Business Environment Risks from China’s Economic Slowdown, Falling Crude Oil Prices and Financial Market Volatility
First written in FY2016. 13 of 33 entries say "Restated". Latest entry: FY2026.
Himacs 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: 160 of 184 companies on the "Worse" side.
14 other companies' latest entry also says "Other".
- FY2026Updated inflation, financial and capital market volatility, and uncertainty over overseas economiesAnnual report
「Meanwhile, uncertainty remains high, owing to factors including the impact of rising prices on consumer sentiment, volatility in financial and capital markets, and growing uncertainty over the outlook for overseas economies. In particular, the impact of future developments in the Middle East requires close monitoring.」
In addition to the previously cited high prices, financial-market volatility and concerns over a downturn in overseas economic conditions, it explicitly identified developments in the Middle East as an external-environment factor requiring close attention. - 2026-05-13WorsenedEarnings
「Meanwhile, uncertainty remains high, owing to factors including the impact of rising prices on consumer sentiment, volatility in financial and capital markets, and growing uncertainty over the outlook for overseas economies. In particular, the impact of future developments in the Middle East requires close monitoring.」
Added developments in the Middle East to the existing factors requiring monitoring, including rising prices, volatility in financial and capital markets, and uncertainty over overseas economies. - FY2026-H1Updated external factors, including trade policy, rising prices and financial-market volatilityAnnual report
「During the interim consolidated accounting period (1 April 2025 to 30 September 2025), Japan's economy recovered moderately. Although the impact of U.S. trade policy was seen in some industries, employment and income conditions improved, and capital investment also recovered, led mainly by investment in digitalization and labor-saving measures. Meanwhile, uncertainty continued over future developments due to the impact of rising prices on consumer sentiment, volatility in financial and capital markets, and uncertainty over the outlook for overseas economies.」
In addition to the previously cited geopolitical risks, high prices and concerns over a downturn in overseas economic conditions, it lists U.S. trade policy, volatility in financial and capital markets, and uncertainty over the outlook for overseas economies as factors requiring attention in the external environment. - FY2025-H1RestatedAnnual report
「Meanwhile, as geopolitical risks persist over the long term, the outlook remains uncertain due to persistently high prices, sharp foreign-exchange movements and risks of a downturn in overseas economic conditions.」
The prolonged geopolitical risks, persistently high prices, sharp foreign-exchange movements and risks of a downturn in overseas economic conditions continue to be cited as factors contributing to an uncertain external environment. It states that there have been no new risks or material changes to business and other risks. - FY2024Updated full-year external-environment risksAnnual report
「Meanwhile, as geopolitical risks persist over the long term, the outlook remains uncertain due to persistently high prices, financial-market volatility and risks of a downturn in overseas economic conditions.」
While describing the normalization of the economy following the reclassification of COVID-19 as a Class 5 disease, it identified the prolonged geopolitical risks, persistently high prices, financial-market volatility and risks of a downturn in overseas economic conditions as continuing factors contributing to an uncertain outlook. - FY2024-Q3Updated foreign-exchange volatility, persistently high prices and geopolitical risksAnnual report
「Meanwhile, the outlook remains uncertain due to sharp foreign-exchange movements, persistently high prices and rising geopolitical risks.」
With respect to external-environment risks, it explicitly identified sharp foreign-exchange movements, persistently high prices and rising geopolitical risks as factors contributing to an uncertain outlook. - FY2024-Q2Explicitly flagged concerns over a downturn in overseas economic conditionsAnnual report
「Meanwhile, the outlook remains uncertain due to the weaker yen, rising prices and concerns over a downturn in overseas economic conditions.」
While describing the normalization of economic activity following the reclassification of COVID-19 as a Class 5 disease, it explicitly identified the weaker yen, rising prices and concerns over a downturn in overseas economic conditions as factors contributing to an uncertain outlook. - FY2024-Q1Explicitly identified yen depreciation and inflation in the post-COVID environmentAnnual report
「During the first-quarter consolidated cumulative period (1 April 2023 to 30 June 2023), Japan's economy showed signs of a recovery in personal consumption and capital investment as the transition to the post-COVID environment accelerated following the reclassification of COVID-19 under the Infectious Diseases Control Law to Category 5. However, the outlook remained uncertain due to the trend of yen depreciation associated with domestic monetary policy and rising prices.」
While describing a recovery in economic activity following the reclassification of COVID-19 to Category 5, the Company explicitly identified the trend of yen depreciation associated with domestic monetary policy and rising prices as new sources of uncertainty about the outlook. - FY2023Explicitly identified concerns about inflation, monetary tightening, and a downturn in overseas economies following the shift to living with COVID-19Annual report
「During the consolidated fiscal year, Japan's economy showed signs of a gradual recovery as the transition to living with COVID-19 progressed and inbound demand and services consumption recovered. However, the recovery remained modest as consumer sentiment weakened due to soaring food and energy prices. In addition, with monetary tightening in Europe and the United States continuing to contain inflation, concerns arose about the impact of a downturn in overseas economies on Japan's domestic economy, leaving the outlook uncertain.」
