Market and foreign-exchange instability due to a slowdown in emerging-market economies and the UK’s withdrawal from the EU
First written in FY2017-Q2. 18 of 29 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-08-14.
Asgent moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 140 of 176 companies on the "Worse" side.
63 other companies' latest entry also says "Restated".
- FY2026-H1WorsenedAnnual report
「Meanwhile, the outlook remains uncertain due to factors including uncertainty over US tariff policy and the prolonged instability in the international situations surrounding Ukraine and the Middle East.」
In addition to the existing uncertainty over international affairs and financial markets, it gives concrete form to uncertainty over US tariff policy and the prolonged situations in Ukraine and the Middle East as new external environmental factors. - FY2025RestatedAnnual report
「Japan’s economy during the interim period continued to show signs of a gradual recovery as economic activity normalised, but the outlook remained uncertain due to factors including heightened international tensions, rising prices, and volatility in international financial and capital markets.」
It indicates a recovery in economic activity, while continuing to describe uncertainty in the external environment due to international affairs, prices, and volatility in financial and capital markets. - FY2025-H1RestatedAnnual report
「Japan’s economy during the interim period continued to show signs of a gradual recovery as economic activity normalised, but the outlook remained uncertain due to factors including heightened international tensions, rising prices, and volatility in international financial and capital markets.」
It indicates the normalisation of economic activity and a gradual recovery, while continuing to describe uncertainty over the outlook due to international affairs, prices, and volatility in international financial and capital markets. - FY2024-Q3RestatedAnnual report
「Japan’s economy in the third quarter was moving toward normalisation of social and economic activity as restrictions on activities related to COVID-19 were eased, but the outlook remained uncertain due to factors including the prolonged Russia-Ukraine situation, the weakening yen, and rising prices.」
It indicates the normalisation of social and economic activity following the easing of restrictions, while continuing to describe uncertainty over the outlook due to the Russia-Ukraine situation, the weakening yen, and rising prices. - FY2024-Q1RestatedAnnual report
「Japan’s economy in the first quarter was gradually recovering as restrictions on activities related to COVID-19 were eased and the disease was reclassified as a Category V infectious disease, but the outlook remains uncertain due to factors including the prolonged Russia-Ukraine situation, the weakening yen, and rising prices.」
It indicates a recovery driven by the easing of COVID-19-related restrictions, while continuing to describe uncertainty over the outlook due to the Russia-Ukraine situation, the weakening yen, and rising prices. - FY2023-Q3MaterialisedAnnual report
「Meanwhile, consumer prices have continued to rise under the impact of factors including the escalating situation in Ukraine and sharp currency fluctuations caused by US policy rate hikes, further increasing uncertainty over the outlook. “The sharp currency fluctuations caused by the rise in procurement costs also affected our results for the third quarter. We are already taking measures to address currency fluctuations, and believe that the impact will be temporary.”」
It states that sharp currency fluctuations increased procurement costs and actually affected results for the third quarter. The company says it is taking measures and explains that the impact will be temporary. - FY2023-Q2WorsenedAnnual report
「Meanwhile, the outlook for the economy remains uncertain, with concerns over rising consumer prices due to factors including higher raw material and fuel prices resulting from the situation in Ukraine and elsewhere, and sharp currency fluctuations caused by US policy rate hikes.」
In addition to the existing geopolitical and economic risks, it gives concrete form to rising raw material and fuel prices resulting from the situation in Ukraine, sharp currency fluctuations caused by US policy rate hikes, and concerns over rising consumer prices. - FY2023-Q1WorsenedAnnual report
「During the first quarter, Japan’s economy showed signs of recovery toward normalization as restrictions were eased through the expansion of COVID-19 vaccinations and the lifting of priority preventive measures to prevent the spread of disease. However, the economy remained in an uncertain situation due to higher raw-material prices, surging crude oil prices and the risk of a renewed increase in infections caused by new variants. Globally as well, the outlook for the world economy remains uncertain due to concerns about the prolonged war in Ukraine and accelerating global inflation.」
It identifies rising raw material and crude oil prices, new variants, concerns that the situation in Ukraine will be prolonged, and accelerating global inflation as new external environmental factors, giving concrete form to the uncertainty surrounding the economic outlook. - FY2022-Q3WorsenedAnnual report
「During the third quarter, social and economic activity was beginning to recover gradually as infections subsided following the progress of COVID-19 vaccinations and other factors. However, with the emergence of highly transmissible variants, infections are rapidly resurging, and the outlook is expected to remain uncertain.」
