interest rates in Europe and the United States materialized as lower display demand and a substantial decline in orders for optical surface-protection film. - FY2023RestatedAnnual report
「In addition, further inflationary pressure is expected, including from anticipated increases in labor costs. Together with the impact of continued US monetary tightening on the global economy and the persistence or expansion of geopolitical risks, this has made the outlook increasingly difficult to assess.」
Higher labor costs and prices, US monetary tightening and geopolitical risks have coexisted, and uncertainty over the outlook for the global economy has continued. - FY2023-Q3RestatedAnnual report
「During the third quarter of the fiscal year under review, economic activity was gradually recovering as activity restrictions were eased in preparation for living with COVID-19. However, food, electricity and fuel prices continued to rise due to the prolonged Russia-Ukraine situation, the weaker yen and persistently high resource and energy prices, leaving the outlook uncertain.」
The prolonged Russia-Ukraine situation, yen depreciation, elevated resource and energy prices, rising prices and electricity and fuel costs, and uncertainty over the outlook have continued. - FY2023-Q2WorsenedAnnual report
「Sales of LCD televisions, smartphones and other products remained sluggish due to the prolonged Ukraine crisis, the slowdown in the Chinese economy and rising prices in various countries.」
The prolonged Ukraine crisis, the slowdown in the Chinese economy and rising prices materialized as sluggish sales of LCD televisions, smartphones and other products, affecting the order environment for functional materials. - FY2023-Q1WorsenedAnnual report
「Demand for LCD televisions has also declined against the backdrop of deteriorating consumer sentiment due to the prolonged Ukraine crisis and other factors.」
The deterioration in consumer sentiment caused by the prolonged Ukraine crisis and other factors materialized as lower demand for LCD televisions and affected the order environment for functional materials. - FY2022First statedAnnual report
「Japan's economy is gradually moving toward normalization from the stagnation caused by the COVID-19 pandemic. However, the outlook remains difficult due to the sharp rise in crude oil and other commodity prices since last year, the impact of US monetary tightening on the global economy, and heightened geopolitical risks, including Russia's military invasion of Ukraine in February this year.」
The sharp rise in crude oil and other commodity prices, US monetary tightening, and Russia's military invasion of Ukraine in February 2022 were explicitly identified as new external-environment factors making the outlook more difficult.