The Company updated its external environment risks from economic deterioration under infection-control measures to soaring food and energy prices, monetary tightening in Europe and the United States, and concerns about the impact of a downturn in overseas economies on Japan's domestic economy following the shift to living with COVID-19. - FY2023-Q3RestatedAnnual report
「Meanwhile, the outlook for the economy remained uncertain due to rising domestic prices, sharp foreign exchange fluctuations, and the persistence of geopolitical risks.」
The Company identifies rising domestic prices, sharp foreign exchange fluctuations, and the persistence of geopolitical risks as sources of uncertainty about the economic outlook. It states that there were no new business or other risks and no material changes to existing risks. - FY2023-Q2RestatedAnnual report
「Meanwhile, the outlook for the economy remained uncertain due to rapid yen depreciation, global inflation, and the persistence of geopolitical risks.」
The Company continues to identify rapid yen depreciation, global inflation, and the persistence of geopolitical risks as sources of uncertainty about the economic outlook. - FY2023-Q1RestatedAnnual report
「However, the outlook for the economy remained uncertain due to rapid yen depreciation, global inflation, and concerns that geopolitical risks could persist.」
The Company continues to identify rapid yen depreciation, global inflation, and concerns about the persistence of geopolitical risks as sources of uncertainty about the economic outlook. - FY2022WorsenedAnnual report
「However, the outlook for the economy remained uncertain due to persistently high resource prices, disruptions in the supply of components and semiconductors, rapid yen depreciation, and rising geopolitical risks.」
In addition to the previously identified uncertainties surrounding infectious diseases and resource prices, the Company explicitly cited disruptions in the supply of components and semiconductors, rapid yen depreciation, and rising geopolitical risks as external environment concerns. - FY2022-Q3Updated risks from new variants and resource prices following the easing of infection controlsAnnual report
「However, the outlook for Japan's domestic economy remained uncertain due to concerns about the global spread of new, highly contagious variants and soaring resource prices.」
While describing a recovery in personal consumption due to higher vaccination rates and the easing of restrictions, the Company explicitly identified concerns about the global spread of new variants and soaring resource prices as new sources of uncertainty. - FY2022-Q2RestatedAnnual report
「During the second-quarter consolidated cumulative period (1 April 2021 to 30 September 2021), the impact of COVID-19 persisted. Restrictions on economic and social activity continued due to government-declared states of emergency and priority preventive measures, leaving the outlook for Japan's domestic economy uncertain.」
The Company continues to recognize the prolonged impact of COVID-19, the continuation of restrictions on economic and social activity due to states of emergency and other measures, and the uncertain economic outlook. - FY2022-Q1WorsenedAnnual report
「During the first-quarter consolidated cumulative period (1 April 2021 to 30 June 2021), exports and imports recovered and began to increase moderately as overseas economies improved. However, personal consumption and employment conditions remained difficult due in part to the reissuance of a state of emergency following the renewed spread of COVID-19.」
The Company states that the difficult economic environment, including personal consumption and employment conditions, continued due to the renewed spread of COVID-19 and the reissuance of a state of emergency. - FY2021-Q3RestatedAnnual report
「During the third-quarter consolidated cumulative period (1 April 2020 to 31 December 2020), Japan's economy remained in a difficult situation, as the significant decline in corporate earnings and deterioration in capital investment caused by COVID-19 continued. Although infections temporarily subsided and signs of an economic recovery emerged, infections began spreading again during the winter, and normalization of economic activity still required time.」
The Company states that the decline in corporate earnings and deterioration in capital investment caused by COVID-19 continued, and that the renewed spread of infections during the winter meant that normalization of economic activity would still require time. - FY2021-Q2MaterialisedAnnual report
「During the second-quarter consolidated cumulative period (1 April 2020 to 30 September 2020), Japan's economy remained in a difficult situation, as the significant decline in corporate earnings caused by COVID-19 continued.」
The Company states that the significant decline in corporate earnings caused by COVID-19 continued, and that its impact on the external environment also persisted. - FY2021-Q1MaterialisedAnnual report
「During the first-quarter consolidated cumulative period (1 April 2020 to 30 June 2020), Japan's economy deteriorated rapidly due to the impact of requests to refrain from going out and requests to suspend operations to prevent the spread of COVID-19. Although economic activity began to resume after the lifting of the state of emergency, normalization still required time.」
The Company states that Japan's domestic economy deteriorated rapidly due to the impact of requests to refrain from going out, requests to suspend operations, and other measures in response to COVID-19. - FY2020MaterialisedAnnual report
「During the consolidated fiscal year, Japan's economy had been on a moderate recovery path, with employment and income conditions continuing to improve despite weaker exports due to trade issues. However, the economy came under significant downward pressure and entered a difficult situation due to the global spread of COVID-19.」