The company’s view of the external environment has deteriorated, shifting from a recovery trend driven by vaccinations to a resurgence of infections caused by highly transmissible variants and increased uncertainty about the outlook. - FY2022-Q2MitigatedAnnual report
「During the second quarter, social and economic activity remained subject to substantial restrictions due to the fifth wave of COVID-19 infections, leaving conditions difficult. However, as the number of new infections peaked in late August amid progress in vaccinations, the state of emergency was lifted at the end of September, leading to expectations of a gradual recovery in social and economic activity.」
While restrictions on social and economic activity continued due to the fifth wave, the company’s view shifted toward expectations of a gradual recovery following the peaking of infections and the lifting of the state of emergency at the end of September. - FY2022-Q1WorsenedAnnual report
「During the first quarter, Japan’s economy remained in a situation where the outlook could not yet be determined, as personal consumption and economic activity were substantially restricted by the declaration of a state of emergency and the implementation of priority preventive measures to prevent the spread of disease, amid a resurgence of COVID-19 infections and the spread of new variants.」
The company cites the resurgence of COVID-19 infections, the state of emergency and priority preventive measures to prevent the spread of disease, and the spread of new variants, describing continued restrictions on economic activity and uncertainty about the outlook. - FY2021WorsenedAnnual report
「However, a state of emergency was reissued in January 2021 covering 1 metropolitan area and 2 prefectures and 8 prefectures, and although the state of emergency was lifted in March, concerns about the arrival of a fourth wave remain. The end of the COVID-19 pandemic is not yet in sight, and the extremely difficult situation continues.」
The company describes the resurgence of COVID-19 infections, concerns about a fourth wave and the extremely difficult economic situation, indicating increased uncertainty in the external environment. - FY2021-Q3WorsenedAnnual report
「During the third quarter, Japan’s economy remained in an extremely difficult situation due to the impact of COVID-19. Although signs of a gradual recovery emerged as economic activity resumed following the government’s economic measures and other initiatives, the outlook for the economy is extremely uncertain following the resurgence of COVID-19 infections.」
The company indicates that the economic situation is extremely difficult and the outlook extremely uncertain due to the resurgence of COVID-19 infections. - FY2020RestatedAnnual report
「As restrictions on outings and events spread due to the impact of the COVID-19 pandemic that emerged toward the end of the fiscal year, consumption fell sharply and the economy deteriorated. Overseas as well, economic activity is being constrained by the COVID-19 pandemic amid continuing uncertainty about the outlook, including the prolonged protests against proposed amendments to ordinances in Hong Kong and the US-China trade dispute.」
In addition to the existing US-China trade dispute and other factors, the company describes the constraint on consumption and economic activity caused by COVID-19 as an external environmental factor. The specific risk related to COVID-19 will be recorded in a new thread. - FY2020-Q3WorsenedAnnual report
「During the third quarter, Japan’s economy temporarily declined due to the impact of the consumption tax rate increase but remained firm, supported by continued strength in employment conditions and domestic demand. Meanwhile, in the global economy, uncertainty about the outlook continues due to the US-China trade dispute, prolonged protests against proposed amendments to ordinances in Hong Kong, and geopolitical risks from escalating tensions between the United States and Iran.」
In addition to the US-China trade dispute, the company cites the prolonged protests in Hong Kong and escalating tensions between the United States and Iran as new external environmental factors. It also describes the temporary impact of the consumption tax rate increase on the domestic economy. - FY2020-Q2WorsenedAnnual report
「During the second quarter, Japan’s economy continued its moderate recovery, supported by continued strength in employment and income conditions and domestic demand. However, uncertainty about the outlook continues due to uncertainty in the global economy caused by escalating US-China trade friction and the impact on consumption ahead of the consumption tax rate increase.」
In addition to escalating US-China trade friction, the company identifies the impact on consumption of the consumption tax rate increase as a new source of uncertainty. - FY2020-Q1WorsenedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook continues, including concerns about slower growth in China’s economy as a result of escalating US-China trade friction.」
The company specifies the existing concerns about US-China trade friction as the escalation of the friction and slower growth in China’s economy, describing a deterioration in the factors creating uncertainty in the external environment. - FY2019-Q3WorsenedAnnual report
「During the third quarter, Japan’s economy remained on a gradual recovery path against the backdrop of the government’s economic policies. Meanwhile, in the global economy, uncertainty about the outlook continues, with concerns about the impact of escalating US-China trade friction on the financial and capital markets and the real economy.」
The company specifies the uncertainties in the external environment, moving from concerns about protectionist policies and trade friction to the escalation of US-China trade friction and concerns about its impact on the financial and capital markets and the real economy. - FY2019-Q2RestatedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook continues due to concerns about trade friction caused by protectionist policies and uncertain political developments.」
The company continues to identify trade friction caused by protectionist policies and uncertain political developments as sources of uncertainty in the global economy. - FY2019-Q1WorsenedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook continues due to concerns about trade friction caused by protectionist policies and uncertain political developments.」
In addition to the existing slowdown in emerging-market economies and geopolitical risks, the company specifies trade friction caused by protectionist policies and uncertain political developments as risk factors in the external environment. - FY2018WorsenedAnnual report
「Meanwhile, in the global economy, uncertainty about the outlook continues due to slowing economic conditions in emerging-market economies, including China, and geopolitical risks involving North Korea, the Middle East and other regions.」
In addition to the existing slowdown in emerging-market economies and geopolitical risks, the company specifically cites China, North Korea and the Middle East, continuing to describe uncertainty in the external environment. - FY2018-Q3WorsenedAnnual report
「During the third quarter, Japan’s economy remained on a recovery path, with employment conditions and corporate performance continuing to improve against the backdrop of the government’s economic policies. Meanwhile, in the global economy, uncertainty about the outlook continues as Asian countries and the United States intensify defense activities, mainly in response to concerns about North Korea’s military actions.」
The company cites increased defense activities by Asian countries and the United States in response to concerns about North Korea’s military actions, continuing to describe uncertainty about the outlook for the global economy. - FY2018-Q2WorsenedAnnual report
「During the second quarter, Japan’s economy continued to recover gradually, with corporate earnings and employment conditions showing signs of improvement as a result of the government’s economic policies. Meanwhile, in the global economy, uncertainty about the outlook continues due to geopolitical risks including heightened tensions surrounding North Korea, political developments in the United States and concerns about slower growth in China.」
In addition to the existing uncertainties in the external environment, the company specifies North Korea’s situation, political developments in the United States and concerns about slower growth in China as geopolitical, political and economic risk factors. - FY2018-Q1WorsenedAnnual report
「During the first quarter, Japan’s economy showed signs of improvement in corporate earnings and employment conditions as a result of the government’s economic policies, and the economy remained on a gradual recovery path. However, against a backdrop of stagnation in emerging-market economies, the establishment of new administrations in Europe and the United States, and geopolitical risks in the Middle East and Asia, uncertainty about the outlook continues.」
In addition to the UK’s EU withdrawal and the transition of the US administration, the company cites stagnation in emerging-market economies, the establishment of new administrations in Europe and the United States, and geopolitical risks in the Middle East and Asia, expanding the uncertainties in the external environment. - FY2017WorsenedAnnual report
「Against a backdrop of unstable stock and foreign-exchange markets caused by turmoil in Europe originating from the UK’s EU withdrawal issue and the impact of trade policies following the transition of the US administration, uncertainty about the outlook has increased further.」
In addition to the UK’s EU withdrawal issue, the company cites turmoil in Europe and trade policies following the transition of the US administration, describing increased uncertainty about the outlook through the stock and foreign-exchange markets. - FY2017-Q3WorsenedAnnual report
「During the third quarter, Japan’s economy showed signs of improvement in corporate earnings and employment conditions as a result of the government’s economic policies, and the economy remained on a gradual recovery path. However, against a backdrop of unstable stock and foreign-exchange markets caused by the UK’s EU withdrawal issue, the transition of the US administration and other factors, uncertainty about the outlook has increased further.」
In addition to the UK’s EU withdrawal issue, the company cites the transition of the US administration and other factors, explaining that uncertainty about the outlook has increased further against a backdrop of unstable stock and foreign-exchange markets. - FY2017-Q2First statedAnnual report
「During the second quarter, Japan’s economy showed signs of improvement in corporate earnings and employment conditions as a result of the government’s economic policies, and the economy remained on a gradual recovery path. However, against a backdrop of unstable stock and foreign-exchange markets caused by the slowing trend in emerging-market economies and the UK’s EU withdrawal issue, the outlook remains uncertain.」
The company explicitly identifies, for the first time, the slowing trend in emerging-market economies, the UK’s EU withdrawal issue, and instability in the stock and foreign-exchange markets as uncertainties in the business environment.