The Company states that, in addition to the previously identified concerns about the outlook due to trade issues and other factors, the global spread of COVID-19 actually caused significant downward pressure on the economy. - FY2020-Q3RestatedAnnual report
「During the third-quarter consolidated cumulative period (1 April 2019 to 31 December 2019), Japan's economy remained on a recovery path, with employment and income conditions continuing to improve. However, the outlook remained uncertain, as exports, particularly in the manufacturing sector, weakened due to the impact of trade issues.」
As in the previous quarter, the Company describes the external environment as one in which exports, particularly in the manufacturing sector, weakened due to the impact of trade issues. It states that there were no new business or other risks and no material changes to existing risks. - FY2020-Q2MaterialisedAnnual report
「During the second-quarter consolidated cumulative period (1 April 2019 to 30 September 2019), Japan's economy remained on a recovery path, with employment and income conditions continuing to improve. However, the outlook remained uncertain, as exports weakened due to the impact of trade issues.」
The Company states that trade issues affected exports, which weakened, rather than merely expressing concern about their impact on the global economy. - FY2020-Q1RestatedAnnual report
「During the first-quarter consolidated cumulative period (1 April 2019 to 30 June 2019), Japan's economy remained on a recovery path, with continued improvement in employment and income conditions and moderate growth in capital investment. However, the outlook remained uncertain, including due to concerns about the impact of developments in trade issues on the global economy.」
The Company continues to express concerns about the impact of developments in trade issues on the global economy. It states that there were no new business or other risks and no material changes to existing risks. - FY2019ReframedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a recovery path, with continued improvement in employment and income conditions and moderate growth in capital investment. However, concerns arose about the impact of developments in trade issues on the global economy.」
The description of external environment risks focuses on the impact of trade issues on the global economy. - FY2019-Q3RestatedAnnual report
「While corporate earnings and employment and income conditions continued to improve, and capital investment and production also showed moderate increases, concerns arose about the impact on the economy of trade issues and a succession of natural disasters.」
As in the previous quarter, the Company described concerns about the economic impact of trade issues and a succession of natural disasters. - FY2019-Q2Explicitly identified concerns about trade issues and natural disastersAnnual report
「While corporate earnings and employment and income conditions continued to improve, and capital investment and production also showed moderate increases, concerns arose about the impact on the economy of trade issues and a succession of natural disasters.」
The description of the business environment explicitly identified concerns about the economic impact of trade issues and a succession of natural disasters. Meanwhile, the section on business and other risks states that there were no new risks or material changes. - FY2019-Q1RestatedAnnual report
「During the three-month period ended [the current first quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The Company states that there were no new business or other risks and no material changes to the risks described in the previous fiscal year. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The Company states that there were no new business or other risks and no material changes to existing risks. - FY2017DroppedAnnual report
「During the consolidated fiscal year, Japan's economy remained on a moderate recovery path, with signs of a rebound in industrial production and continued improvement in employment and income conditions.」
The specific risks previously described, namely a slowdown in the Chinese economy, falling crude oil prices, and financial market volatility, cannot be confirmed in this year's description of the business environment and business risks. - FY2017-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The Company states that there were no new business or other risks and no material changes to existing risks. - FY2017-Q2RestatedAnnual report
「Against this backdrop, in accordance with the medium- to long-term management plan C4 2022, formulated with the fiscal year under review as its first year, the Group focused on expanding ongoing relationships through proactive solution-based sales aimed at deepening its presence in existing areas, primarily with key customers, and expanding into adjacent areas, while also working to create new businesses.」
The risk section of the second-quarter report states that there were no new business or other risks and no material changes to the risks described in the previous fiscal year. - FY2017-Q1Explicitly identified yen appreciation as a factorAnnual report
「Although employment and income conditions continued to improve and the economy remained on a moderate recovery path, the outlook became uncertain, with concerns about the impact of rapid yen appreciation on corporate earnings.」
In addition to the previously identified external environment risks, the Company explicitly cited concerns about the impact of rapid yen appreciation on corporate earnings. - FY2016First statedAnnual report
「However, in addition to the slowdown in the Chinese economy and falling crude oil prices, bond, equity, and foreign exchange markets fluctuated significantly from the start of the year, raising concerns about the impact on the economic outlook.」
The external environment has been affected by an actual slowdown in the Chinese economy, falling crude oil prices, and market volatility, raising concerns about the economic outlook.